Zacks: Brokerages Expect Synovus Financial Corp. (SNV) Will Announce Quarterly Sales of $341.73 Million
Equities analysts expect Synovus Financial Corp. (NYSE:SNV) to report sales of $341.73 million for the current quarter, Zacks reports. Six analysts have issued estimates for Synovus Financial’s earnings, with the lowest sales estimate coming in at $339.60 million and the highest estimate coming in at $344.20 million. Synovus Financial reported sales of $311.77 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 9.6%. The business is expected to announce its next quarterly earnings report on Monday, April 16th.
According to Zacks, analysts expect that Synovus Financial will report full-year sales of $341.73 million for the current fiscal year, with estimates ranging from $1.39 billion to $1.44 billion. For the next year, analysts forecast that the business will report sales of $1.51 billion per share, with estimates ranging from $1.46 billion to $1.54 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that that provide coverage for Synovus Financial.
Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Tuesday, January 23rd. The bank reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.05. The business had revenue of $339.07 million for the quarter, compared to analysts’ expectations of $338.60 million. Synovus Financial had a return on equity of 11.20% and a net margin of 18.27%. The company’s revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.54 EPS.
In other Synovus Financial news, Director Philip W. Tomlinson sold 1,052 shares of the stock in a transaction on Friday, December 8th. The stock was sold at an average price of $48.82, for a total transaction of $51,358.64. Following the sale, the director now owns 27,139 shares in the company, valued at approximately $1,324,925.98. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Allen J. Gula sold 2,450 shares of the stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $50.22, for a total value of $123,039.00. Following the sale, the chief operating officer now owns 70,111 shares in the company, valued at approximately $3,520,974.42. The disclosure for this sale can be found here. In the last quarter, insiders have sold 8,502 shares of company stock worth $425,198. 1.50% of the stock is owned by insiders.
A number of large investors have recently made changes to their positions in SNV. Eagle Asset Management Inc. boosted its holdings in shares of Synovus Financial by 25.0% during the third quarter. Eagle Asset Management Inc. now owns 3,362,104 shares of the bank’s stock worth $156,270,000 after purchasing an additional 671,971 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Synovus Financial by 0.7% during the fourth quarter. Victory Capital Management Inc. now owns 2,797,611 shares of the bank’s stock worth $134,118,000 after purchasing an additional 19,351 shares during the last quarter. Carillon Tower Advisers Inc. acquired a new stake in shares of Synovus Financial during the fourth quarter worth $107,998,000. Bank of New York Mellon Corp boosted its holdings in shares of Synovus Financial by 0.7% during the third quarter. Bank of New York Mellon Corp now owns 1,651,364 shares of the bank’s stock worth $76,061,000 after purchasing an additional 11,162 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Synovus Financial by 3.0% during the third quarter. JPMorgan Chase & Co. now owns 1,228,056 shares of the bank’s stock worth $55,963,000 after purchasing an additional 35,637 shares during the last quarter. Hedge funds and other institutional investors own 78.35% of the company’s stock.
Synovus Financial (NYSE SNV) traded up $1.32 on Friday, hitting $50.25. The company had a trading volume of 760,955 shares, compared to its average volume of 913,082. The firm has a market cap of $6,000.00, a PE ratio of 23.13, a P/E/G ratio of 1.78 and a beta of 1.12. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.60. Synovus Financial has a 1-year low of $37.95 and a 1-year high of $52.08.
Synovus Financial announced that its Board of Directors has approved a share repurchase plan on Tuesday, January 23rd that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the bank to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
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About Synovus Financial
Synovus Financial Corp. is a financial services company and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services, to its customers through locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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