Synovus Financial Corp. (NYSE:SNV) – Equities researchers at SunTrust Banks raised their Q1 2017 earnings estimates for Synovus Financial Corp. in a report released on Tuesday. SunTrust Banks analyst J. Demba now expects that the brokerage will post earnings per share of $0.51 for the quarter, up from their previous forecast of $0.50. SunTrust Banks also issued estimates for Synovus Financial Corp.’s Q3 2017 earnings at $0.56 EPS, FY2017 earnings at $2.16 EPS and Q1 2018 earnings at $0.55 EPS.
Synovus Financial Corp. (NYSE:SNV) last announced its quarterly earnings data on Tuesday, January 17th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.01. Synovus Financial Corp. had a return on equity of 8.94% and a net margin of 19.04%. The firm had revenue of $301.70 million for the quarter, compared to analysts’ expectations of $300.21 million. During the same period last year, the firm earned $0.44 earnings per share.
A number of other equities research analysts also recently issued reports on the stock. raised shares of Synovus Financial Corp. from an “underperform” rating to an “outperform” rating and boosted their price objective for the company from $30.00 to $33.00 in a research report on Friday, September 23rd. Compass Point downgraded shares of Synovus Financial Corp. from a “buy” rating to a “neutral” rating in a report on Friday, November 18th. Zacks Investment Research raised shares of Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $43.00 target price for the company in a report on Wednesday, November 30th. Barclays PLC raised shares of Synovus Financial Corp. from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $32.00 to $41.00 in a report on Tuesday, December 6th. Finally, Hovde Group downgraded shares of Synovus Financial Corp. from an “outperform” rating to a “market perform” rating and set a $44.00 target price for the company. in a report on Monday, January 9th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $36.56.
Synovus Financial Corp. (NYSE:SNV) opened at 41.01 on Thursday. The stock’s 50 day moving average price is $41.00 and its 200-day moving average price is $34.71. Synovus Financial Corp. has a 52 week low of $25.48 and a 52 week high of $42.48. The company has a market capitalization of $5.01 billion, a PE ratio of 21.70 and a beta of 1.36.
Several hedge funds have recently made changes to their positions in the stock. Balentine LLC acquired a new stake in shares of Synovus Financial Corp. during the third quarter valued at about $100,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Synovus Financial Corp. by 12.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,134 shares of the company’s stock valued at $134,000 after buying an additional 453 shares in the last quarter. Parametrica Management Ltd acquired a new stake in shares of Synovus Financial Corp. during the second quarter valued at about $200,000. First Allied Advisory Services Inc. acquired a new stake in shares of Synovus Financial Corp. during the second quarter valued at about $208,000. Finally, LS Investment Advisors LLC boosted its stake in shares of Synovus Financial Corp. by 71.7% in the second quarter. LS Investment Advisors LLC now owns 7,544 shares of the company’s stock valued at $219,000 after buying an additional 3,151 shares in the last quarter. Hedge funds and other institutional investors own 77.05% of the company’s stock.
In other news, EVP Curtis J. Perry sold 8,000 shares of the company’s stock in a transaction dated Tuesday, November 8th. The shares were sold at an average price of $33.66, for a total transaction of $269,280.00. Following the sale, the executive vice president now directly owns 57,125 shares in the company, valued at approximately $1,922,827.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Mark G. Holladay sold 6,035 shares of the company’s stock in a transaction dated Thursday, October 27th. The shares were sold at an average price of $33.28, for a total transaction of $200,844.80. Following the sale, the vice president now owns 53,967 shares in the company, valued at $1,796,021.76. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by corporate insiders.
The firm also recently announced a quarterly dividend, which was paid on Monday, January 2nd. Stockholders of record on Thursday, December 15th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.17%. The ex-dividend date of this dividend was Tuesday, December 13th. Synovus Financial Corp.’s dividend payout ratio is 25.26%.
Synovus Financial Corp. Company Profile
Synovus Financial Corp. is a financial services 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 over 30 locally branded banking divisions of its subsidiary bank, Synovus Bank, and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.