Synovus Financial (NYSE:SNV) Issues Earnings Results, Beats Expectations By $0.07 EPS

Synovus Financial (NYSE:SNVGet Rating) issued its quarterly earnings data on Thursday. The bank reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.07, MarketWatch Earnings reports. Synovus Financial had a net margin of 36.15% and a return on equity of 16.18%. The firm had revenue of $498.50 million for the quarter, compared to analyst estimates of $497.35 million. During the same quarter in the previous year, the business posted $1.21 EPS. The firm’s revenue was up 2.7% compared to the same quarter last year.

Synovus Financial stock traded down $0.95 during mid-day trading on Thursday, hitting $46.83. 28,985 shares of the company’s stock traded hands, compared to its average volume of 1,062,265. The firm has a 50 day moving average price of $49.11 and a 200 day moving average price of $48.77. The company has a quick ratio of 0.84, a current ratio of 0.86 and a debt-to-equity ratio of 0.25. The company has a market cap of $6.81 billion, a PE ratio of 9.75, a price-to-earnings-growth ratio of 6.34 and a beta of 1.41. Synovus Financial has a one year low of $38.42 and a one year high of $54.40.

The company also recently announced a quarterly dividend, which was paid on Friday, April 1st. Shareholders of record on Thursday, March 17th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend was Wednesday, March 16th. This is an increase from Synovus Financial’s previous quarterly dividend of $0.33. Synovus Financial’s dividend payout ratio (DPR) is currently 27.76%.

Several equities analysts have commented on SNV shares. Raymond James upped their price target on Synovus Financial from $56.00 to $58.00 and gave the company an “outperform” rating in a report on Friday, January 21st. Wells Fargo & Company increased their price objective on shares of Synovus Financial from $60.00 to $70.00 and gave the stock an “overweight” rating in a research report on Monday, March 21st. StockNews.com assumed coverage on shares of Synovus Financial in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Finally, Zacks Investment Research upgraded shares of Synovus Financial from a “hold” rating to a “strong-buy” rating and set a $53.00 price objective on the stock in a report on Tuesday, April 12th. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $59.50.

In other news, CEO Kevin S. Blair acquired 3,100 shares of Synovus Financial stock in a transaction that occurred on Thursday, February 24th. The stock was purchased at an average price of $48.49 per share, with a total value of $150,319.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.55% of the stock is currently owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Forum Financial Management LP bought a new position in Synovus Financial in the fourth quarter valued at approximately $207,000. William Blair Investment Management LLC increased its holdings in Synovus Financial by 7.1% during the 4th quarter. William Blair Investment Management LLC now owns 9,816 shares of the bank’s stock worth $470,000 after purchasing an additional 654 shares in the last quarter. Oliver Luxxe Assets LLC lifted its holdings in Synovus Financial by 4.4% during the fourth quarter. Oliver Luxxe Assets LLC now owns 13,158 shares of the bank’s stock worth $630,000 after acquiring an additional 560 shares during the period. LPL Financial LLC lifted its holdings in Synovus Financial by 7.6% during the fourth quarter. LPL Financial LLC now owns 16,466 shares of the bank’s stock worth $788,000 after acquiring an additional 1,166 shares during the period. Finally, Metropolitan Life Insurance Co NY raised its stake in shares of Synovus Financial by 8.1% in the fourth quarter. Metropolitan Life Insurance Co NY now owns 26,528 shares of the bank’s stock valued at $1,270,000 after buying an additional 1,983 shares during the period. Hedge funds and other institutional investors own 77.76% of the company’s stock.

About Synovus Financial (Get Rating)

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and retail banking products and services. It operates through three segments: Community Banking, Wholesale Banking, and Financial Management Services. The company's commercial banking services include treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

See Also

Earnings History for Synovus Financial (NYSE:SNV)

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