Synovus Financial Corp. (NYSE:SNV) – Analysts at FIG Partners lifted their FY2017 earnings per share (EPS) estimates for Synovus Financial Corp. in a note issued to investors on Thursday, according to Zacks Investment Research. FIG Partners analyst C. Marinac now expects that the bank will earn $2.26 per share for the year, up from their prior forecast of $2.25. FIG Partners also issued estimates for Synovus Financial Corp.’s Q2 2018 earnings at $0.67 EPS and FY2018 earnings at $2.69 EPS.
SNV has been the subject of a number of other reports. Evercore ISI downgraded Synovus Financial Corp. to a “buy” rating in a research report on Friday, March 3rd. JMP Securities started coverage on Synovus Financial Corp. in a research report on Thursday, February 2nd. They issued a “market perform” rating for the company. Hovde Group downgraded Synovus Financial Corp. from an “outperform” rating to a “market perform” rating and set a $44.00 price target for the company. in a research report on Monday, January 9th. Jefferies Group LLC restated a “hold” rating and issued a $47.00 price target on shares of Synovus Financial Corp. in a research report on Wednesday, April 5th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $39.00 price target on shares of Synovus Financial Corp. in a research report on Monday, April 3rd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $40.07.
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Shares of Synovus Financial Corp. (NYSE:SNV) traded down 0.52% during trading on Friday, reaching $41.89. 515,844 shares of the company traded hands. The company’s 50-day moving average price is $41.08 and its 200-day moving average price is $39.36. Synovus Financial Corp. has a 52 week low of $26.90 and a 52 week high of $44.09. The company has a market capitalization of $5.13 billion, a P/E ratio of 22.16 and a beta of 1.25.
Synovus Financial Corp. (NYSE:SNV) last issued its quarterly earnings data on Tuesday, April 18th. The bank reported $0.57 EPS for the quarter, beating the consensus estimate of $0.51 by $0.06. The company earned $311.77 million during the quarter, compared to analysts’ expectations of $303.05 million. Synovus Financial Corp. had a net margin of 19.04% and a return on equity of 8.94%. Synovus Financial Corp.’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.43 earnings per share.
Several institutional investors have recently made changes to their positions in SNV. Quantitative Systematic Strategies LLC purchased a new position in shares of Synovus Financial Corp. during the first quarter valued at approximately $574,000. Louisiana State Employees Retirement System raised its position in shares of Synovus Financial Corp. by 2.3% in the first quarter. Louisiana State Employees Retirement System now owns 30,900 shares of the bank’s stock valued at $1,268,000 after buying an additional 700 shares in the last quarter. Fox Run Management L.L.C. raised its position in shares of Synovus Financial Corp. by 72.2% in the first quarter. Fox Run Management L.L.C. now owns 9,300 shares of the bank’s stock valued at $381,000 after buying an additional 3,900 shares in the last quarter. Parametrica Management Ltd purchased a new position in shares of Synovus Financial Corp. during the first quarter valued at approximately $338,000. Finally, TNB Financial purchased a new position in shares of Synovus Financial Corp. during the first quarter valued at approximately $269,000. Hedge funds and other institutional investors own 77.43% of the company’s stock.
In other news, COO Allen J. Gula sold 2,450 shares of Synovus Financial Corp. stock in a transaction on Tuesday, January 24th. The stock was sold at an average price of $41.76, for a total transaction of $102,312.00. Following the completion of the sale, the chief operating officer now directly owns 69,943 shares in the company, valued at $2,920,819.68. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Allan E. Kamensky bought 1,110 shares of the firm’s stock in a transaction dated Monday, February 13th. The shares were acquired at an average price of $42.20 per share, with a total value of $46,842.00. The disclosure for this purchase can be found here. 1.30% of the stock is currently owned by company insiders.
The firm also recently announced a quarterly dividend, which was paid on Monday, April 3rd. Stockholders of record on Thursday, March 16th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.43%. This is an increase from Synovus Financial Corp.’s previous quarterly dividend of $0.12. The ex-dividend date was Tuesday, March 14th. Synovus Financial Corp.’s dividend payout ratio (DPR) is 25.26%.
Synovus Financial Corp. Company Profile
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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