Analysts Anticipate Synovus Financial Corp. (NYSE:SNV) to Announce $1.01 Earnings Per Share

Analysts expect Synovus Financial Corp. (NYSE:SNV) to report earnings per share of $1.01 for the current fiscal quarter, according to Zacks Investment Research. Six analysts have provided estimates for Synovus Financial’s earnings, with the highest EPS estimate coming in at $1.08 and the lowest estimate coming in at $0.97. Synovus Financial reported earnings of $0.95 per share in the same quarter last year, which suggests a positive year-over-year growth rate of 6.3%. The firm is scheduled to issue its next earnings results on Tuesday, October 22nd.

On average, analysts expect that Synovus Financial will report full-year earnings of $4.02 per share for the current fiscal year, with EPS estimates ranging from $3.93 to $4.17. For the next fiscal year, analysts forecast that the company will post earnings of $4.07 per share, with EPS estimates ranging from $3.88 to $4.31. Zacks’ earnings per share calculations are a mean average based on a survey of research analysts that that provide coverage for Synovus Financial.

Synovus Financial (NYSE:SNV) last announced its earnings results on Tuesday, July 16th. The bank reported $1.00 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.01. Synovus Financial had a return on equity of 15.11% and a net margin of 24.15%. The company had revenue of $487.90 million for the quarter, compared to analysts’ expectations of $482.13 million. During the same quarter in the previous year, the firm earned $0.92 earnings per share. Synovus Financial’s quarterly revenue was up 36.2% on a year-over-year basis.

Several research analysts recently commented on the company. Royal Bank of Canada assumed coverage on Synovus Financial in a research report on Friday, July 12th. They issued an “outperform” rating and a $42.00 price target for the company. DA Davidson started coverage on Synovus Financial in a research report on Tuesday, August 20th. They set a “buy” rating and a $41.00 target price for the company. Raymond James dropped their target price on Synovus Financial from $44.00 to $42.00 and set a “strong-buy” rating for the company in a research report on Tuesday, June 18th. Evercore ISI upgraded Synovus Financial from an “in-line” rating to an “outperform” rating in a research report on Thursday, August 8th. Finally, ValuEngine upgraded Synovus Financial from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 27th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Synovus Financial presently has a consensus rating of “Buy” and an average price target of $44.27.

Several hedge funds have recently modified their holdings of the company. Algebris UK Ltd boosted its stake in shares of Synovus Financial by 34.5% during the 2nd quarter. Algebris UK Ltd now owns 566,640 shares of the bank’s stock worth $19,832,000 after acquiring an additional 145,258 shares in the last quarter. Salzhauer Michael grew its stake in shares of Synovus Financial by 12.6% in the 2nd quarter. Salzhauer Michael now owns 90,458 shares of the bank’s stock valued at $3,167,000 after buying an additional 10,110 shares during the period. Barings LLC purchased a new stake in shares of Synovus Financial in the 2nd quarter valued at approximately $303,000. Royal Bank of Canada grew its stake in shares of Synovus Financial by 95.1% in the 2nd quarter. Royal Bank of Canada now owns 310,311 shares of the bank’s stock valued at $10,861,000 after buying an additional 151,267 shares during the period. Finally, Ladenburg Thalmann Financial Services Inc. grew its stake in shares of Synovus Financial by 123.8% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 8,420 shares of the bank’s stock valued at $295,000 after buying an additional 4,657 shares during the period. 84.04% of the stock is currently owned by institutional investors and hedge funds.

SNV traded down $1.22 on Friday, hitting $34.70. The company had a trading volume of 1,316,902 shares, compared to its average volume of 1,319,113. The company has a market cap of $5.48 billion, a PE ratio of 9.53, a PEG ratio of 1.12 and a beta of 1.31. Synovus Financial has a 12-month low of $29.93 and a 12-month high of $50.76. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.51. The business’s fifty day simple moving average is $35.88 and its 200 day simple moving average is $35.90.

Synovus Financial Company Profile

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

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Earnings History and Estimates for Synovus Financial (NYSE:SNV)

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