Wall Street brokerages expect that Synovus Financial Corp. (NYSE:SNV) will announce earnings per share of $0.90 for the current quarter, Zacks reports. Seven analysts have issued estimates for Synovus Financial’s earnings, with the highest EPS estimate coming in at $0.93 and the lowest estimate coming in at $0.87. Synovus Financial posted earnings per share of $0.86 during the same quarter last year, which indicates a positive year-over-year growth rate of 4.7%. The company is expected to announce its next quarterly earnings report before the market opens on Tuesday, April 23rd.
According to Zacks, analysts expect that Synovus Financial will report full-year earnings of $3.91 per share for the current year, with EPS estimates ranging from $3.80 to $4.08. For the next fiscal year, analysts anticipate that the company will post earnings of $4.26 per share, with EPS estimates ranging from $4.11 to $4.49. Zacks Investment Research’s EPS averages are a mean average based on a survey of analysts that that provide coverage for Synovus Financial.
Synovus Financial (NYSE:SNV) last issued its earnings results on Tuesday, January 15th. The bank reported $0.92 EPS for the quarter, missing the consensus estimate of $0.94 by ($0.02). The firm had revenue of $365.90 million during the quarter, compared to analyst estimates of $370.64 million. Synovus Financial had a return on equity of 15.68% and a net margin of 26.38%. Synovus Financial’s revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.70 EPS.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Investors Asset Management of Georgia Inc. GA ADV increased its stake in Synovus Financial by 5.2% during the first quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 14,218 shares of the bank’s stock valued at $489,000 after acquiring an additional 700 shares during the period. New Mexico Educational Retirement Board grew its holdings in shares of Synovus Financial by 41.8% during the first quarter. New Mexico Educational Retirement Board now owns 33,600 shares of the bank’s stock valued at $1,154,000 after buying an additional 9,900 shares in the last quarter. Quantitative Systematic Strategies LLC grew its holdings in shares of Synovus Financial by 11.6% during the first quarter. Quantitative Systematic Strategies LLC now owns 97,784 shares of the bank’s stock valued at $3,360,000 after buying an additional 10,202 shares in the last quarter. Sciencast Management LP purchased a new position in shares of Synovus Financial during the first quarter valued at $1,425,000. Finally, Retirement Systems of Alabama grew its holdings in shares of Synovus Financial by 23.6% during the first quarter. Retirement Systems of Alabama now owns 440,568 shares of the bank’s stock valued at $15,138,000 after buying an additional 84,239 shares in the last quarter. Hedge funds and other institutional investors own 68.32% of the company’s stock.
Shares of NYSE SNV traded up $0.05 during mid-day trading on Wednesday, reaching $36.58. The company had a trading volume of 116,337 shares, compared to its average volume of 1,942,326. Synovus Financial has a 1-year low of $29.93 and a 1-year high of $57.40. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.56. The stock has a market capitalization of $5.66 billion, a price-to-earnings ratio of 10.01, a PEG ratio of 1.14 and a beta of 1.24.
The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.28%. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.25. The ex-dividend date was Wednesday, March 20th. Synovus Financial’s payout ratio is currently 32.97%.
About Synovus Financial
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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