Synovus Financial Corp. (SNV) Forecasted to Earn Q1 2020 Earnings of $1.05 Per Share

Synovus Financial Corp. (NYSE:SNV) – Investment analysts at SunTrust Banks issued their Q1 2020 EPS estimates for Synovus Financial in a report issued on Tuesday, January 8th. SunTrust Banks analyst J. Demba expects that the bank will earn $1.05 per share for the quarter. SunTrust Banks has a “Buy” rating and a $38.00 price objective on the stock. SunTrust Banks also issued estimates for Synovus Financial’s Q2 2020 earnings at $1.07 EPS, Q3 2020 earnings at $1.13 EPS, Q4 2020 earnings at $1.16 EPS and FY2020 earnings at $4.40 EPS.

Other analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of Synovus Financial from a “hold” rating to a “buy” rating and set a $53.00 price target for the company in a research report on Tuesday, September 25th. TheStreet cut shares of Synovus Financial from a “b-” rating to a “c+” rating in a research report on Wednesday, January 2nd. Barclays decreased their price target on shares of Synovus Financial from $55.00 to $47.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 24th. Morgan Stanley reaffirmed a “hold” rating and set a $55.00 price target (down from $56.00) on shares of Synovus Financial in a research report on Tuesday, September 18th. Finally, Wells Fargo & Co set a $51.00 price target on shares of Synovus Financial and gave the stock a “hold” rating in a research report on Tuesday, October 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $48.75.

Shares of Synovus Financial stock opened at $34.96 on Thursday. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.97 and a quick ratio of 0.97. Synovus Financial has a twelve month low of $29.93 and a twelve month high of $57.40. The firm has a market cap of $4.01 billion, a P/E ratio of 13.82, a price-to-earnings-growth ratio of 1.06 and a beta of 1.23.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Tuesday, October 23rd. The bank reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.03. Synovus Financial had a net margin of 22.41% and a return on equity of 15.05%. The firm had revenue of $363.29 million during the quarter, compared to analysts’ expectations of $368.24 million. During the same period in the prior year, the company earned $0.78 EPS. The firm’s revenue was up 1.5% on a year-over-year basis.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 2nd. Shareholders of record on Thursday, December 20th were issued a $0.25 dividend. The ex-dividend date was Wednesday, December 19th. This represents a $1.00 dividend on an annualized basis and a yield of 2.86%. Synovus Financial’s dividend payout ratio is currently 39.53%.

In other news, CEO Kessel D. Stelling acquired 7,500 shares of the business’s stock in a transaction on Thursday, December 6th. The shares were purchased at an average price of $34.72 per share, for a total transaction of $260,400.00. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Allen J. Gula sold 1,400 shares of the business’s stock in a transaction on Thursday, November 15th. The stock was sold at an average price of $37.29, for a total transaction of $52,206.00. Following the completion of the transaction, the executive vice president now owns 72,283 shares in the company, valued at approximately $2,695,433.07. The disclosure for this sale can be found here. Insiders acquired a total of 11,250 shares of company stock worth $399,195 in the last quarter. 1.50% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of SNV. MERIAN GLOBAL INVESTORS UK Ltd acquired a new position in Synovus Financial in the 3rd quarter worth $78,199,000. Marshall Wace LLP lifted its holdings in Synovus Financial by 9,034.5% in the 3rd quarter. Marshall Wace LLP now owns 1,341,681 shares of the bank’s stock worth $61,436,000 after buying an additional 1,326,993 shares in the last quarter. EJF Capital LLC raised its stake in shares of Synovus Financial by 1,745.7% in the 3rd quarter. EJF Capital LLC now owns 1,338,523 shares of the bank’s stock valued at $61,291,000 after purchasing an additional 1,266,002 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Synovus Financial by 182.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,318,252 shares of the bank’s stock valued at $60,363,000 after purchasing an additional 852,158 shares in the last quarter. Finally, Prudential Financial Inc. raised its stake in shares of Synovus Financial by 68.5% in the 3rd quarter. Prudential Financial Inc. now owns 1,423,817 shares of the bank’s stock valued at $65,197,000 after purchasing an additional 579,050 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

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 cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

Further Reading: How to calculate the intrinsic value of a stock

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

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