Jefferies Financial Group Comments on Synovus Financial Corp.’s FY2019 Earnings (NYSE:SNV)

Synovus Financial Corp. (NYSE:SNV) – Analysts at Jefferies Financial Group dropped their FY2019 earnings per share (EPS) estimates for shares of Synovus Financial in a research note issued to investors on Tuesday, October 8th. Jefferies Financial Group analyst C. Haire now forecasts that the bank will post earnings per share of $4.02 for the year, down from their previous forecast of $4.05. Jefferies Financial Group also issued estimates for Synovus Financial’s Q4 2019 earnings at $1.01 EPS, Q1 2020 earnings at $0.89 EPS, Q2 2020 earnings at $0.97 EPS, Q3 2020 earnings at $1.02 EPS, Q4 2020 earnings at $1.02 EPS, FY2020 earnings at $3.90 EPS, Q1 2021 earnings at $0.98 EPS, Q2 2021 earnings at $1.07 EPS, Q3 2021 earnings at $1.14 EPS and FY2021 earnings at $4.35 EPS.

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

Several other analysts have also recently commented on the company. Raymond James lowered their price target on Synovus Financial from $44.00 to $42.00 and set a “strong-buy” rating for the company in a report on Tuesday, June 18th. Stephens restated a “buy” rating and issued a $42.00 price target on shares of Synovus Financial in a report on Friday. ValuEngine upgraded Synovus Financial from a “strong sell” rating to a “sell” rating in a report on Saturday, July 27th. SunTrust Banks lowered their price target on Synovus Financial from $42.00 to $41.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Finally, Evercore ISI upgraded Synovus Financial from an “in-line” rating to an “outperform” rating in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $42.75.

SNV opened at $34.70 on Thursday. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a market capitalization of $5.04 billion, a price-to-earnings ratio of 9.53, a price-to-earnings-growth ratio of 1.03 and a beta of 1.34. The business has a 50-day moving average of $35.58 and a two-hundred day moving average of $35.23. Synovus Financial has a 12 month low of $29.93 and a 12 month high of $44.27.

Several large investors have recently modified their holdings of the company. Municipal Employees Retirement System of Michigan grew its holdings in shares of Synovus Financial by 1.1% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 29,420 shares of the bank’s stock worth $1,030,000 after purchasing an additional 310 shares during the period. Magnus Financial Group LLC lifted its position in Synovus Financial by 3.5% during the 2nd quarter. Magnus Financial Group LLC now owns 12,293 shares of the bank’s stock worth $430,000 after acquiring an additional 410 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Synovus Financial by 4.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,429 shares of the bank’s stock worth $365,000 after acquiring an additional 436 shares in the last quarter. Toronto Dominion Bank lifted its position in Synovus Financial by 23.5% during the 2nd quarter. Toronto Dominion Bank now owns 2,616 shares of the bank’s stock worth $92,000 after acquiring an additional 498 shares in the last quarter. Finally, Crossmark Global Holdings Inc. lifted its position in Synovus Financial by 5.7% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 12,549 shares of the bank’s stock worth $439,000 after acquiring an additional 678 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

In other news, VP Mark G. Holladay sold 5,000 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $35.72, for a total transaction of $178,600.00. Following the completion of the sale, the vice president now owns 60,289 shares in the company, valued at approximately $2,153,523.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.00% of the stock is currently owned by insiders.

The company also recently announced a — dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were issued a dividend of $0.30 per share. This represents a dividend yield of 3.3%. The ex-dividend date of this dividend was Wednesday, September 18th. Synovus Financial’s payout ratio is currently 32.97%.

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.

See Also: Equity Income

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

Receive News & Ratings for Synovus Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synovus Financial and related companies with MarketBeat.com's FREE daily email newsletter.