Synovus (NYSE:SNV) – Jefferies Group boosted their FY2018 EPS estimates for Synovus in a report released on Wednesday, April 4th. Jefferies Group analyst C. Haire now anticipates that the bank will post earnings per share of $3.50 for the year, up from their prior forecast of $3.45. Jefferies Group also issued estimates for Synovus’ FY2019 earnings at $3.85 EPS.
A number of other research firms also recently weighed in on SNV. Morgan Stanley raised shares of Synovus from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $51.67 to $52.00 in a research report on Wednesday, March 7th. Barclays upped their target price on shares of Synovus from $53.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 24th. Stephens reissued a “buy” rating and set a $56.00 price objective on shares of Synovus in a research report on Wednesday, January 24th. Bank of America increased their price objective on shares of Synovus from $55.00 to $56.00 and gave the company a “buy” rating in a research report on Wednesday, January 24th. Finally, Hovde Group reissued a “hold” rating and set a $53.00 price objective on shares of Synovus in a research report on Tuesday, January 23rd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $52.25.
Synovus (NYSE:SNV) last released its earnings results on Tuesday, January 23rd. The bank reported $0.72 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.05. The firm had revenue of $339.07 million for the quarter, compared to the consensus estimate of $338.60 million. Synovus had a net margin of 18.27% and a return on equity of 11.20%. The company’s revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.54 EPS.
The company also recently disclosed a quarterly dividend, which was paid on Monday, April 2nd. Investors of record on Thursday, March 15th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.04%. This is an increase from Synovus’s previous quarterly dividend of $0.15. The ex-dividend date was Wednesday, March 14th. Synovus’s dividend payout ratio is 39.53%.
Synovus declared that its board has initiated a stock buyback plan on Tuesday, January 23rd that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the bank to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
In other Synovus news, VP Mark G. Holladay sold 5,000 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $50.16, for a total transaction of $250,800.00. Following the transaction, the vice president now owns 52,063 shares in the company, valued at approximately $2,611,480.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Allen J. Gula sold 2,450 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $50.22, for a total transaction of $123,039.00. Following the transaction, the chief operating officer now owns 70,111 shares in the company, valued at approximately $3,520,974.42. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of SNV. Carillon Tower Advisers Inc. bought a new position in Synovus during the 4th quarter valued at about $107,998,000. APG Asset Management N.V. lifted its stake in Synovus by 1,642.6% during the 4th quarter. APG Asset Management N.V. now owns 437,400 shares of the bank’s stock valued at $17,462,000 after acquiring an additional 412,300 shares during the period. Deutsche Bank AG lifted its stake in Synovus by 65.2% during the 4th quarter. Deutsche Bank AG now owns 739,948 shares of the bank’s stock valued at $35,470,000 after acquiring an additional 291,904 shares during the period. First Quadrant L P CA lifted its stake in Synovus by 85.2% during the 4th quarter. First Quadrant L P CA now owns 420,673 shares of the bank’s stock valued at $20,167,000 after acquiring an additional 193,494 shares during the period. Finally, Two Sigma Advisers LP lifted its stake in Synovus by 78.6% during the 4th quarter. Two Sigma Advisers LP now owns 392,291 shares of the bank’s stock valued at $18,806,000 after acquiring an additional 172,600 shares during the period. Institutional investors and hedge funds own 81.01% of the company’s stock.
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Synovus 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.
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