$0.78 Earnings Per Share Expected for Synovus (SNV) This Quarter

Wall Street brokerages expect Synovus (NYSE:SNV) to post $0.78 earnings per share for the current quarter, according to Zacks. Six analysts have issued estimates for Synovus’ earnings, with estimates ranging from $0.76 to $0.80. Synovus reported earnings per share of $0.57 in the same quarter last year, which suggests a positive year over year growth rate of 36.8%. The company is expected to announce its next earnings report before the market opens on Tuesday, April 24th.

On average, analysts expect that Synovus will report full year earnings of $3.42 per share for the current financial year, with EPS estimates ranging from $3.31 to $3.50. For the next financial year, analysts expect that the company will post earnings of $3.74 per share, with EPS estimates ranging from $3.61 to $3.85. Zacks’ earnings per share calculations are an average based on a survey of analysts that cover Synovus.

Synovus (NYSE:SNV) last released its quarterly earnings results on Tuesday, January 23rd. The bank reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.05. The business had revenue of $339.07 million during the quarter, compared to analysts’ expectations of $338.60 million. Synovus had a return on equity of 11.20% and a net margin of 18.27%. The firm’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.54 EPS.

A number of brokerages have recently commented on SNV. Zacks Investment Research cut Synovus from a “buy” rating to a “hold” rating in a report on Friday. Bank of America lifted their target price on Synovus from $55.00 to $56.00 and gave the stock a “buy” rating in a report on Wednesday, January 24th. Hovde Group reiterated a “hold” rating and issued a $53.00 target price on shares of Synovus in a report on Tuesday, January 23rd. Barclays lifted their target price on Synovus from $53.00 to $55.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 24th. Finally, Stephens reiterated a “buy” rating and issued a $56.00 target price on shares of Synovus in a report on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $52.25.

Shares of Synovus stock traded down $1.57 on Friday, reaching $48.97. The company had a trading volume of 1,055,217 shares, compared to its average volume of 759,251. The stock has a market cap of $5,811.81, a price-to-earnings ratio of 19.36, a price-to-earnings-growth ratio of 1.79 and a beta of 1.05. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.97 and a current ratio of 0.97. Synovus has a 1 year low of $39.07 and a 1 year high of $53.14.

Synovus announced that its Board of Directors has initiated a share buyback program on Tuesday, January 23rd that allows the company to buyback $150.00 million in shares. This buyback authorization allows the bank to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which was paid on Monday, April 2nd. Investors of record on Thursday, March 15th were paid a dividend of $0.25 per share. This is a positive change from Synovus’s previous quarterly dividend of $0.15. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date of this dividend was Wednesday, March 14th. Synovus’s dividend payout ratio (DPR) is currently 39.53%.

In related news, VP Mark G. Holladay sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $50.16, for a total transaction of $250,800.00. Following the completion of the sale, the vice president now directly owns 52,063 shares of the company’s stock, valued at approximately $2,611,480.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Allen J. Gula sold 2,450 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $50.22, for a total value of $123,039.00. Following the sale, the chief operating officer now directly owns 70,111 shares of the company’s stock, valued at $3,520,974.42. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by company insiders.

Several hedge funds have recently modified their holdings of SNV. Ameriprise Financial Inc. lifted its stake in shares of Synovus by 2.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 396,757 shares of the bank’s stock worth $18,278,000 after acquiring an additional 8,926 shares during the last quarter. Macquarie Group Ltd. bought a new stake in Synovus during the 3rd quarter valued at $428,000. Legal & General Group Plc raised its position in Synovus by 10.4% during the 3rd quarter. Legal & General Group Plc now owns 148,298 shares of the bank’s stock valued at $6,831,000 after purchasing an additional 13,918 shares in the last quarter. Virginia Retirement Systems ET AL bought a new stake in Synovus during the 3rd quarter valued at $1,059,000. Finally, JPMorgan Chase & Co. raised its position in Synovus by 3.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,228,056 shares of the bank’s stock valued at $55,963,000 after purchasing an additional 35,637 shares in the last quarter. 81.01% of the stock is owned by hedge funds and other institutional investors.

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About Synovus

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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