Synovus (SNV) Expected to Post Earnings of $0.78 Per Share

Wall Street brokerages forecast that Synovus (NYSE:SNV) will report earnings of $0.78 per share for the current quarter, according to Zacks Investment Research. Eight analysts have provided estimates for Synovus’ earnings. The lowest EPS estimate is $0.76 and the highest is $0.80. Synovus posted earnings of $0.57 per share during the same quarter last year, which would indicate a positive year-over-year growth rate of 36.8%. The business is scheduled to announce its next quarterly earnings results 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 year, with EPS estimates ranging from $3.31 to $3.54. For the next year, analysts expect that the business will post earnings of $3.75 per share, with EPS estimates ranging from $3.61 to $3.90. Zacks Investment Research’s EPS calculations are a mean average based on a survey of analysts that that provide coverage for Synovus.

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

A number of research analysts have commented on the company. Robert W. Baird restated an “average” rating and set a $47.00 price target on shares of Synovus in a research note on Wednesday, January 3rd. Zacks Investment Research cut Synovus from a “buy” rating to a “hold” rating in a research note on Friday, April 6th. Keefe, Bruyette & Woods restated a “hold” rating and set a $55.00 price target on shares of Synovus in a research note on Tuesday, February 27th. Barclays upped their price target on Synovus from $53.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 24th. Finally, Morgan Stanley upped their price target on Synovus from $50.00 to $52.00 and gave the stock an “underperform” rating in a research note on Friday, January 26th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $52.23.

NYSE:SNV traded up $0.76 during trading hours on Wednesday, reaching $50.63. 960,340 shares of the stock were exchanged, compared to its average volume of 750,826. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.60. Synovus has a twelve month low of $40.08 and a twelve month high of $53.14. The stock has a market capitalization of $5,918.64, a price-to-earnings ratio of 20.01, a price-to-earnings-growth ratio of 1.82 and a beta of 1.05.

The firm also recently announced a quarterly dividend, which was paid on Monday, April 2nd. Investors of record on Thursday, March 15th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.98%. The ex-dividend date was Wednesday, March 14th. This is a positive change from Synovus’s previous quarterly dividend of $0.15. Synovus’s dividend payout ratio is 39.53%.

Synovus declared that its board has approved a stock repurchase plan on Tuesday, January 23rd that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the bank to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

In other Synovus news, COO Allen J. Gula sold 2,450 shares of the firm’s stock in a transaction dated Thursday, February 1st. The stock was 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 of the company’s stock, valued at $3,520,974.42. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Mark G. Holladay sold 5,000 shares of the firm’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $50.16, for a total value of $250,800.00. Following the transaction, the vice president now directly owns 52,063 shares in the company, valued at approximately $2,611,480.08. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.

Several hedge funds have recently modified their holdings of SNV. Carillon Tower Advisers Inc. acquired a new stake in shares of Synovus during the fourth quarter worth about $107,998,000. APG Asset Management N.V. boosted its stake in shares of Synovus by 1,642.6% during the fourth quarter. APG Asset Management N.V. now owns 437,400 shares of the bank’s stock worth $17,462,000 after buying an additional 412,300 shares during the period. Deutsche Bank AG boosted its stake in shares of Synovus by 65.2% during the fourth quarter. Deutsche Bank AG now owns 739,948 shares of the bank’s stock worth $35,470,000 after buying an additional 291,904 shares during the period. First Quadrant L P CA boosted its stake in shares of Synovus by 85.2% during the fourth quarter. First Quadrant L P CA now owns 420,673 shares of the bank’s stock worth $20,167,000 after buying an additional 193,494 shares during the period. Finally, Two Sigma Advisers LP lifted its position in Synovus by 78.6% in the fourth quarter. Two Sigma Advisers LP now owns 392,291 shares of the bank’s stock valued at $18,806,000 after purchasing an additional 172,600 shares during the period. 81.01% of the stock is currently owned by 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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