Published On: Thu, Sep 15th, 2016

Q2 2017 EPS Estimates for Synovus Financial Corp. (SNV) Increased by Analyst

Synovus Financial Corp. (NYSE:SNV) – Analysts at SunTrust Banks upped their Q2 2017 earnings per share estimates for shares of Synovus Financial Corp. in a research note issued to investors on Tuesday. SunTrust Banks analyst J. Demba now anticipates that the firm will post earnings of $0.50 per share for the quarter, up from their previous estimate of $0.49. SunTrust Banks also issued estimates for Synovus Financial Corp.’s FY2017 earnings at $2.12 EPS.
Several other equities research analysts also recently weighed in on the stock. Wells Fargo & Co. downgraded shares of Synovus Financial Corp. from a “market perform” rating to an “underperform” rating in a research note on Tuesday, August 23rd. Hovde Group lifted their price objective on shares of Synovus Financial Corp. from $34.00 to $35.50 and gave the stock an “outperform” rating in a research note on Friday, August 19th. Barclays PLC lifted their price objective on shares of Synovus Financial Corp. from $29.00 to $31.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 20th. JPMorgan Chase & Co. reiterated a “hold” rating on shares of Synovus Financial Corp. in a research note on Saturday, July 9th. Finally, Zacks Investment Research downgraded shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, June 30th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $30.88.
Shares of Synovus Financial Corp. (NYSE:SNV) traded up 1.038% on Thursday, reaching $32.595. 582,912 shares of the company traded hands. The company has a 50-day moving average of $31.97 and a 200-day moving average of $30.41. The stock has a market capitalization of $4.01 billion, a price-to-earnings ratio of 19.287 and a beta of 1.89. Synovus Financial Corp. has a 1-year low of $25.48 and a 1-year high of $33.80.

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Synovus Financial Corp. (NYSE:SNV) last issued its earnings results on Tuesday, July 19th. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.02. The company earned $289.30 million during the quarter, compared to the consensus estimate of $288.06 million. Synovus Financial Corp. had a net margin of 18.39% and a return on equity of 8.42%. During the same quarter in the prior year, the firm posted $0.40 EPS.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mason Street Advisors LLC purchased a new position in Synovus Financial Corp. during the second quarter worth $1,659,000. Calvert Investment Management Inc. boosted its position in Synovus Financial Corp. by 10.3% in the second quarter. Calvert Investment Management Inc. now owns 10,026 shares of the company’s stock worth $291,000 after buying an additional 935 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in Synovus Financial Corp. by 2.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 409,934 shares of the company’s stock worth $11,884,000 after buying an additional 9,715 shares during the last quarter. Amalgamated Bank boosted its position in Synovus Financial Corp. by 5.3% in the second quarter. Amalgamated Bank now owns 16,929 shares of the company’s stock worth $531,000 after buying an additional 856 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in Synovus Financial Corp. by 16.5% in the second quarter. Legal & General Group Plc now owns 73,197 shares of the company’s stock worth $2,119,000 after buying an additional 10,350 shares during the last quarter. 76.68% of the stock is owned by institutional investors.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 15th will be issued a dividend of $0.12 per share. The ex-dividend date is Tuesday, September 13th. This represents a $0.48 annualized dividend and a dividend yield of 1.49%. Synovus Financial Corp.’s dividend payout ratio (DPR) is presently 28.24%.
Synovus Financial Corp. Company Profile
Synovus Financial Corp. is a financial services and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services to its customers through over 30 locally branded banking divisions of its subsidiary bank, Synovus Bank, and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.

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