Equities research analysts expect Synovus Financial Corp. (NYSE:SNV) to post sales of $448.35 million for the current fiscal quarter, Zacks reports. Seven analysts have provided estimates for Synovus Financial’s earnings, with the lowest sales estimate coming in at $444.10 million and the highest estimate coming in at $455.33 million. Synovus Financial posted sales of $487.07 million during the same quarter last year, which would indicate a negative year over year growth rate of 7.9%. The business is scheduled to report its next earnings report on Tuesday, July 21st.
According to Zacks, analysts expect that Synovus Financial will report full year sales of $1.84 billion for the current year, with estimates ranging from $1.77 billion to $1.90 billion. For the next year, analysts expect that the business will post sales of $1.81 billion, with estimates ranging from $1.73 billion to $1.89 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that follow Synovus Financial.
Synovus Financial (NYSE:SNV) last released its earnings results on Friday, April 24th. The bank reported $0.21 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.31 by ($0.10). The business had revenue of $477.90 million during the quarter, compared to analyst estimates of $456.99 million. Synovus Financial had a net margin of 20.00% and a return on equity of 11.20%. The business’s quarterly revenue was up .3% compared to the same quarter last year. During the same period last year, the business earned $0.98 EPS.
A number of hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP raised its position in Synovus Financial by 33.4% in the 1st quarter. Wellington Management Group LLP now owns 10,425,975 shares of the bank’s stock valued at $183,080,000 after purchasing an additional 2,613,213 shares during the last quarter. Norges Bank bought a new position in Synovus Financial in the 4th quarter valued at $54,882,000. Franklin Resources Inc. raised its position in Synovus Financial by 47.4% in the 1st quarter. Franklin Resources Inc. now owns 4,321,779 shares of the bank’s stock valued at $75,890,000 after purchasing an additional 1,389,271 shares during the last quarter. FMR LLC raised its position in Synovus Financial by 38,932.2% in the 4th quarter. FMR LLC now owns 1,381,351 shares of the bank’s stock valued at $54,150,000 after purchasing an additional 1,377,812 shares during the last quarter. Finally, EJF Capital LLC raised its position in Synovus Financial by 128.1% in the 4th quarter. EJF Capital LLC now owns 2,119,702 shares of the bank’s stock valued at $83,092,000 after purchasing an additional 1,190,600 shares during the last quarter. 78.57% of the stock is currently owned by institutional investors and hedge funds.
SNV traded down $1.84 during midday trading on Friday, reaching $18.87. The company’s stock had a trading volume of 2,569,279 shares, compared to its average volume of 1,990,008. The stock has a market cap of $3.05 billion, a P/E ratio of 6.64, a PEG ratio of 2.30 and a beta of 1.65. The company has a fifty day simple moving average of $20.11 and a 200 day simple moving average of $27.16. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.70. Synovus Financial has a twelve month low of $10.91 and a twelve month high of $40.32.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Thursday, June 18th will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 7.00%. The ex-dividend date is Wednesday, June 17th. Synovus Financial’s dividend payout ratio is 33.85%.
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.
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