Wall Street brokerages expect Synovus Financial Corp. (NYSE:SNV – Get Rating) to announce sales of $519.42 million for the current fiscal quarter, Zacks Investment Research reports. Six analysts have provided estimates for Synovus Financial’s earnings, with the highest sales estimate coming in at $534.50 million and the lowest estimate coming in at $511.92 million. Synovus Financial reported sales of $488.95 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 6.2%. The firm is expected to report its next earnings report on Monday, January 1st.
According to Zacks, analysts expect that Synovus Financial will report full-year sales of $2.10 billion for the current fiscal year, with estimates ranging from $2.08 billion to $2.14 billion. For the next fiscal year, analysts forecast that the firm will report sales of $2.32 billion, with estimates ranging from $2.26 billion to $2.40 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Synovus Financial.
Synovus Financial (NYSE:SNV – Get Rating) last issued its earnings results on Thursday, April 21st. The bank reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.05. Synovus Financial had a return on equity of 16.00% and a net margin of 35.38%. The company had revenue of $498.50 million during the quarter, compared to the consensus estimate of $497.35 million. During the same quarter in the prior year, the business earned $1.21 earnings per share. The company’s revenue was up 2.7% compared to the same quarter last year.
In related news, CFO Andrew J. Jr. Gregory acquired 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 27th. The shares were acquired at an average cost of $42.73 per share, with a total value of $85,460.00. Following the transaction, the chief financial officer now owns 29,196 shares of the company’s stock, valued at approximately $1,247,545.08. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kevin S. Blair acquired 3,100 shares of the business’s stock in a transaction that occurred on Thursday, February 24th. The stock was bought at an average cost of $48.49 per share, for a total transaction of $150,319.00. The disclosure for this purchase can be found here. Insiders bought a total of 6,100 shares of company stock valued at $277,159 in the last three months. 1.55% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Sageworth Trust Co of South Dakota bought a new stake in Synovus Financial during the 4th quarter worth about $25,000. Covestor Ltd bought a new stake in Synovus Financial during the 4th quarter worth about $29,000. Smith Group Asset Management LLC bought a new stake in Synovus Financial during the 4th quarter worth about $39,000. Exchange Traded Concepts LLC bought a new stake in Synovus Financial during the 1st quarter worth about $44,000. Finally, Canada Pension Plan Investment Board bought a new stake in Synovus Financial during the 1st quarter worth about $74,000. 79.53% of the stock is currently owned by institutional investors and hedge funds.
Shares of Synovus Financial stock traded down $0.15 on Friday, reaching $39.20. 698,112 shares of the company were exchanged, compared to its average volume of 956,697. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.84 and a current ratio of 0.86. The company’s 50-day moving average is $45.25 and its two-hundred day moving average is $47.97. The firm has a market cap of $5.70 billion, a price-to-earnings ratio of 8.13, a P/E/G ratio of 2.48 and a beta of 1.42. Synovus Financial has a 1-year low of $37.98 and a 1-year high of $54.40.
The company also recently declared a quarterly dividend, which was paid on Friday, April 1st. Stockholders of record on Thursday, March 17th were issued a $0.34 dividend. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend was Wednesday, March 16th. This represents a $1.36 annualized dividend and a dividend yield of 3.47%. Synovus Financial’s payout ratio is 28.22%.
About Synovus Financial (Get Rating)
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and retail banking products and services. It operates through three segments: Community Banking, Wholesale Banking, and Financial Management Services. The company's commercial banking services include treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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