Synovus Financial Corp. (SNV) Releases Earnings Results, Beats Expectations By $0.01 EPS
Synovus Financial Corp. (NYSE:SNV) announced its quarterly earnings data on Tuesday. The bank reported $0.65 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.01, Bloomberg Earnings reports. The firm had revenue of $398.01 million during the quarter, compared to analysts’ expectations of $331.27 million. Synovus Financial Corp. had a net margin of 21.39% and a return on equity of 10.44%. During the same period in the prior year, the company posted $0.65 earnings per share.
Synovus Financial Corp. (NYSE:SNV) opened at 46.45 on Thursday. Synovus Financial Corp. has a 1-year low of $31.87 and a 1-year high of $47.32. The company’s 50-day moving average is $44.44 and its 200 day moving average is $43.05. The stock has a market capitalization of $5.64 billion, a PE ratio of 21.09 and a beta of 1.10.
The business also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Thursday, September 21st were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, September 20th. This represents a $0.60 annualized dividend and a yield of 1.29%. Synovus Financial Corp.’s payout ratio is 24.19%.
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In related news, EVP Curtis J. Perry sold 7,062 shares of the business’s stock in a transaction on Monday, July 24th. The shares were sold at an average price of $43.86, for a total value of $309,739.32. Following the completion of the sale, the executive vice president now owns 60,038 shares of the company’s stock, valued at approximately $2,633,266.68. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Kevin Joseph Howard sold 7,000 shares of the business’s stock in a transaction on Friday, July 21st. The stock was sold at an average price of $43.37, for a total transaction of $303,590.00. Following the completion of the sale, the executive vice president now directly owns 46,490 shares of the company’s stock, valued at approximately $2,016,271.30. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Balentine LLC increased its holdings in Synovus Financial Corp. by 0.4% in the 2nd quarter. Balentine LLC now owns 3,120 shares of the bank’s stock worth $138,000 after acquiring an additional 12 shares in the last quarter. TLP Group LLC purchased a new stake in Synovus Financial Corp. in the 2nd quarter worth $145,000. Meeder Asset Management Inc. purchased a new stake in Synovus Financial Corp. in the 1st quarter worth $135,000. Advisory Services Network LLC increased its holdings in Synovus Financial Corp. by 17.8% in the 2nd quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock worth $152,000 after acquiring an additional 519 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in Synovus Financial Corp. by 21.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,537 shares of the bank’s stock worth $145,000 after acquiring an additional 622 shares in the last quarter. 77.87% of the stock is owned by institutional investors.
SNV has been the subject of a number of analyst reports. Barclays PLC reissued an “equal weight” rating and issued a $46.00 price objective (up from $44.00) on shares of Synovus Financial Corp. in a research note on Wednesday, July 12th. Zacks Investment Research cut shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. Jefferies Group LLC reissued a “hold” rating and issued a $47.00 price objective on shares of Synovus Financial Corp. in a research note on Friday, July 14th. BidaskClub cut shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research note on Sunday, July 16th. Finally, Royal Bank Of Canada initiated coverage on shares of Synovus Financial Corp. in a research note on Monday, July 17th. They issued an “outperform” rating and a $51.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $44.36.
About Synovus Financial Corp.
Synovus Financial Corp. is a financial services company 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 locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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