Wall Street brokerages expect Synovus Financial Corp. (NYSE:SNV) to announce $448.35 million in sales for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have made estimates for Synovus Financial’s earnings. The highest sales estimate is $455.33 million and the lowest is $444.10 million. Synovus Financial reported sales of $487.07 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 7.9%. The company is expected to issue its next quarterly earnings results on Tuesday, July 21st.
According to Zacks, analysts expect that Synovus Financial will report full year sales of $1.84 billion for the current fiscal year, with estimates ranging from $1.77 billion to $1.90 billion. For the next fiscal 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 Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that follow Synovus Financial.
Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Friday, April 24th. The bank reported $0.21 EPS for the quarter, missing the Zacks’ consensus estimate of $0.31 by ($0.10). Synovus Financial had a net margin of 20.00% and a return on equity of 11.20%. The company had revenue of $477.90 million for the quarter, compared to analyst estimates of $456.99 million. During the same period in the prior year, the company earned $0.98 EPS. The company’s revenue was up .3% compared to the same quarter last year.
Large investors have recently added to or reduced their stakes in the stock. Chevy Chase Trust Holdings Inc. acquired a new position in shares of Synovus Financial in the 4th quarter valued at $44,000. Orion Portfolio Solutions LLC acquired a new stake in Synovus Financial during the 4th quarter worth about $47,000. Benjamin F. Edwards & Company Inc. boosted its position in Synovus Financial by 1,090.9% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 1,310 shares of the bank’s stock worth $51,000 after acquiring an additional 1,200 shares during the period. Ancora Advisors LLC acquired a new stake in Synovus Financial during the 4th quarter worth about $98,000. Finally, Toronto Dominion Bank boosted its position in Synovus Financial by 12.8% during the 4th quarter. Toronto Dominion Bank now owns 2,841 shares of the bank’s stock worth $111,000 after acquiring an additional 322 shares during the period. Institutional investors and hedge funds own 78.57% of the company’s stock.
Shares of NYSE SNV traded down $1.84 on Friday, reaching $18.87. 2,569,279 shares of the company traded hands, compared to its average volume of 1,990,008. Synovus Financial has a fifty-two week low of $10.91 and a fifty-two week high of $40.32. The company has a 50 day moving average of $20.11 and a 200 day 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. The stock has a market capitalization of $3.05 billion, a PE ratio of 6.64, a P/E/G ratio of 2.30 and a beta of 1.65.
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 given a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, June 17th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 7.00%. Synovus Financial’s dividend payout ratio (DPR) is 33.85%.
About Synovus Financial
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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