SunTrust Banks Comments on Synovus Financial Corp.’s FY2018 Earnings (SNV)

Synovus Financial Corp. (NYSE:SNV) – Equities research analysts at SunTrust Banks increased their FY2018 earnings per share estimates for shares of Synovus Financial in a note issued to investors on Monday. SunTrust Banks analyst J. Demba now expects that the bank will earn $3.35 per share for the year, up from their prior estimate of $2.83. SunTrust Banks currently has a “Buy” rating and a $54.00 target price on the stock. SunTrust Banks also issued estimates for Synovus Financial’s FY2019 earnings at $3.58 EPS.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Tuesday, October 17th. The bank reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.01. Synovus Financial had a return on equity of 10.44% and a net margin of 21.39%. The company had revenue of $398.01 million for the quarter, compared to the consensus estimate of $331.27 million. During the same quarter last year, the company earned $0.65 earnings per share.

A number of other equities research analysts also recently weighed in on SNV. Zacks Investment Research downgraded Synovus Financial from a “buy” rating to a “hold” rating and set a $54.00 price objective on the stock. in a research report on Friday, January 5th. Robert W. Baird reiterated an “average” rating and issued a $47.00 price target on shares of Synovus Financial in a research note on Wednesday, January 3rd. Barclays increased their price target on Synovus Financial from $49.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 2nd. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $53.00 price target on shares of Synovus Financial in a research note on Friday, December 22nd. Finally, Jefferies Group reiterated a “hold” rating and issued a $50.00 price target on shares of Synovus Financial in a research note on Thursday, October 12th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company’s stock. Synovus Financial currently has a consensus rating of “Hold” and an average price target of $47.30.

Shares of Synovus Financial (NYSE SNV) traded up $0.50 during mid-day trading on Wednesday, reaching $50.36. The company had a trading volume of 889,900 shares, compared to its average volume of 737,943. Synovus Financial has a 12 month low of $37.95 and a 12 month high of $51.09. The company has a market capitalization of $6,050.00, a P/E ratio of 20.31, a P/E/G ratio of 2.09 and a beta of 1.13. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.99 and a current ratio of 0.99.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Thursday, December 21st were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date was Wednesday, December 20th. Synovus Financial’s dividend payout ratio (DPR) is presently 24.19%.

In other news, EVP R Dallis Copeland, Jr. sold 10,000 shares of the firm’s stock in a transaction dated Thursday, October 19th. The stock was sold at an average price of $46.29, for a total value of $462,900.00. Following the completion of the transaction, the executive vice president now directly owns 43,488 shares in the company, valued at $2,013,059.52. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Philip W. Tomlinson sold 1,052 shares of the firm’s stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $48.82, for a total value of $51,358.64. Following the completion of the transaction, the director now owns 27,139 shares of the company’s stock, valued at $1,324,925.98. The disclosure for this sale can be found here. Over the last quarter, insiders sold 13,177 shares of company stock valued at $614,367. 1.50% of the stock is currently owned by company insiders.

Large investors have recently made changes to their positions in the company. 361 Capital LLC purchased a new position in shares of Synovus Financial in the second quarter worth about $4,032,000. Schwab Charles Investment Management Inc. raised its stake in shares of Synovus Financial by 1.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 635,793 shares of the bank’s stock worth $28,128,000 after purchasing an additional 10,009 shares during the last quarter. ClariVest Asset Management LLC raised its stake in shares of Synovus Financial by 3.4% in the third quarter. ClariVest Asset Management LLC now owns 183,500 shares of the bank’s stock worth $8,452,000 after purchasing an additional 6,100 shares during the last quarter. Bank of Nova Scotia purchased a new position in shares of Synovus Financial in the second quarter worth about $17,745,000. Finally, BlackRock Inc. raised its stake in shares of Synovus Financial by 3.6% in the second quarter. BlackRock Inc. now owns 10,607,093 shares of the bank’s stock worth $469,257,000 after purchasing an additional 370,743 shares during the last quarter. Hedge funds and other institutional investors own 77.81% of the company’s stock.

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About Synovus Financial

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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