Synovus Financial Corp. (SNV) Expected to Announce Quarterly Sales of $367.78 Million
Equities research analysts predict that Synovus Financial Corp. (NYSE:SNV) will report sales of $367.78 million for the current quarter, according to Zacks. Seven analysts have made estimates for Synovus Financial’s earnings, with the highest sales estimate coming in at $371.70 million and the lowest estimate coming in at $363.70 million. Synovus Financial reported sales of $398.01 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 7.6%. The firm is expected to announce its next earnings report on Tuesday, October 16th.
On average, analysts expect that Synovus Financial will report full year sales of $1.44 billion for the current year, with estimates ranging from $1.43 billion to $1.45 billion. For the next financial year, analysts expect that the business will post sales of $1.94 billion per share, with estimates ranging from $1.87 billion to $1.99 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Synovus Financial.
Synovus Financial (NYSE:SNV) last issued its earnings results on Tuesday, July 24th. The bank reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.04. The company had revenue of $359.30 million for the quarter, compared to analyst estimates of $356.60 million. Synovus Financial had a net margin of 21.47% and a return on equity of 13.61%. The company’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.61 EPS.
Shares of NYSE SNV opened at $50.58 on Friday. The stock has a market capitalization of $5.81 billion, a PE ratio of 19.99, a price-to-earnings-growth ratio of 1.71 and a beta of 0.97. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.97 and a current ratio of 0.98. Synovus Financial has a 1 year low of $40.27 and a 1 year high of $57.40.
In other news, CFO Kevin S. Blair acquired 1,310 shares of Synovus Financial stock in a transaction that occurred on Thursday, August 2nd. The shares were acquired at an average price of $49.43 per share, with a total value of $64,753.30. Following the purchase, the chief financial officer now directly owns 54,387 shares of the company’s stock, valued at $2,688,349.41. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Mark G. Holladay acquired 4,000 shares of Synovus Financial stock in a transaction that occurred on Thursday, June 21st. The shares were purchased at an average cost of $25.00 per share, for a total transaction of $100,000.00. Following the purchase, the vice president now directly owns 4,000 shares in the company, valued at $100,000. The disclosure for this purchase can be found here. Insiders have purchased a total of 20,310 shares of company stock worth $614,173 in the last three months. 1.50% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in SNV. Signaturefd LLC raised its holdings in Synovus Financial by 265.5% during the 2nd quarter. Signaturefd LLC now owns 2,054 shares of the bank’s stock worth $109,000 after buying an additional 1,492 shares during the period. Itau Unibanco Holding S.A. acquired a new stake in Synovus Financial during the 2nd quarter worth approximately $128,000. Summit Trail Advisors LLC raised its holdings in Synovus Financial by 3,778.6% during the 1st quarter. Summit Trail Advisors LLC now owns 168,098 shares of the bank’s stock worth $168,000 after buying an additional 163,764 shares during the period. CIBC Asset Management Inc acquired a new stake in Synovus Financial during the 1st quarter worth approximately $201,000. Finally, Cigna Investments Inc. New acquired a new stake in Synovus Financial during the 1st quarter worth approximately $207,000. Hedge funds and other institutional investors own 80.22% of the company’s stock.
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 cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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