S&P 500   3,901.36
DOW   31,261.90
QQQ   288.68
S&P 500   3,901.36
DOW   31,261.90
QQQ   288.68
S&P 500   3,901.36
DOW   31,261.90
QQQ   288.68
S&P 500   3,901.36
DOW   31,261.90
QQQ   288.68

Synovus Financial Corp. (NYSE:SNV) Expected to Announce Quarterly Sales of $519.42 Million

Last updated on Saturday, May 14, 2022 | 2022 MarketBeat

Analysts predict that Synovus Financial Corp. (NYSE:SNV - Get Rating) will announce $519.42 million in sales for the current fiscal quarter, Zacks reports. Six analysts have made estimates for Synovus Financial's earnings. The highest sales estimate is $534.50 million and the lowest is $511.92 million. Synovus Financial posted sales of $488.95 million in the same quarter last year, which would indicate a positive year over year growth rate of 6.2%. The firm is scheduled to announce 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 financial year, analysts expect that the firm will report sales of $2.32 billion, with estimates ranging from $2.26 billion to $2.40 billion. Zacks' sales averages are a mean average based on a survey of research analysts that cover Synovus Financial.

Synovus Financial (NYSE:SNV - Get Rating) last issued its quarterly earnings results on Thursday, April 21st. The bank reported $1.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.03 by $0.05. The firm had revenue of $498.50 million for the quarter, compared to the consensus estimate of $497.35 million. Synovus Financial had a net margin of 35.38% and a return on equity of 16.00%. The company's revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.21 EPS.


SNV has been the topic of a number of research reports. StockNews.com initiated coverage on shares of Synovus Financial in a research report on Thursday, March 31st. They set a "hold" rating on the stock. Raymond James dropped their target price on shares of Synovus Financial from $58.00 to $57.00 and set an "outperform" rating on the stock in a research report on Friday, April 22nd. Piper Sandler dropped their target price on shares of Synovus Financial from $61.00 to $60.00 and set an "overweight" rating on the stock in a research report on Friday, April 22nd. Wells Fargo & Company dropped their target price on shares of Synovus Financial from $70.00 to $65.00 and set an "overweight" rating on the stock in a research report on Friday, April 22nd. Finally, Zacks Investment Research upgraded shares of Synovus Financial from a "hold" rating to a "strong-buy" rating and set a $53.00 target price on the stock in a research report on Tuesday, April 12th. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Synovus Financial has an average rating of "Buy" and a consensus target price of $58.88.

In other news, Director Joseph J. Prochaska, Jr. bought 1,000 shares of the business's stock in a transaction dated Tuesday, May 10th. The shares were purchased at an average price of $41.38 per share, for a total transaction of $41,380.00. Following the completion of the acquisition, the director now owns 31,109 shares of the company's stock, valued at $1,287,290.42. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Andrew J. Jr. Gregory purchased 2,000 shares of the company's stock in a transaction that occurred on Wednesday, April 27th. The stock was acquired at an average cost of $42.73 per share, with a total value of $85,460.00. Following the purchase, the chief financial officer now directly owns 29,196 shares of the company's stock, valued at $1,247,545.08. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 6,100 shares of company stock worth $277,159. 1.55% of the stock is owned by company insiders.

Large investors have recently made changes to their positions in the stock. Norges Bank purchased a new stake in shares of Synovus Financial during the 4th quarter worth approximately $68,282,000. Scout Investments Inc. lifted its stake in shares of Synovus Financial by 250.9% during the 1st quarter. Scout Investments Inc. now owns 1,571,380 shares of the bank's stock worth $76,998,000 after purchasing an additional 1,123,578 shares during the last quarter. Wellington Management Group LLP raised its stake in Synovus Financial by 12.3% in the third quarter. Wellington Management Group LLP now owns 9,802,991 shares of the bank's stock valued at $430,253,000 after buying an additional 1,076,903 shares during the last quarter. Bank of Montreal Can raised its stake in Synovus Financial by 3,331.0% in the fourth quarter. Bank of Montreal Can now owns 1,034,013 shares of the bank's stock valued at $49,560,000 after buying an additional 1,003,876 shares during the last quarter. Finally, Carlson Capital L P raised its stake in shares of Synovus Financial by 837.8% in the third quarter. Carlson Capital L P now owns 768,219 shares of the bank's stock worth $33,717,000 after purchasing an additional 686,300 shares during the last quarter. Institutional investors own 79.53% of the company's stock.

Shares of NYSE SNV opened at $39.85 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.84 and a current ratio of 0.86. Synovus Financial has a 52-week low of $37.98 and a 52-week high of $54.40. The company's 50 day moving average price is $46.00 and its 200-day moving average price is $48.23. The company has a market capitalization of $5.79 billion, a P/E ratio of 8.27, a price-to-earnings-growth ratio of 2.52 and a beta of 1.42.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 1st. Shareholders of record on Thursday, March 17th were issued a dividend of $0.34 per share. The ex-dividend date was Wednesday, March 16th. This is an increase from Synovus Financial's previous quarterly dividend of $0.33. This represents a $1.36 annualized dividend and a yield of 3.41%. Synovus Financial's dividend payout ratio is 28.22%.

Synovus Financial Company Profile (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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Earnings History and Estimates for Synovus Financial (NYSE:SNV)

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