SunTrust Banks Analysts Cut Earnings Estimates for Synovus Financial Corp. (NYSE:SNV)

Synovus Financial Corp. (NYSE:SNV) – Investment analysts at SunTrust Banks decreased their FY2019 earnings estimates for Synovus Financial in a report issued on Monday, April 29th, according to Zacks Investment Research. SunTrust Banks analyst J. Demba now expects that the bank will earn $4.05 per share for the year, down from their prior estimate of $4.17.

Other equities analysts have also recently issued reports about the company. TheStreet upgraded Synovus Financial from a “c+” rating to a “b-” rating in a research note on Thursday, February 28th. Bank of America reiterated a “buy” rating and set a $48.00 target price (up from $40.00) on shares of Synovus Financial in a research note on Tuesday, March 12th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $49.00 target price on shares of Synovus Financial in a research note on Sunday, February 24th. Raymond James reiterated a “buy” rating and set a $44.00 target price on shares of Synovus Financial in a research note on Thursday, February 21st. Finally, Piper Jaffray Companies upgraded Synovus Financial from a “neutral” rating to an “overweight” rating and increased their target price for the company from $44.00 to $45.00 in a research note on Tuesday, January 22nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Synovus Financial presently has an average rating of “Buy” and an average target price of $45.13.

NYSE SNV opened at $34.30 on Thursday. The company has a market capitalization of $5.41 billion, a price-to-earnings ratio of 9.42, a P/E/G ratio of 1.07 and a beta of 1.25. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.94 and a quick ratio of 0.93. Synovus Financial has a fifty-two week low of $29.93 and a fifty-two week high of $57.40.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.98 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.90 by $0.08. The firm had revenue of $476.50 million during the quarter, compared to analysts’ expectations of $459.05 million. Synovus Financial had a return on equity of 15.58% and a net margin of 24.36%. Synovus Financial’s quarterly revenue was up 39.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.86 EPS.

Several hedge funds have recently bought and sold shares of the stock. BlackRock Inc. raised its position in shares of Synovus Financial by 30.5% during the 4th quarter. BlackRock Inc. now owns 15,241,685 shares of the bank’s stock valued at $487,582,000 after acquiring an additional 3,558,924 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Synovus Financial by 3.6% during the 3rd quarter. Vanguard Group Inc. now owns 11,158,600 shares of the bank’s stock valued at $510,952,000 after acquiring an additional 387,831 shares in the last quarter. Vanguard Group Inc raised its position in shares of Synovus Financial by 3.6% during the 3rd quarter. Vanguard Group Inc now owns 11,158,600 shares of the bank’s stock valued at $510,952,000 after acquiring an additional 387,831 shares in the last quarter. Synovus Financial Corp raised its position in shares of Synovus Financial by 1.4% during the 1st quarter. Synovus Financial Corp now owns 6,081,527 shares of the bank’s stock valued at $208,973,000 after acquiring an additional 85,903 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Synovus Financial by 986.6% during the 1st quarter. Wellington Management Group LLP now owns 4,816,857 shares of the bank’s stock valued at $165,508,000 after acquiring an additional 4,373,577 shares in the last quarter. 69.76% of the stock is currently owned by institutional investors and hedge funds.

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 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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