Q1 2023 EPS Estimates for Synovus Financial Corp. (NYSE:SNV) Boosted by Jefferies Financial Group

Synovus Financial Corp. (NYSE:SNV – Get Rating) – Equities researchers at Jefferies Financial Group boosted their Q1 2023 earnings estimates for shares of Synovus Financial in a note issued to investors on Friday, January 20th. Jefferies Financial Group analyst C. Haire now expects that the bank will post earnings per share of $1.21 for the quarter, up from their previous forecast of $1.12. The consensus estimate for Synovus Financial’s current full-year earnings is $5.16 per share. Jefferies Financial Group also issued estimates for Synovus Financial’s Q3 2023 earnings at $1.37 EPS, Q4 2023 earnings at $1.42 EPS, FY2023 earnings at $4.85 EPS, Q1 2024 earnings at $1.43 EPS, Q2 2024 earnings at $1.43 EPS, Q3 2024 earnings at $1.44 EPS, Q4 2024 earnings at $1.44 EPS and FY2024 earnings at $5.75 EPS.

Synovus Financial (NYSE:SNV – Get Rating) last announced its quarterly earnings results on Thursday, October 20th. The bank reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.06. Synovus Financial had a net margin of 30.50% and a return on equity of 18.93%. The firm had revenue of $582.22 million for the quarter, compared to analyst estimates of $570.52 million. During the same quarter in the previous year, the firm posted $1.20 earnings per share.

A number of other research analysts have also weighed in on SNV. Wells Fargo & Company cut their price target on shares of Synovus Financial from $60.00 to $55.00 and set an “overweight” rating on the stock in a research note on Friday, October 21st. DA Davidson lifted their price target on shares of Synovus Financial from $42.50 to $45.50 in a research note on Friday, December 9th. TheStreet raised shares of Synovus Financial from a “c+” rating to a “b” rating in a research note on Friday, November 4th. Royal Bank of Canada cut their price target on shares of Synovus Financial from $49.00 to $46.00 and set an “outperform” rating on the stock in a research note on Friday, October 21st. Finally, StockNews.com began coverage on shares of Synovus Financial in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $47.40.

Synovus Financial Stock Performance

Shares of SNV opened at $39.38 on Monday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.92 and a current ratio of 0.92. Synovus Financial has a twelve month low of $34.15 and a twelve month high of $54.40. The firm’s 50 day moving average price is $39.20 and its two-hundred day moving average price is $39.61. The firm has a market cap of $5.73 billion, a P/E ratio of 7.96, a PEG ratio of 6.13 and a beta of 1.35.

Hedge Funds Weigh In On Synovus Financial

Several institutional investors and hedge funds have recently modified their holdings of the stock. HB Wealth Management LLC increased its holdings in shares of Synovus Financial by 51.5% in the fourth quarter. HB Wealth Management LLC now owns 23,859 shares of the bank’s stock valued at $896,000 after purchasing an additional 8,111 shares during the last quarter. Counterpoint Mutual Funds LLC acquired a new position in shares of Synovus Financial in the fourth quarter valued at $252,000. Private Advisor Group LLC acquired a new position in shares of Synovus Financial in the fourth quarter valued at $256,580,000. Maryland State Retirement & Pension System acquired a new position in shares of Synovus Financial in the fourth quarter valued at $439,000. Finally, Keel Point LLC increased its holdings in shares of Synovus Financial by 11.8% in the fourth quarter. Keel Point LLC now owns 7,467 shares of the bank’s stock valued at $280,000 after purchasing an additional 791 shares during the last quarter. 79.89% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Allan E. Kamensky sold 663 shares of the business’s stock in a transaction on Monday, November 14th. The shares were sold at an average price of $43.80, for a total transaction of $29,039.40. Following the transaction, the executive vice president now directly owns 5,090 shares in the company, valued at $222,942. The sale was disclosed in a filing with the SEC, which is available through this link. 1.55% of the stock is owned by corporate insiders.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 3rd. Investors of record on Thursday, December 15th were issued a dividend of $0.34 per share. The ex-dividend date was Wednesday, December 14th. This represents a $1.36 dividend on an annualized basis and a yield of 3.45%. Synovus Financial’s payout ratio is 27.47%.

Synovus Financial Company Profile

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Synovus Financial Corp. is a bank holding company, which engages in the provision of financial services. The company operates through the following segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS). The Community Banking business segment serves customers using a relationship-based approach through its branch, ATM, commercial, and private wealth network in addition to mobile, Internet, and telephone banking.