Synovus Financial (SNV) reported $306.15 million in revenue for the quarter ended June 2024, representing a year-over-year decline of 46.1%. EPS of $1.16 for the same period compares to $1.16 a year ago. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. Here is how Synovus performed in the just reported quarter in terms o ...

Synovus Financial (SNV) came out with quarterly earnings of $1.16 per share, beating the Zacks Consensus Estimate of $0.96 per share. This compares to earnings of $1.16 per share a year ago. These figures are adjusted for non-recurring items. Over the last four quarters, the company has surpassed consensus EPS estimates just once. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on ...

| --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------|-------|------------------------|----------------------|-------------------------------------|-----------------------------------| | (Dollars in thousands, except per share data) \nInterest income | $ | 2024 1,583,952 | Six Months \n $ | Ended June 30, \n2023 1,476,022 | '24 vs '23 \n% Change 7 % | | Interest expense Net interest income Provisio ...

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades. While many investors like to look for momen ...

Analysts on Wall Street project that Synovus Financial (SNV) will announce quarterly earnings of $0.96 per share in its forthcoming report, representing a decline of 17.2% year over year. Revenues are projected to reach $496.57 million, declining 12.6% from the same quarter last year. Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical res ...

The earnings report, which is expected to be released on July 17, 2024, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. This holding company for Synovus Bank is expected to post quarterly earnings of $0.96 per share in its upcoming report, which represents a year-over-year change of -17.2%. Estimate Revisions Trend The market expects Synovus Financial (SNV) to deliver a year-over-year decline in earnings on lower ...

The company benefits from high interest rates. Its net interest income (NII) has seen a steady uptrend in the past few years. Management expects NII to improve in the second half of 2024, backed by fixed-rate investment securities portfolio repositioning, high asset yields and a decline in funding costs. Decent loan demand will also offer support to NII, thus driving top-line growth. As of Mar 31, 2024, SNV's total debt was $2.03 billion while cash and cash equivalents were $2.42 billion. Thus, given the co ...

Ratings and Outlook - Moody's affirmed Synovus Bank's long-term issuer rating at Baa3 and maintained its long- and short-term local currency deposit ratings at A3 and Prime-2, respectively [1] - The outlook for Synovus Bank's long-term issuer and deposit ratings remains stable [2][10] - Synovus Bank's Baseline Credit Assessment (BCA) and adjusted BCA of baa2, as well as its long- and short-term Counterparty Risk Ratings, were also affirmed [11] Financial Performance and Risk Management - Synovus Bank's capitalization, measured by TCE/risk-weighted assets (RWA), increased to 10.3% as of Mar 31, 2024, up from 9.7% a year earlier [12] - The bank's profitability is relatively strong, with an average net income to tangible assets ratio of 0.97% between 2019 and 2023 [4] - Synovus Bank has taken strategic initiatives, such as shifting its investment portfolio, to boost asset yields [13] - The bank's core deposit funding is about 68% insured or collateralized, which mitigates funding constraints [5] - Synovus Bank's liquidity profile is considered a strength, with 20.5% liquid banking assets to tangible banking assets as of Mar 31, 2024 [14] Commercial Real Estate (CRE) Concentration - Synovus Bank faces credit headwinds due to significant concentration in commercial real estate (CRE) loans [3] - The bank's higher level of capitalization and competent credit risk management help mitigate CRE concentration risks [4] - The recent sale of medical office building loans has strengthened the bank's resilience against CRE concentration risks [12] Potential Rating Changes - A deterioration in asset quality, increased risk appetite, or capital levels below 9.5% TCE/RWA could negatively impact Synovus Bank's ratings [6] - A continuous decline in profitability to a net income/tangible assets ratio of 0.6% or a steep decline in deposits and balance sheet liquidity levels could also pressure ratings [6] - An upgrade in the BCA is possible if Synovus maintains a TCE/RWA ratio well over 11%, significantly lowers asset risk, and improves pre-provision profitability and liquidity profile [15] Industry Comparison - Synovus Financial Corp's (SNV) shares have gained 0.3% year to date, compared with a 2.3% decline in the industry [16] - Truist Financial's (TFC) long-term senior unsecured debt rating was downgraded to Baa1 from A3 in May 2024 [18] - New York Community Bancorp, Inc's (NYCB) Long-Term Issuer Default Ratings were downgraded to BB from BB+ by Fitch Ratings in May 2024, though the outlook remains stable [19]

______________________________ ☒ Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2024 Commission file number 1-10312 ______________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________ FORM 10-Q SYNOVUS FINANCIAL CORP. Georgia 58-1134883 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1111 Bay Avenue, Suite 500 ...

Synovus Financial Corp. (NYSE:SNV) Q1 2024 Earnings Call Transcript April 18, 2024 8:30 AM ET Company Participants Jennifer Demba - Head of Investor Relations Kevin Blair - Chairman, President and CEO Jamie Gregory - CFO Robert Derrick - Chief Credit Officer Conference Call Participants Jon Arfstrom - RBC Capital Markets Ebrahim Poonawala - Bank of America Steven Alexopoulos - JP Morgan Catherine Mealor - KBW Gary Tenner - D.A. Davidson Jared Shaw - Wells Fargo Michael Rose - Raymond James Stephen Scouten - ...