Synovus Financial (US:SNV) ZACKSยท2024-07-17 23:16Company Performance - Synovus Financial (SNV) reported quarterly earnings of $1.16 per share, exceeding the Zacks Consensus Estimate of $0.96 per share, and matching the earnings from the previous year [1] - The company has surpassed consensus EPS estimates only once in the last four quarters [2] - Synovus posted revenues of $306.15 million for the quarter ended June 2024, which fell short of the Zacks Consensus Estimate by 38.35%, compared to year-ago revenues of $567.81 million [9] - The current consensus EPS estimate for the upcoming quarter is $1.01 on revenues of $558 million, and for the current fiscal year, it is $3.87 on revenues of $2.16 billion [12] Market Outlook - The estimate revisions trend for Synovus is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [5] - Synovus shares have increased approximately 20.7% since the beginning of the year, outperforming the S&P 500's gain of 18.8% [10] - The outlook for the industry, specifically the Banks - Southeast sector, is currently in the bottom 26% of over 250 Zacks industries, which may impact Synovus's stock performance [6] Future Expectations - The sustainability of Synovus's stock price movement will largely depend on management's commentary during the earnings call [3] - Investors are encouraged to monitor changes in earnings estimate revisions, as empirical research shows a strong correlation between these revisions and near-term stock movements [11]