- Synovus’ total deposits for Q3 were $50.00 billion, slightly below the estimate of $50.66 billion, marking a 0.2% increase quarter-over-quarter.
- Total loans reached $43.75 billion, just under the expected $43.85 billion, with a 0.5% quarterly increase.
- The net interest margin improved to 3.41%, surpassing the estimate of 3.36% and up from 3.37% in the prior quarter.
- Net interest income came in at $474.7 million, slightly above the $474.6 million estimate, showing a 3.3% quarterly rise.
- Non-interest revenue significantly exceeded expectations at $140.7 million, a 13% year-over-year increase, compared to the estimated $130.3 million.
- Non-interest expenses were $348.7 million, higher than the $321 million estimate, representing an 11% year-over-year growth.
- Total tangible equity revenue was $617.1 million, surpassing the anticipated $605.3 million, up 9% year-over-year.
- Adjusted EPS stood at $1.46, outperforming the estimate of $1.36, compared to $1.23 in the previous year.
- Reported EPS was $1.33, below the estimate of $1.36, but an increase from $1.18 the previous year.
- The provision for credit losses decreased by 7.4% year-over-year to $21.7 million, lower than the estimated $27.7 million.
- Net charge-offs were reduced by 44% year-over-year to $15.2 million, significantly below the expected $22 million.
- The efficiency ratio excluding tangible equity increased to 56.5%, higher than the 55.4% from the previous year and the estimated 52.8%.
- Tangible book value per share improved to $34.40, above the estimate of $34.09 and up from $30.29 the previous year.
- Cash, cash equivalents, and restricted cash grew by 23% year-over-year to $2.27 billion, although below the estimate of $2.84 billion.
- Interest-earning deposits with banks and other cash equivalents were $2.24 billion, a 24% increase year-over-year, yet below the anticipated $2.75 billion.
- Analyst recommendations include 8 buys and 8 holds, with no sell ratings reported.
A look at Synovus Financial Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 4 | |
| Dividend | 4 | |
| Growth | 3 | |
| Resilience | 4 | |
| Momentum | 3 | |
| OVERALL SMART SCORE | 3.6 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
Based on the Smartkarma Smart Scores for Synovus Financial, the company appears to have a positive long-term outlook. With high scores in Value, Dividend, and Resilience, Synovus Financial is positioned well for steady growth and stability. These scores suggest that the company is undervalued, offers attractive dividend returns, and has the ability to withstand market fluctuations. While the Growth and Momentum scores are slightly lower, the overall outlook for Synovus Financial remains strong.
Synovus Financial Corp. is a financial services holding company that serves customers in various states by offering commercial and retail banking services, along with investment services. With strong scores in key areas such as Value, Dividend, and Resilience, Synovus Financial is poised to maintain its position as a reliable player in the financial services sector and potentially provide consistent returns for investors over the long term.
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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