What To Expect From Synovus Financial's (SNV) Q3 Earnings

Regional banking company Synovus Financial (NYSE:SNV) will be reporting earnings this Wednesday afternoon. Here’s what you need to know.

Synovus Financial beat analysts’ revenue expectations by 1.5% last quarter, reporting revenues of $593.7 million, up 93.9% year on year. It was a strong quarter for the company, with a beat of analysts’ EPS and tangible book value per share estimates.

Is Synovus Financial a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting Synovus Financial’s revenue to grow 6.8% year on year to $603.1 million, improving from the 2.6% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.35 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Synovus Financial has missed Wall Street’s revenue estimates three times over the last two years.

With Synovus Financial being the first among its peers to report earnings this season, we don’t have anywhere else to look to get a hint at how this quarter will unravel for banks stocks. However, the whole sector has been hit hard over the last month as stocks in Synovus Financial’s peer group are down 4.3% on average. Synovus Financial is down 8.8% during the same time and is heading into earnings with an average analyst price target of $57.43 (compared to the current share price of $46.18).

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