Synovus Financial SNV shares rallied 11.9% in the last trading session to close at $42.82. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 12.7% loss over the past four weeks.
Synovus witnessed a strong price increase driven by President Donald Trump's unanticipated announcement on April 9, 2025, of a 90-day suspension of reciprocal tariffs for most trading partners, excluding China. The tariff pause eased immediate worries about escalating trade wars, fostering a more favorable economic outlook. The expectation of improved economic conditions bolstered investors’ confidence in the banking stocks like SNV.
This holding company for Synovus Bank is expected to post quarterly earnings of $1.11 per share in its upcoming report, which represents a year-over-year change of +40.5%. Revenues are expected to be $570.2 million, up 6% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Synovus, the consensus EPS estimate for the quarter has been revised 0.7% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on SNV going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Synovus is a member of the Zacks Banks - Southeast industry. One other stock in the same industry, First Bancorp (FBNC), finished the last trading session 6% higher at $38.19. FBNC has returned -7% over the past month.
First Bancorp's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.78. Compared to the company's year-ago EPS, this represents a change of +27.9%. First Bancorp currently boasts a Zacks Rank of #3 (Hold).
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Synovus Financial Corp. (SNV): Free Stock Analysis Report First Bancorp (FBNC): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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