LONDON, February 19, 2015 /PRNewswire/ --
Editor Note: For more information about this release, please scroll to bottom.
Investor-Edge.com has issued free earnings analysis on Synovus Financial Corp. (NYSE: SNV). On January 27, 2015, the company reported its financial results for Q4 FY14 and full year FY14 (period ended December 31, 2014). Click on http://get.Investor-Edge.com/pdf/?c=Synovus%20Financial&d=19-Feb-2015&s=SNV to read our free earnings review on Synovus Financial Corporation (Synovus). During Q4 FY14 and FY14, the company's net interest income improved 1.5% Y-o-Y and 1.1% Y-o-Y, respectively. Synovus' net income available to common shareholders surged 41.2% Y-o-Y in Q4 FY14 and 56.1% Y-o-Y in FY14. Chairman and CEO of Synovus, Kessel D. Stelling, Jr., expressed his pleasure over fourth quarter performance, which he said contributed to an overall solid 2014. Our free coverage report can be accessed at:
http://get.Investor-Edge.com/pdf/?c=Synovus%20Financial&d=19-Feb-2015&s=SNV
Earnings Overview
During Q4 FY14, Synovus' net interest income stood at $207.46 million compared to $204.33 million in Q4 FY13. The company's total non-interest income increased to $64.55 million in Q4 FY14 from $60.18 million in Q4 FY13. Synovus reported net interest margin of 3.34% in Q4 FY14 compared to 3.38% in Q4 FY13, also yield on interest earning assets was down to 3.78% in the reported quarter from 3.85% in Q4 FY13. Free research on SNV can be downloaded in PDF format at:
http://get.Investor-Edge.com/pdf/?c=Synovus%20Financial&d=19-Feb-2015&s=SNV
For Q4 FY14, Synovus provided return on average assets of 0.79% and return on average common equity of 6.89%. The company's net income available to common shareholders in Q4 FY14 was $50.61 million, or $0.37 per diluted common share, compared to $35.85 million, or $0.26 per diluted share, in Q4 FY13. Bloomberg analysts estimated net income available to common shareholders of $49.17 million, or $0.35 per diluted share, in Q4 FY14. In Q4 FY14, the company repurchased common stock for $88.1 million.
For FY14, Synovus reported net interest income of $819.28 million compared to $810.19 million in FY13. The company's total non-interest income increased to $262.10 million from $253.57 million in FY13.
In FY14, Synovus' return on average assets came in at 0.74% and return on average common equity was 6.38%. The company reported net income available to common shareholders of $185.01 million, or $1.33 per diluted share, in FY14 compared to $118.55 million, or $0.88 per diluted common share, in FY13. Bloomberg analysts estimated FY14 net income available to common shareholders at $185.25 million, or $1.32 per diluted share. Sign up and read the free analyst's notes on SNV at:
http://get.Investor-Edge.com/pdf/?c=Synovus%20Financial&d=19-Feb-2015&s=SNV
As of December 31, 2014, Synovus' Tier 1 common equity ratio stood at 10.28% with non-performing loan ratio of 0.94%. The company ended the year with, total loans at $21.10 billion and low-cost core deposits at $16.72 billion.
Mr. Stelling said that the company continued to maintain strong capital levels throughout 2014, and announced in October its plan to return excess capital to shareholders through a $250 million stock repurchase plan and a 43% increase in the common stock dividend. As the company enters FY15, its focus remains on caring for customers and improving profitability through balance sheet and fee income growth, as well as a continued focus on efficiency, he asserted. Visit Investor-Edge and access the latest research on SNV at:
http://get.Investor-Edge.com/pdf/?c=Synovus%20Financial&d=19-Feb-2015&s=SNV
Stock Performance
On the day of the earnings release, January 27, 2015, Synovus' stock advanced 1.53% to end the session at $25.96. Since then, the stock has moved both ways with gains outperforming losses. On the last close, Wednesday, February 18, 2015, the company's shares finished 1.06% lower at $27.93 after vacillating between $27.84 and $28.33. A total of 0.85 million shares were traded which was below its three months average volume of 1.20 million shares. Over the past one year, the company's shares have gained 14.33%. Further, the stock has advanced 11.50% over the last one month and 7.92% in the previous three months. Shares in Synovus are trading above their 50-day and 200-day moving averages of $26.33 and $24.63, respectively. Additionally, the stock traded at a PE ratio of 23.94 and has a Relative Strength Index (RSI) of 66.78.
Sneak Peek to Corporate Insider Trading
In the last one month, there were 27 corporate insider transactions made by 16 individuals. Between January 31, 2015 and February 10, 2015, a total of 3,107 shares have been purchased at an average price of $27.02 per share and for a total value of $83,951. During the same period, a total of 16,983 shares, worth $452,258, were sold at an average price of $26.63 per share. The following are a few of the abovementioned transactions: Mark G. Holladay, Executive Vice President and Chief Risk Officer at Synovus, bought 116 shares at a price of $25.77 per share and disposed 6,368 shares at an average price of $27.63 per share. Kessel D. Stelling, Jr, purchased 736 shares at an average price of $26.38 per share and disposed 3,795 shares at a price of $25.77 per share. On January 31, 2015, Thomas J. Prescott, Executive Vice President and Chief Financial Officer at Synovus, bought 190 shares and sold 1,510 shares at a price of $25.77 per share. Complimentary in-depth research on SNV is available at:
http://get.Investor-Edge.com/pdf/?c=Synovus%20Financial&d=19-Feb-2015&s=SNV
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