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Synovus (SNV) Surges 7.3%: Is This an Indication of Further Gains?
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Synovus Financial (SNV - Free Report) shares soared 7.3% in the last trading session to close at $40.38. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 23.6% gain over the past four weeks.
The Federal Reserve has signaled an end to the current rate hike cycle by keeping interest rates unchanged at the 22-year high of 5.25-5.5% at the end of the two-day FOMC meeting. The central bank has also indicated a 75 basis points cut in rates by 2024-end. The above-mentioned developments have attributed to bullish investor sentiments. Given the fall in rates, the higher funding costs being faced by banks will likely come down somewhat next year, thus supporting net interest income and margins. This probably drove the SNV stock higher in last day’s trading session.
This holding company for Synovus Bank is expected to post quarterly earnings of $0.90 per share in its upcoming report, which represents a year-over-year change of -33.3%. Revenues are expected to be $476.85 million, down 21% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Synovus, the consensus EPS estimate for the quarter has been revised 1.4% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates 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.
Synovus is a member of the Zacks Banks - Southeast industry. One other stock in the same industry, Origin Bancorp (OBK - Free Report) , finished the last trading session 1.4% higher at $35.82. OBK has returned 6.4% over the past month.
For Origin Bancorp, the consensus EPS estimate for the upcoming report has changed +1.6% over the past month to $0.64. This represents a change of -32.6% from what the company reported a year ago. Origin Bancorp currently has a Zacks Rank of #2 (Buy).
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Synovus (SNV) Surges 7.3%: Is This an Indication of Further Gains?
Synovus Financial (SNV - Free Report) shares soared 7.3% in the last trading session to close at $40.38. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 23.6% gain over the past four weeks.
The Federal Reserve has signaled an end to the current rate hike cycle by keeping interest rates unchanged at the 22-year high of 5.25-5.5% at the end of the two-day FOMC meeting. The central bank has also indicated a 75 basis points cut in rates by 2024-end. The above-mentioned developments have attributed to bullish investor sentiments. Given the fall in rates, the higher funding costs being faced by banks will likely come down somewhat next year, thus supporting net interest income and margins. This probably drove the SNV stock higher in last day’s trading session.
This holding company for Synovus Bank is expected to post quarterly earnings of $0.90 per share in its upcoming report, which represents a year-over-year change of -33.3%. Revenues are expected to be $476.85 million, down 21% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Synovus, the consensus EPS estimate for the quarter has been revised 1.4% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates 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, Origin Bancorp (OBK - Free Report) , finished the last trading session 1.4% higher at $35.82. OBK has returned 6.4% over the past month.
For Origin Bancorp, the consensus EPS estimate for the upcoming report has changed +1.6% over the past month to $0.64. This represents a change of -32.6% from what the company reported a year ago. Origin Bancorp currently has a Zacks Rank of #2 (Buy).