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Compared to Estimates, Synovus (SNV) Q1 Earnings: A Look at Key Metrics

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Synovus Financial (SNV - Free Report) reported $537.73 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 12.4%. EPS of $0.79 for the same period compares to $1.33 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $548.98 million, representing a surprise of -2.05%. The company delivered an EPS surprise of -20.20%, with the consensus EPS estimate being $0.99.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Synovus performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Net Interest Margin: 3% versus 3.1% estimated by seven analysts on average.
  • Efficiency Ratio: 59.9% versus the seven-analyst average estimate of 56.3%.
  • Total interest earning assets - Average Balance: $55.51 billion compared to the $56.16 billion average estimate based on six analysts.
  • Net charge-offs to average loan: 0.4% compared to the 0.4% average estimate based on five analysts.
  • Total Non-performing Assets: $371.66 million versus $303.61 million estimated by three analysts on average.
  • Total Non-performing loans: $350.45 million compared to the $303.61 million average estimate based on three analysts.
  • Tier 1 Capital Ratio: 11.4% versus 10.9% estimated by two analysts on average.
  • Total risk-based capital ratio: 13.3% versus the two-analyst average estimate of 13.1%.
  • Total non-interest revenue: $118.89 million compared to the $116.94 million average estimate based on seven analysts.
  • Net Interest Income: $418.85 million compared to the $432.43 million average estimate based on six analysts.
  • Net Interest Income (FTE): $420.16 million compared to the $434.83 million average estimate based on six analysts.
  • Mortgage Banking Income: $3.42 million versus $3.59 million estimated by four analysts on average.
View all Key Company Metrics for Synovus here>>>

Shares of Synovus have returned -3.6% over the past month versus the Zacks S&P 500 composite's -1.1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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