Shares of commercial and retail banking, investment, and mortgage services provider Synovus Financial Corp. (SNV) are rising more than 4% Tuesday morning after reporting better-than-expected third-quarter results.
Third-quarter earnings on an adjusted basis were $0.89 per share compared with $0.97 per share last year. Analysts polled by Thomson Reuters were expecting earnings of $0.52 for the quarter.
Total revenues were $493.65 million in the third quarter compared with $494.21 million in the same quarter a year ago. The consensus estimate was for $469.67 million.
"The third quarter reflected strong operating performance, highlighted by growth in core transaction deposits of $1.6 billion and adjusted fee income growth of $20 million, as well as disciplined expense management, all contributing to improved profitability," said Kessel D. Stelling, Synovus Chairman and CEO.
Synovus stock is currently trading at $25. It has been trading in the range of $10.91- $40.32 in the past 52 weeks.
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