Synovus Says $51M FDIC Special Assessment Reduced 4Q23 Reported And Adjusted EPS By $0.26
Portfolio Pulse from Benzinga Newsdesk
Synovus Financial Corp. reported that a $51 million FDIC special assessment reduced its fourth quarter 2023 reported and adjusted earnings per share (EPS) by $0.26.
January 17, 2024 | 10:14 pm
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NEGATIVE IMPACT
Synovus Financial Corp.'s Q4 2023 earnings were negatively impacted by a $51 million FDIC special assessment, reducing both reported and adjusted EPS by $0.26.
The $51 million FDIC special assessment is a significant expense that directly reduces Synovus' earnings for the quarter. This reduction in EPS is likely to be viewed negatively by investors and could lead to a short-term decline in the stock price. The high relevance score is due to the direct mention of the company and the specific financial impact. The importance is high as EPS is a critical measure of a company's profitability. The confidence level is set at 90, reflecting the clear and direct nature of the reported financial impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100