Synovus Financial Corp. (NYSE:SNV) Short Interest Update

Synovus Financial Corp. (NYSE:SNV) was the target of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 3,830,000 shares, a decline of 22.2% from the October 15th total of 4,920,000 shares. Based on an average daily trading volume, of 1,390,000 shares, the short-interest ratio is currently 2.8 days. Approximately 2.7% of the company’s shares are short sold.

Synovus Financial Stock Performance

Shares of Synovus Financial stock traded up $0.05 during trading on Friday, hitting $55.72. 1,035,733 shares of the stock were exchanged, compared to its average volume of 1,412,493. The stock’s fifty day moving average is $47.83 and its 200 day moving average is $43.44. The stock has a market cap of $7.89 billion, a PE ratio of 25.21, a P/E/G ratio of 2.05 and a beta of 1.37. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89. Synovus Financial has a 12 month low of $29.34 and a 12 month high of $59.79.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. The firm had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. Synovus Financial’s revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.84 EPS. As a group, sell-side analysts anticipate that Synovus Financial will post 4.36 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were given a $0.38 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a yield of 2.73%. Synovus Financial’s dividend payout ratio is presently 68.78%.

Hedge Funds Weigh In On Synovus Financial

Several large investors have recently made changes to their positions in the business. V Square Quantitative Management LLC purchased a new stake in shares of Synovus Financial in the third quarter worth approximately $30,000. UMB Bank n.a. lifted its position in shares of Synovus Financial by 87.2% in the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after purchasing an additional 348 shares in the last quarter. Quarry LP purchased a new stake in shares of Synovus Financial in the third quarter worth approximately $41,000. Innealta Capital LLC purchased a new stake in shares of Synovus Financial in the second quarter worth approximately $43,000. Finally, Abich Financial Wealth Management LLC lifted its position in shares of Synovus Financial by 43.5% in the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after purchasing an additional 371 shares in the last quarter. Institutional investors own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Piper Sandler boosted their target price on shares of Synovus Financial from $42.00 to $53.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Morgan Stanley boosted their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Stephens boosted their price objective on shares of Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. StockNews.com upgraded shares of Synovus Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Wells Fargo & Company downgraded shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $48.00 to $46.00 in a research note on Tuesday, October 1st. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.71.

About Synovus Financial

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and consumer banking products and services. It operates through four segments: Community Banking, Wholesale Banking, Consumer Banking, and Financial Management Services. The company's commercial banking services include treasury and asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate lending services.