Synovus Financial Corp. (NYSE:SNV) Sees Large Decrease in Short Interest

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

Synovus Financial Price Performance

NYSE:SNV traded up $0.05 during midday trading on Friday, hitting $55.72. 1,035,733 shares of the stock were exchanged, compared to its average volume of 1,503,546. The business has a 50-day moving average price of $47.83 and a two-hundred day moving average price of $43.49. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $7.89 billion, a price-to-earnings ratio of 25.21, a P/E/G ratio of 2.01 and a beta of 1.37. Synovus Financial has a one year low of $29.34 and a one year high of $59.79.

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

Synovus Financial Dividend Announcement

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

Hedge Funds Weigh In On Synovus Financial

A number of institutional investors have recently bought and sold shares of SNV. V Square Quantitative Management LLC purchased a new stake in shares of Synovus Financial in the 3rd quarter valued at approximately $30,000. UMB Bank n.a. lifted its stake in Synovus Financial by 87.2% in the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after acquiring an additional 348 shares in the last quarter. Quarry LP acquired a new position in shares of Synovus Financial in the 3rd quarter valued at about $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. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SNV. Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price for the company in a research note on Tuesday, September 17th. Barclays upped their target price on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Stephens boosted their target price on shares of Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Friday, October 18th. Finally, Evercore ISI increased their price target on shares of Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $52.71.

Synovus Financial Company Profile

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.