Synovus Financial Corp. (NYSE:SNV) Short Interest Down 19.1% in November

Synovus Financial Corp. (NYSE:SNV) was the recipient of a large drop in short interest in the month of November. As of November 30th, there was short interest totalling 2,840,000 shares, a drop of 19.1% from the November 15th total of 3,510,000 shares. Currently, 2.0% of the shares of the stock are sold short. Based on an average trading volume of 1,400,000 shares, the days-to-cover ratio is presently 2.0 days.

Synovus Financial Stock Down 1.0 %

Shares of NYSE SNV traded down $0.53 during midday trading on Friday, hitting $54.16. The company’s stock had a trading volume of 1,128,212 shares, compared to its average volume of 1,099,247. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. The firm has a market capitalization of $7.67 billion, a price-to-earnings ratio of 24.51, a price-to-earnings-growth ratio of 1.58 and a beta of 1.38. The business’s fifty day simple moving average is $52.71 and its two-hundred day simple moving average is $45.87. Synovus Financial has a 1 year low of $33.44 and a 1 year high of $59.92.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating the consensus estimate of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. During the same quarter last year, the company posted $0.84 EPS. The firm’s revenue was up 2.6% compared to the same quarter last year. On average, equities analysts predict that Synovus Financial will post 4.37 EPS for the current year.

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, December 19th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a yield of 2.81%. Synovus Financial’s dividend payout ratio is currently 68.78%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SNV. JPMorgan Chase & Co. upped their price objective on shares of Synovus Financial from $52.00 to $59.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. Piper Sandler upped their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Wednesday. Royal Bank of Canada reiterated an “outperform” rating and issued a $64.00 price objective on shares of Synovus Financial in a report on Thursday. Evercore ISI upped their target price on shares of Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a report on Wednesday, October 30th. Finally, Stephens increased their price target on Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a report on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Synovus Financial presently has an average rating of “Moderate Buy” and a consensus target price of $56.00.

Hedge Funds Weigh In On Synovus Financial

A number of institutional investors and hedge funds have recently modified their holdings of SNV. Wellington Management Group LLP raised its stake in Synovus Financial by 12.8% in the third quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock valued at $430,213,000 after buying an additional 1,095,557 shares in the last quarter. Millennium Management LLC raised its position in shares of Synovus Financial by 181.0% during the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock worth $52,343,000 after acquiring an additional 838,932 shares in the last quarter. FMR LLC lifted its stake in Synovus Financial by 5.4% during the third quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock worth $517,027,000 after purchasing an additional 598,644 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Synovus Financial by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after purchasing an additional 491,036 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. purchased a new position in Synovus Financial in the second quarter valued at approximately $19,434,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

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.