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

Synovus Financial Corp. (NYSE:SNV) was the recipient of a large decline in short interest during the month of September. As of September 30th, there was short interest totalling 4,420,000 shares, a decline of 18.6% from the September 15th total of 5,430,000 shares. Based on an average daily volume of 1,360,000 shares, the days-to-cover ratio is currently 3.3 days. Approximately 3.1% of the shares of the company are sold short.

Insider Buying and Selling

In related news, EVP Thomas T. Dierdorff sold 614 shares of Synovus Financial stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the transaction, the executive vice president now owns 14,833 shares in the company, valued at $685,284.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

Large investors have recently made changes to their positions in the company. Nordea Investment Management AB lifted its stake in shares of Synovus Financial by 24.5% in the 1st quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock valued at $13,233,000 after purchasing an additional 64,621 shares during the period. &PARTNERS bought a new position in Synovus Financial during the second quarter worth about $284,000. Texas Permanent School Fund Corp grew its position in shares of Synovus Financial by 19.6% during the 2nd quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock worth $6,150,000 after buying an additional 25,028 shares during the period. Private Capital Management LLC grew its position in shares of Synovus Financial by 6.2% during the 1st quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock worth $14,644,000 after buying an additional 21,456 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp raised its position in shares of Synovus Financial by 92.0% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank’s stock valued at $1,852,000 after acquiring an additional 22,621 shares during the period. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Price Performance

Shares of SNV traded up $0.78 on Tuesday, hitting $47.32. The company’s stock had a trading volume of 1,536,344 shares, compared to its average volume of 1,384,426. The company has a 50 day moving average price of $43.96 and a 200 day moving average price of $41.09. Synovus Financial has a fifty-two week low of $24.40 and a fifty-two week high of $48.27. The company has a market capitalization of $6.93 billion, a PE ratio of 16.21, a PEG ratio of 2.05 and a beta of 1.38. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.20. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The firm had revenue of $563.60 million during the quarter, compared to analysts’ expectations of $543.52 million. During the same quarter last year, the company posted $1.16 EPS. The company’s quarterly revenue was down .7% compared to the same quarter last year. On average, research analysts anticipate that Synovus Financial will post 4.02 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.21%. Synovus Financial’s payout ratio is currently 52.05%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on SNV shares. StockNews.com lowered shares of Synovus Financial from a “hold” rating to a “sell” rating in a research report on Thursday, September 12th. Piper Sandler increased their target price on shares of Synovus Financial from $42.00 to $53.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. Jefferies Financial Group boosted their price target on Synovus Financial from $44.00 to $47.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. Barclays boosted their price objective on Synovus Financial from $46.00 to $47.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Finally, DA Davidson lifted their price target on shares of Synovus Financial from $47.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $47.94.

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.