Short Interest in Synovus Financial Corp. (NYSE:SNV) Decreases By 19.1%

Synovus Financial Corp. (NYSE:SNV) was the recipient of a significant 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. Approximately 2.0% of the shares of the company are short sold. Based on an average daily volume of 1,400,000 shares, the days-to-cover ratio is currently 2.0 days.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. V Square Quantitative Management LLC acquired a new stake in shares of Synovus Financial in the third quarter worth $30,000. UMB Bank n.a. boosted its position in Synovus Financial by 87.2% during the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after purchasing an additional 348 shares during the period. Quarry LP purchased a new stake in Synovus Financial during the 3rd quarter worth $41,000. Innealta Capital LLC acquired a new stake in Synovus Financial in the 2nd quarter valued at $43,000. Finally, Brooklyn Investment Group purchased a new position in Synovus Financial in the third quarter valued at about $56,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Bank of America raised their price objective on shares of Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Wells Fargo & Company lifted their price target on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Truist Financial raised their target price on Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a report on Monday, October 21st. JPMorgan Chase & Co. upped their price target on shares of Synovus Financial from $52.00 to $59.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Finally, Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target on the stock in a research note on Tuesday, September 17th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $56.00.

Synovus Financial Trading Down 1.0 %

Shares of NYSE:SNV traded down $0.53 during trading on Friday, reaching $54.16. The stock had a trading volume of 1,128,212 shares, compared to its average volume of 1,099,247. Synovus Financial has a fifty-two week low of $33.44 and a fifty-two week high of $59.92. The business has a fifty day moving average price of $52.71 and a 200-day moving average price of $45.82. The stock has a market cap of $7.67 billion, a P/E ratio of 24.50, a PEG ratio of 1.59 and a beta of 1.38. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.14. The business had revenue of $564.72 million for the quarter, compared to analysts’ expectations of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period last year, the company earned $0.84 earnings per share. As a group, analysts anticipate that Synovus Financial will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, December 19th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date is Thursday, December 19th. Synovus Financial’s dividend payout ratio (DPR) is presently 68.78%.

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.