Synovus Financial Corp. (NYSE:SNV) Short Interest Down 18.6% in September

Synovus Financial Corp. (NYSE:SNV) was the target of a significant decline in short interest in 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. Currently, 3.1% of the company’s shares are short sold. Based on an average daily volume of 1,360,000 shares, the days-to-cover ratio is currently 3.3 days.

Insiders Place Their Bets

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of Synovus Financial stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the completion of the sale, the executive vice president now directly owns 14,833 shares in the company, valued at approximately $685,284.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Synovus Financial

Institutional investors have recently added to or reduced their stakes in the stock. UMB Bank n.a. lifted its holdings 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 in the last quarter. Innealta Capital LLC purchased a new stake in Synovus Financial during the 2nd quarter worth about $43,000. Abich Financial Wealth Management LLC lifted its holdings in Synovus Financial by 43.5% during the 1st 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. Fidelis Capital Partners LLC purchased a new stake in Synovus Financial during the 1st quarter worth about $51,000. Finally, Headlands Technologies LLC lifted its holdings in Synovus Financial by 404.8% during the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after purchasing an additional 1,105 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Performance

Shares of SNV opened at $45.81 on Monday. The firm has a market cap of $6.71 billion, a PE ratio of 15.69, a PEG ratio of 2.05 and a beta of 1.38. The stock’s fifty day moving average price is $43.72 and its two-hundred day moving average price is $40.99. 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 has a 1 year low of $24.40 and a 1 year high of $47.83.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.20. The firm had revenue of $563.60 million for the quarter, compared to analyst estimates of $543.52 million. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The business’s revenue was down .7% on a year-over-year basis. During the same period in the previous year, the company posted $1.16 earnings per share. On average, equities research analysts forecast that Synovus Financial will post 4.02 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were issued 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 yield of 3.32%. Synovus Financial’s dividend payout ratio (DPR) is 52.05%.

Wall Street Analyst Weigh In

SNV has been the subject of a number of research reports. Barclays raised their price objective on Synovus Financial from $46.00 to $47.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. Truist Financial raised their price objective on Synovus Financial from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, September 20th. StockNews.com cut Synovus Financial from a “hold” rating to a “sell” rating in a research report on Thursday, September 12th. Citigroup started coverage on Synovus Financial in a research report on Thursday. They set a “buy” rating and a $53.00 target price on the stock. Finally, JPMorgan Chase & Co. cut their target price on Synovus Financial from $55.00 to $52.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Synovus Financial presently has an average rating of “Moderate Buy” and an average price target 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.