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

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

Synovus Financial Stock Up 0.1 %

Shares of NYSE SNV traded up $0.05 during mid-day trading on Friday, reaching $55.72. The company had a trading volume of 1,035,733 shares, compared to its average volume of 1,412,493. 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 firm has a 50 day simple moving average of $47.83 and a two-hundred day simple moving average of $43.44. The stock has a market cap of $7.89 billion, a P/E ratio of 25.21, a PEG ratio of 2.05 and a beta of 1.37. Synovus Financial has a 52-week low of $29.34 and a 52-week high of $59.79.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data 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. 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 for the quarter, compared to the consensus estimate of $557.64 million. During the same period last year, the firm posted $0.84 EPS. Synovus Financial’s revenue for the quarter was up 2.6% on a year-over-year basis. Sell-side analysts predict that Synovus Financial will post 4.36 earnings per share for the current 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 issued a $0.38 dividend. 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 payout ratio is 68.78%.

Institutional Trading of Synovus Financial

Several hedge funds and other institutional investors have recently made changes to their positions in SNV. Swiss National Bank lifted its stake in shares of Synovus Financial by 0.3% in the first quarter. Swiss National Bank now owns 288,819 shares of the bank’s stock valued at $11,570,000 after purchasing an additional 800 shares during the period. State Board of Administration of Florida Retirement System lifted its stake in shares of Synovus Financial by 7.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 147,987 shares of the bank’s stock valued at $5,928,000 after purchasing an additional 9,846 shares during the period. Mitsubishi UFJ Trust & Banking Corp lifted its stake in shares of Synovus Financial by 92.0% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank’s stock valued at $1,852,000 after purchasing an additional 22,621 shares during the period. Bessemer Group Inc. lifted its stake in shares of Synovus Financial by 7.3% in the first quarter. Bessemer Group Inc. now owns 244,814 shares of the bank’s stock valued at $9,806,000 after purchasing an additional 16,640 shares during the period. Finally, Pitcairn Co. lifted its stake in shares of Synovus Financial by 2.3% in the first quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock valued at $462,000 after purchasing an additional 261 shares during the period. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Truist Financial increased their price target on shares of Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a research note on Monday, October 21st. StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. DA Davidson increased their price objective on shares of Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Piper Sandler increased their target price on shares of Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Finally, Citigroup set a $59.00 target price on shares of Synovus Financial in a report on Friday, October 18th. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.