Synovus Financial Corp. (NYSE:SNV) Sees Large Decrease in Short Interest

Synovus Financial Corp. (NYSE:SNV) was the recipient of a large decrease in short interest in September. As of September 30th, there was short interest totalling 4,420,000 shares, a decrease 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 presently 3.3 days. Currently, 3.1% of the shares of the stock are sold short.

Synovus Financial Stock Up 4.2 %

Shares of NYSE:SNV opened at $45.81 on Friday. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $47.83. The firm has a market capitalization of $6.60 billion, a P/E ratio of 28.10, a P/E/G ratio of 2.05 and a beta of 1.38. The stock has a 50 day moving average price of $43.72 and a 200-day moving average price of $40.98. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90.

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 analysts’ consensus estimates of $0.96 by $0.20. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The company had revenue of $563.60 million during the quarter, compared to analyst estimates of $543.52 million. During the same quarter last year, the company earned $1.16 EPS. The firm’s revenue for the quarter was down .7% on a year-over-year basis. As a group, equities research analysts anticipate that Synovus Financial will post 4.02 EPS for the current fiscal 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 given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s dividend payout ratio (DPR) is presently 93.25%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. DA Davidson increased their target price on Synovus Financial from $47.00 to $55.00 and gave the company a “buy” rating in a report on Friday, July 19th. Stephens increased their target price on Synovus Financial from $43.00 to $46.00 and gave the company an “equal weight” rating in a report on Friday, July 19th. StockNews.com lowered Synovus Financial from a “hold” rating to a “sell” rating in a research report on Thursday, September 12th. Truist Financial upped their price target on Synovus Financial from $50.00 to $52.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Finally, Keefe, Bruyette & Woods upped their price target on Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a research report on Tuesday, July 9th. One 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. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $47.94.

Insider Transactions at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total transaction 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 $685,284.60. This 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. Company insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nordea Investment Management AB increased its position in Synovus Financial by 24.5% during the 1st quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock valued at $13,233,000 after buying an additional 64,621 shares in the last quarter. &PARTNERS purchased a new stake in Synovus Financial during the 2nd quarter valued at $284,000. Texas Permanent School Fund Corp boosted its stake in Synovus Financial by 19.6% during the 2nd quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock valued at $6,150,000 after purchasing an additional 25,028 shares during the last quarter. Private Capital Management LLC boosted its stake in Synovus Financial by 6.2% during the 1st quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock valued at $14,644,000 after purchasing an additional 21,456 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its stake in Synovus Financial by 92.0% during the 1st 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 last quarter. Institutional investors own 83.85% of the company’s stock.

About Synovus Financial

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.