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

Synovus Financial Corp. (NYSE:SNV) was the target of a significant decrease in short interest during the month of November. As of November 30th, there was short interest totalling 2,840,000 shares, a decrease of 19.1% from the November 15th total of 3,510,000 shares. Currently, 2.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,400,000 shares, the short-interest ratio is presently 2.0 days.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. V Square Quantitative Management LLC purchased a new position in shares of Synovus Financial during the third quarter worth about $30,000. UMB Bank n.a. grew its stake 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 buying an additional 348 shares during the last quarter. Quarry LP purchased a new stake in Synovus Financial in the third quarter valued at approximately $41,000. Innealta Capital LLC acquired a new stake in shares of Synovus Financial in the second quarter valued at approximately $43,000. Finally, Brooklyn Investment Group purchased a new position in shares of Synovus Financial during the third quarter worth approximately $56,000. 83.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Wells Fargo & Company upped their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Deutsche Bank Aktiengesellschaft began coverage on Synovus Financial in a report on Monday, December 9th. They issued a “buy” rating and a $64.00 price objective on the stock. Barclays lifted their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Royal Bank of Canada restated an “outperform” rating and issued a $64.00 price objective on shares of Synovus Financial in a report on Thursday. Finally, StockNews.com upgraded shares of Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $56.00.

Synovus Financial Stock Down 1.0 %

Shares of Synovus Financial stock traded down $0.53 during trading on Friday, hitting $54.16. 1,128,212 shares of the stock were exchanged, compared to its average volume of 1,099,247. The stock has a market cap of $7.67 billion, a price-to-earnings ratio of 24.50, a price-to-earnings-growth ratio of 1.59 and a beta of 1.38. The firm’s 50-day moving average price is $52.71 and its 200 day moving average price is $45.82. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. Synovus Financial has a 12-month low of $33.44 and a 12-month high of $59.92.

Synovus Financial (NYSE:SNV) last released 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. The business had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.84 EPS. As a group, analysts forecast that Synovus Financial will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.81%. The ex-dividend date is Thursday, December 19th. Synovus Financial’s payout ratio is 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.