Synovus Financial Corp. (NYSE:SNV) Sees Significant Decline in Short Interest

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

Synovus Financial Trading Up 0.1 %

NYSE SNV traded up $0.05 during trading on Friday, hitting $55.72. The stock had a trading volume of 1,035,733 shares, compared to its average volume of 1,503,546. The stock has a market capitalization of $7.89 billion, a price-to-earnings ratio of 25.21, a P/E/G ratio of 2.01 and a beta of 1.37. The stock has a 50 day simple moving average of $47.83 and a 200 day simple moving average of $43.54. Synovus Financial has a one year low of $29.34 and a one year high of $59.79. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating the consensus estimate of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The company had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. During the same quarter in the prior year, the company posted $0.84 EPS. Synovus Financial’s quarterly revenue 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were given a $0.38 dividend. The ex-dividend date was Thursday, September 19th. This represents a $1.52 annualized dividend and a yield of 2.73%. Synovus Financial’s dividend payout ratio (DPR) is 68.78%.

Hedge Funds Weigh In On Synovus Financial

Hedge funds have recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC bought a new position in Synovus Financial during the 3rd quarter worth about $30,000. UMB Bank n.a. lifted its position in shares of Synovus Financial by 87.2% in 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 bought a new position in shares of Synovus Financial during the third quarter valued at approximately $41,000. Innealta Capital LLC purchased a new position in Synovus Financial during the second quarter valued at approximately $43,000. Finally, Abich Financial Wealth Management LLC raised its stake in Synovus Financial by 43.5% in the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after buying an additional 371 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on SNV shares. DA Davidson upped their target price 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. Evercore ISI increased their price objective on shares of Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a report on Wednesday, October 30th. Citigroup set a $59.00 target price on Synovus Financial in a research report on Friday, October 18th. Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target for the company in a report on Tuesday, September 17th. Finally, Wells Fargo & Company downgraded Synovus Financial from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $48.00 to $46.00 in a research note on Tuesday, October 1st. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $52.71.

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.