Short Interest in Synovus Financial Corp. (NYSE:SNV) Drops By 19.1%

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

Analysts Set New Price Targets

A number of brokerages have issued reports on SNV. Royal Bank of Canada reiterated an “outperform” rating and set a $64.00 price target on shares of Synovus Financial in a research report on Thursday. Bank of America upped their price objective on shares of Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Truist Financial raised their target price 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. Morgan Stanley boosted their price target on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Finally, Raymond James upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective for the company in a report on Tuesday, September 17th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $56.00.

Synovus Financial Price Performance

Shares of NYSE SNV traded up $0.59 during mid-day trading on Monday, reaching $54.75. The company had a trading volume of 1,316,192 shares, compared to its average volume of 1,392,422. The company has a 50-day moving average price of $52.71 and a two-hundred day moving average price of $45.93. 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 stock has a market cap of $7.76 billion, a PE ratio of 24.51, a P/E/G ratio of 1.58 and a beta of 1.38. Synovus Financial has a 1-year low of $33.44 and a 1-year high of $59.92.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.14. The business had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period last year, the firm posted $0.84 earnings per share. On average, equities analysts anticipate that Synovus Financial will post 4.37 earnings per share for the current year.

Synovus Financial Dividend Announcement

The firm 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. The ex-dividend date is Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.78%. Synovus Financial’s payout ratio is currently 68.78%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. V Square Quantitative Management LLC acquired a new stake in Synovus Financial during the 3rd quarter worth about $30,000. UMB Bank n.a. boosted its holdings in shares of Synovus Financial by 87.2% during the third 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 purchased a new position in Synovus Financial during the third quarter valued at approximately $41,000. Innealta Capital LLC acquired a new position in Synovus Financial in the 2nd quarter valued at approximately $43,000. Finally, Headlands Technologies LLC lifted its position in Synovus Financial by 404.8% in the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after buying 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 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.