Synovus Financial Corp. (NYSE:SNV) was the target of a large drop in short interest during the month of April. As of April 15th, there was short interest totalling 1,650,000 shares, a drop of 21.1% from the March 31st total of 2,090,000 shares. Based on an average daily trading volume, of 971,500 shares, the days-to-cover ratio is presently 1.7 days. Approximately 1.1% of the shares of the company are sold short.
Shares of Synovus Financial stock traded up $0.94 on Tuesday, hitting $48.17. The company had a trading volume of 721,512 shares, compared to its average volume of 947,824. Synovus Financial has a twelve month low of $14.65 and a twelve month high of $50.51. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.92 and a quick ratio of 0.90. The stock has a 50-day moving average of $46.56 and a 200-day moving average of $37.83. The firm has a market capitalization of $7.16 billion, a P/E ratio of 20.53, a P/E/G ratio of 1.56 and a beta of 1.66.
Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Monday, April 19th. The bank reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.28. Synovus Financial had a return on equity of 8.20% and a net margin of 15.84%. The company had revenue of $485.60 million for the quarter, compared to analyst estimates of $483.00 million. During the same period in the previous year, the company posted $0.21 earnings per share. The company’s quarterly revenue was up 1.6% compared to the same quarter last year. Equities analysts predict that Synovus Financial will post 2.11 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, April 1st. Shareholders of record on Thursday, March 18th were paid a $0.33 dividend. The ex-dividend date of this dividend was Wednesday, March 17th. This represents a $1.32 annualized dividend and a yield of 2.74%. Synovus Financial’s payout ratio is currently 33.85%.
In other news, Director John L. Stallworth bought 1,920 shares of the business’s stock in a transaction on Thursday, April 29th. The stock was purchased at an average price of $47.21 per share, with a total value of $90,643.20. Company insiders own 1.10% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in SNV. Jeppson Wealth Management LLC acquired a new position in shares of Synovus Financial during the 3rd quarter worth approximately $33,000. Carroll Financial Associates Inc. bought a new position in shares of Synovus Financial in the 1st quarter valued at about $35,000. NEXT Financial Group Inc increased its stake in shares of Synovus Financial by 392.3% during the 4th quarter. NEXT Financial Group Inc now owns 1,477 shares of the bank’s stock worth $48,000 after purchasing an additional 1,177 shares during the last quarter. Ellevest Inc. lifted its stake in Synovus Financial by 18.3% in the 4th quarter. Ellevest Inc. now owns 1,716 shares of the bank’s stock valued at $56,000 after purchasing an additional 265 shares during the last quarter. Finally, Paces Ferry Wealth Advisors LLC bought a new position in Synovus Financial during the third quarter worth about $66,000. Institutional investors own 76.11% of the company’s stock.
Several research firms have issued reports on SNV. Piper Sandler raised their price target on shares of Synovus Financial from $37.00 to $40.00 and gave the stock an “overweight” rating in a research report on Friday, January 8th. Jefferies Financial Group upgraded Synovus Financial from a “hold” rating to a “buy” rating and boosted their price objective for the company from $24.00 to $40.00 in a research report on Thursday, January 7th. TheStreet raised shares of Synovus Financial from a “c+” rating to a “b-” rating in a report on Monday, January 4th. Raymond James upped their target price on shares of Synovus Financial from $42.00 to $53.00 and gave the company an “outperform” rating in a research note on Tuesday, April 13th. Finally, Morgan Stanley lifted their price objective on Synovus Financial from $56.00 to $58.00 and gave the company an “overweight” rating in a report on Thursday, April 29th. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $41.86.
Synovus Financial Company Profile
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and retail banking products and services. It operates through three segments: Community Banking, Wholesale Banking, and Financial Management Services. The company's commercial banking services include treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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