Synovus Financial Corp. (NYSE:SNV – Get Rating) was the recipient of a significant increase in short interest in December. As of December 15th, there was short interest totaling 3,830,000 shares, an increase of 18.2% from the November 30th total of 3,240,000 shares. Approximately 2.7% of the shares of the stock are short sold. Based on an average trading volume of 1,180,000 shares, the days-to-cover ratio is currently 3.2 days.
Synovus Financial Trading Up 0.3 %
NYSE:SNV opened at $37.55 on Friday. The stock has a market cap of $5.46 billion, a PE ratio of 7.65, a price-to-earnings-growth ratio of 4.68 and a beta of 1.34. The stock’s 50-day moving average is $39.58 and its two-hundred day moving average is $39.34. Synovus Financial has a fifty-two week low of $34.15 and a fifty-two week high of $54.40. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.93 and a quick ratio of 0.92.
Synovus Financial (NYSE:SNV – Get Rating) last posted its earnings results on Thursday, October 20th. The bank reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.06. Synovus Financial had a return on equity of 17.83% and a net margin of 33.25%. The firm had revenue of $582.22 million during the quarter, compared to analyst estimates of $570.52 million. During the same period in the previous year, the company earned $1.20 EPS. As a group, equities research analysts forecast that Synovus Financial will post 4.92 earnings per share for the current fiscal year.
Synovus Financial Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Thursday, December 15th will be issued a dividend of $0.34 per share. The ex-dividend date is Wednesday, December 14th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.62%. Synovus Financial’s dividend payout ratio (DPR) is currently 27.70%.
Insiders Place Their Bets
In other Synovus Financial news, EVP Allan E. Kamensky sold 663 shares of the business’s stock in a transaction dated Monday, November 14th. The shares were sold at an average price of $43.80, for a total value of $29,039.40. Following the sale, the executive vice president now directly owns 5,090 shares in the company, valued at $222,942. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.55% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of SNV. Wedge Capital Management LLP NC acquired a new position in shares of Synovus Financial during the third quarter worth approximately $27,124,000. FMR LLC raised its stake in shares of Synovus Financial by 14.5% in the second quarter. FMR LLC now owns 4,289,529 shares of the bank’s stock valued at $154,638,000 after purchasing an additional 541,698 shares in the last quarter. Synovus Financial Corp raised its stake in shares of Synovus Financial by 8.7% in the second quarter. Synovus Financial Corp now owns 5,873,308 shares of the bank’s stock valued at $211,728,000 after purchasing an additional 468,077 shares in the last quarter. Alyeska Investment Group LP acquired a new position in shares of Synovus Financial in the first quarter valued at $20,823,000. Finally, Basswood Capital Management LLC raised its stake in shares of Synovus Financial by 702.7% in the second quarter. Basswood Capital Management LLC now owns 397,632 shares of the bank’s stock valued at $14,335,000 after purchasing an additional 348,097 shares in the last quarter. 79.89% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities research analysts have commented on SNV shares. Truist Financial dropped their price target on shares of Synovus Financial to $49.00 in a research report on Thursday, September 15th. TheStreet upgraded Synovus Financial from a “c+” rating to a “b” rating in a report on Friday, November 4th. DA Davidson boosted their price objective on Synovus Financial from $42.50 to $45.50 in a report on Friday, December 9th. StockNews.com started coverage on Synovus Financial in a report on Wednesday, October 12th. They set a “hold” rating on the stock. Finally, Raymond James cut their price objective on Synovus Financial from $48.00 to $45.00 and set an “outperform” rating on the stock in a report on Friday, October 21st. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $47.30.
Synovus Financial Company Profile
(Get Rating)
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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