Synovus Financial Corp. (NYSE:SNV) Short Interest Down 19.1% in November

Synovus Financial Corp. (NYSE:SNV) was the recipient of a large decline in short interest in November. As of November 30th, there was short interest totalling 2,840,000 shares, a decline 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 short-interest ratio is presently 2.0 days. Currently, 2.0% of the shares of the stock are short sold.

Synovus Financial Trading Down 1.0 %

SNV traded down $0.53 on Friday, hitting $54.16. The company had a trading volume of 1,128,212 shares, compared to its average volume of 1,099,247. The company has a market cap of $7.67 billion, a PE ratio of 24.51, a PEG ratio of 1.58 and a beta of 1.38. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The business’s fifty day simple moving average is $52.71 and its 200 day simple moving average is $45.87. 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 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. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. During the same period last year, the company earned $0.84 earnings per share. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. Equities research analysts expect that Synovus Financial will post 4.37 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.81%. The ex-dividend date of this dividend is Thursday, December 19th. Synovus Financial’s dividend payout ratio is presently 68.78%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective on the stock in a report on Tuesday, September 17th. The Goldman Sachs Group raised their price target on shares of Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Truist Financial raised their price target on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Royal Bank of Canada restated an “outperform” rating and set a $64.00 price objective on shares of Synovus Financial in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Synovus Financial in a research report on Monday, December 9th. They set a “buy” rating and a $64.00 target price for the company. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $56.00.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. V Square Quantitative Management LLC purchased a new position in shares of Synovus Financial during the third quarter worth $30,000. UMB Bank n.a. boosted its holdings in 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 buying an additional 348 shares in the last quarter. Quarry LP acquired a new stake in Synovus Financial during the third quarter valued at $41,000. Innealta Capital LLC purchased a new position in Synovus Financial in the second quarter valued at $43,000. Finally, Headlands Technologies LLC raised its position in shares of Synovus Financial by 404.8% in the second quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after acquiring an additional 1,105 shares during the period. 83.85% of the stock is owned by institutional investors and hedge funds.

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.