Short Interest in Synovus Financial Corp. (NYSE:SNV) Drops By 24.0%

by · The Cerbat Gem

Synovus Financial Corp. (NYSE:SNV – Get Free Report) was the recipient of a large decline in short interest in March. As of March 31st, there was short interest totalling 3,580,000 shares, a decline of 24.0% from the March 15th total of 4,710,000 shares. Currently, 2.6% of the shares of the stock are short sold. Based on an average daily volume of 1,620,000 shares, the short-interest ratio is currently 2.2 days.

Hedge Funds Weigh In On Synovus Financial

Several large investors have recently modified their holdings of SNV. Colonial Trust Co SC raised its holdings in Synovus Financial by 554.4% in the fourth quarter. Colonial Trust Co SC now owns 589 shares of the bank’s stock worth $30,000 after buying an additional 499 shares during the last quarter. Keystone Financial Group Inc. purchased a new position in Synovus Financial in the 4th quarter worth approximately $37,000. Jones Financial Companies Lllp lifted its position in Synovus Financial by 72.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock valued at $56,000 after acquiring an additional 461 shares in the last quarter. V Square Quantitative Management LLC increased its holdings in shares of Synovus Financial by 69.3% in the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock worth $58,000 after purchasing an additional 466 shares in the last quarter. Finally, Millstone Evans Group LLC bought a new stake in shares of Synovus Financial in the 4th quarter worth $59,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Down 3.6 %

SNV stock traded down $1.48 during midday trading on Monday, hitting $39.81. The stock had a trading volume of 545,613 shares, compared to its average volume of 1,421,682. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market cap of $5.61 billion, a price-to-earnings ratio of 13.05, a price-to-earnings-growth ratio of 1.11 and a beta of 1.16. The business has a 50-day moving average of $46.67 and a two-hundred day moving average of $50.79. Synovus Financial has a 52-week low of $34.66 and a 52-week high of $59.92.

Synovus Financial (NYSE:SNV – Get Free Report) last posted its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, topping the consensus estimate of $1.11 by $0.19. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The business had revenue of $573.24 million for the quarter, compared to analyst estimates of $572.35 million. As a group, equities research analysts forecast that Synovus Financial will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were paid a $0.39 dividend. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.92%. The ex-dividend date was Thursday, March 20th. Synovus Financial’s dividend payout ratio is currently 43.70%.

Wall Street Analyst Weigh In

SNV has been the subject of several research analyst reports. Barclays dropped their price objective on Synovus Financial from $66.00 to $60.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Royal Bank of Canada cut their price objective on Synovus Financial from $64.00 to $52.00 and set an “outperform” rating for the company in a report on Monday. Raymond James lowered shares of Synovus Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 2nd. Morgan Stanley decreased their price target on shares of Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Finally, Stephens dropped their price objective on shares of Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating for the company in a report on Monday. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, Synovus Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.17.

View Our Latest Stock Analysis on SNV

About Synovus Financial

(Get Free Report)

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.

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