Synovus Financial Corp. (NYSE:SNV) Short Interest Update

Key Points

• Short interest in Synovus Financial Corp. increased by 40.5% in August, reaching 3,400,000 shares, which represents 2.5% of the stock currently sold short.
• Equities analysts have mixed ratings, with nine giving it a Buy rating and nine issuing a Hold rating, while the average price target is set at $58.83.
• Synovus Financial announced a quarterly dividend of $0.39 per share, reflecting an annualized yield of 3.0%, with a payout ratio of nearly 30%.

Synovus Financial Corp. (NYSE:SNV - Get Free Report) was the target of a significant increase in short interest in August. As of August 15th, there was short interest totaling 3,400,000 shares, anincreaseof40.5% from the July 31st total of 2,420,000 shares. Currently,2.5% of the shares of the stock are sold short. Based on an average daily volume of 1,840,000 shares, the short-interest ratio is presently 1.8 days. Based on an average daily volume of 1,840,000 shares, the short-interest ratio is presently 1.8 days. Currently,2.5% of the shares of the stock are sold short.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Keefe, Bruyette & Woods cut shares of Synovus Financial from an "outperform" rating to a "market perform" rating and reduced their price objective for the company from $65.00 to $50.00 in a research note on Tuesday, August 12th. Truist Financial raised their price objective on shares of Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Stephens reduced their price objective on shares of Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating on the stock in a research note on Tuesday, July 29th. Barclays reduced their price target on shares of Synovus Financial from $70.00 to $65.00 and set an "overweight" rating on the stock in a research report on Monday, July 28th. Finally, Jefferies Financial Group assumed coverage on shares of Synovus Financial in a research report on Wednesday, May 21st. They set a "hold" rating and a $55.00 price target on the stock. Nine equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $58.83.

Synovus Financial Stock Up 0.6%

NYSE:SNV traded up $0.32 on Monday, hitting $51.80. 1,470,004 shares of the company's stock were exchanged, compared to its average volume of 1,562,608. The firm has a 50-day moving average price of $51.54 and a 200-day moving average price of $48.16. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.92 and a quick ratio of 0.92. Synovus Financial has a 52 week low of $35.94 and a 52 week high of $61.06. The company has a market cap of $7.19 billion, a P/E ratio of 9.94, a price-to-earnings-growth ratio of 0.86 and a beta of 1.22.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.23. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. The company had revenue of $592.08 million for the quarter, compared to analyst estimates of $584.89 million. During the same period in the previous year, the business earned $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. As a group, analysts expect that Synovus Financial will post 4.89 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Thursday, September 18th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Thursday, September 18th. Synovus Financial's dividend payout ratio is presently 29.94%.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, Director Diana M. Murphy acquired 1,000 shares of Synovus Financial stock in a transaction on Tuesday, July 29th. The shares were purchased at an average cost of $48.80 per share, with a total value of $48,800.00. Following the completion of the purchase, the director owned 40,171 shares in the company, valued at $1,960,344.80. The trade was a 2.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Kevin S. Blair acquired 4,040 shares of Synovus Financial stock in a transaction on Tuesday, July 29th. The stock was acquired at an average cost of $49.40 per share, for a total transaction of $199,576.00. Following the completion of the purchase, the chief executive officer owned 164,378 shares of the company's stock, valued at approximately $8,120,273.20. The trade was a 2.52% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 8,040 shares of company stock valued at $392,916 in the last three months. Insiders own 1.00% of the company's stock.

Institutional Trading of Synovus Financial

Institutional investors and hedge funds have recently made changes to their positions in the company. Colonial Trust Co SC lifted its holdings in shares of Synovus Financial by 554.4% during the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock worth $30,000 after acquiring an additional 499 shares during the period. Elevation Point Wealth Partners LLC bought a new stake in shares of Synovus Financial during the 2nd quarter worth approximately $31,000. Armstrong Advisory Group Inc. bought a new stake in shares of Synovus Financial during the 2nd quarter worth approximately $41,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Synovus Financial during the 1st quarter worth approximately $47,000. Finally, IFP Advisors Inc lifted its holdings in shares of Synovus Financial by 650.4% during the 2nd quarter. IFP Advisors Inc now owns 1,058 shares of the bank's stock worth $60,000 after acquiring an additional 917 shares during the period. 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.

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