Synovus Financial Corp. (NYSE:SNV) Short Interest Up 40.5% in August

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 large increase in short interest during the month of August. As of August 15th, there was short interest totaling 3,400,000 shares, an increase of 40.5% from the July 31st total of 2,420,000 shares. Based on an average trading volume of 1,840,000 shares, the days-to-cover ratio is currently 1.8 days. Approximately 2.5% of the company's stock are sold short. Approximately 2.5% of the company's stock are sold short. Based on an average trading volume of 1,840,000 shares, the days-to-cover ratio is currently 1.8 days.

Insiders Place Their Bets

In other Synovus Financial news, Director Diana M. Murphy acquired 1,000 shares of the company's stock in a transaction dated Tuesday, July 29th. The shares were acquired at an average price of $48.80 per share, for a total transaction of $48,800.00. Following the acquisition, the director owned 40,171 shares in the company, valued at $1,960,344.80. The trade was a 2.55% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Kevin S. Blair acquired 4,040 shares of the company's stock in a transaction dated Tuesday, July 29th. The stock was acquired at an average price of $49.40 per share, for a total transaction of $199,576.00. Following the acquisition, the chief executive officer owned 164,378 shares in the company, 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. In the last quarter, insiders have acquired 8,040 shares of company stock worth $392,916. Insiders own 1.00% of the company's stock.

Institutional Trading of Synovus Financial

Several hedge funds have recently modified their holdings of SNV. Fifth Third Bancorp raised its holdings in Synovus Financial by 4.9% during the second quarter. Fifth Third Bancorp now owns 4,082 shares of the bank's stock worth $211,000 after purchasing an additional 189 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in Synovus Financial by 0.5% during the first quarter. Janney Montgomery Scott LLC now owns 51,606 shares of the bank's stock worth $2,412,000 after purchasing an additional 249 shares during the last quarter. State of Michigan Retirement System raised its holdings in Synovus Financial by 0.9% during the first quarter. State of Michigan Retirement System now owns 33,804 shares of the bank's stock worth $1,580,000 after purchasing an additional 300 shares during the last quarter. UMB Bank n.a. raised its holdings in Synovus Financial by 17.0% during the second quarter. UMB Bank n.a. now owns 2,118 shares of the bank's stock worth $110,000 after purchasing an additional 308 shares during the last quarter. Finally, Greenleaf Trust raised its holdings in Synovus Financial by 5.2% during the first quarter. Greenleaf Trust now owns 6,425 shares of the bank's stock worth $300,000 after purchasing an additional 318 shares during the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SNV. UBS Group downgraded Synovus Financial from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $63.00 to $56.00 in a report on Tuesday, September 2nd. Jefferies Financial Group began coverage on Synovus Financial in a research note on Wednesday, May 21st. They set a "hold" rating and a $55.00 price target on the stock. Raymond James Financial downgraded Synovus Financial from a "moderate buy" rating to a "hold" rating in a research note on Monday, July 28th. Wall Street Zen upgraded Synovus Financial from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Finally, DA Davidson raised their price target on Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Nine equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat, Synovus Financial presently has an average rating of "Moderate Buy" and a consensus price target of $58.83.

Synovus Financial Stock Performance

Synovus Financial stock traded down $0.04 during mid-day trading on Friday, reaching $51.75. 1,629,006 shares of the company were exchanged, compared to its average volume of 1,625,176. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.92 and a current ratio of 0.92. The firm's 50-day simple moving average is $51.29 and its two-hundred day simple moving average is $48.18. The firm has a market cap of $7.18 billion, a PE ratio of 9.93, a price-to-earnings-growth ratio of 0.87 and a beta of 1.22. Synovus Financial has a twelve month low of $35.94 and a twelve month high of $61.06.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, beating the consensus estimate of $1.25 by $0.23. The business had revenue of $592.08 million during the quarter, compared to analysts' expectations of $584.89 million. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%.During the same period last year, the firm earned $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. Equities analysts predict that Synovus Financial will post 4.89 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 Wednesday, October 1st. Stockholders of record on Thursday, September 18th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Thursday, September 18th. Synovus Financial's dividend payout ratio (DPR) is currently 29.94%.

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.