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

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

Synovus Financial Stock Performance

Shares of NYSE SNV traded up $0.80 during mid-day trading on Thursday, hitting $43.27. The company had a trading volume of 1,101,549 shares, compared to its average volume of 1,419,139. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. Synovus Financial has a 1 year low of $35.74 and a 1 year high of $59.92. The company has a market capitalization of $6.10 billion, a price-to-earnings ratio of 14.19, a P/E/G ratio of 1.11 and a beta of 1.16. The stock's 50-day moving average price is $45.64 and its 200-day moving average price is $50.64.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, beating analysts' consensus estimates of $1.11 by $0.19. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The business had revenue of $573.24 million during the quarter, compared to analyst estimates of $572.35 million. On average, sell-side analysts forecast that Synovus Financial will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were paid a dividend of $0.39 per share. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $1.56 annualized dividend and a yield of 3.61%. Synovus Financial's dividend payout ratio (DPR) is currently 43.70%.

Hedge Funds Weigh In On Synovus Financial

Institutional investors have recently added to or reduced their stakes in the business. Colonial Trust Co SC boosted its stake 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 in the last quarter. Keystone Financial Group Inc. purchased a new stake in Synovus Financial during the fourth quarter valued at about $37,000. Jones Financial Companies Lllp grew its stake in shares of Synovus Financial by 72.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock valued at $56,000 after buying an additional 461 shares during the last quarter. V Square Quantitative Management LLC lifted its stake 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 valued at $58,000 after acquiring an additional 466 shares during the last quarter. Finally, Millstone Evans Group LLC purchased a new stake in Synovus Financial during the 4th quarter valued at about $59,000. 83.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on SNV. Royal Bank of Canada decreased their target price on shares of Synovus Financial from $64.00 to $52.00 and set an "outperform" rating for the company in a research report on Monday. Raymond James lowered shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. Citigroup lifted their price objective on Synovus Financial from $59.00 to $62.00 and gave the stock a "buy" rating in a research report on Friday, January 17th. DA Davidson lowered their price objective on shares of Synovus Financial from $65.00 to $60.00 and set a "buy" rating for the company in a research note on Monday. Finally, Morgan Stanley cut their price target on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a report on Thursday, March 13th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $56.17.

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.