Investors Purchase Large Volume of Put Options on Synovus Financial (SNV)
Synovus Financial Corp. (NYSE:SNV) was the target of some unusual options trading on Tuesday. Stock investors bought 4,503 put options on the company. This is an increase of 1,437% compared to the typical volume of 293 put options.
A number of equities analysts have issued reports on the company. Sandler O’Neill set a $45.00 price target on Synovus Financial and gave the company a “buy” rating in a research note on Wednesday, January 16th. TheStreet upgraded Synovus Financial from a “c+” rating to a “b-” rating in a research note on Thursday, February 28th. Piper Jaffray Companies upgraded Synovus Financial from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $44.00 to $45.00 in a research note on Tuesday, January 22nd. Barclays upgraded Synovus Financial from an “equal weight” rating to an “overweight” rating and cut their price target for the company from $47.00 to $45.00 in a research note on Thursday, January 10th. Finally, SunTrust Banks cut their price target on Synovus Financial to $38.00 and set a “buy” rating for the company in a research note on Friday, January 4th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $45.98.
Synovus Financial stock opened at $36.53 on Wednesday. Synovus Financial has a 12 month low of $29.93 and a 12 month high of $57.40. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $5.66 billion, a P/E ratio of 10.04, a PEG ratio of 1.17 and a beta of 1.24.
The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were paid a $0.30 dividend. This is an increase from Synovus Financial’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $1.20 annualized dividend and a yield of 3.28%. Synovus Financial’s dividend payout ratio is presently 32.97%.
Institutional investors have recently bought and sold shares of the stock. JOYN Advisors Inc. lifted its stake in Synovus Financial by 22,242.9% in the fourth quarter. JOYN Advisors Inc. now owns 1,564 shares of the bank’s stock valued at $50,000 after purchasing an additional 1,557 shares during the last quarter. Doyle Wealth Management purchased a new position in Synovus Financial in the fourth quarter valued at approximately $56,000. Toronto Dominion Bank purchased a new position in Synovus Financial in the fourth quarter valued at approximately $75,000. ETF Managers Group LLC lifted its stake in Synovus Financial by 17.9% in the fourth quarter. ETF Managers Group LLC now owns 2,657 shares of the bank’s stock valued at $85,000 after purchasing an additional 404 shares during the last quarter. Finally, Valeo Financial Advisors LLC purchased a new position in Synovus Financial in the first quarter valued at approximately $110,000. Institutional investors and hedge funds own 68.32% of the company’s stock.
COPYRIGHT VIOLATION NOTICE: “Investors Purchase Large Volume of Put Options on Synovus Financial (SNV)” was first posted by TheOlympiaReport and is owned by of TheOlympiaReport. If you are viewing this article on another website, it was copied illegally and reposted in violation of United States and international copyright laws. The correct version of this article can be accessed at https://theolympiareport.com/2019/04/17/investors-purchase-large-volume-of-put-options-on-synovus-financial-snv.html.
Synovus Financial Company Profile
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
See Also: Front-End Load
Receive News & Ratings for Synovus Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synovus Financial and related companies with MarketBeat.com's FREE daily email newsletter.