Synovus Financial Corp. (NYSE:SNV) Short Interest Up 12.5% in June
Synovus Financial Corp. (NYSE:SNV) was the recipient of a significant increase in short interest during the month of June. As of June 30th, there was short interest totalling 3,950,000 shares, an increase of 12.5% from the June 15th total of 3,510,000 shares. Based on an average trading volume of 2,300,000 shares, the days-to-cover ratio is currently 1.7 days. Currently, 2.7% of the shares of the company are short sold.
Several analysts have recently issued reports on the stock. ValuEngine raised shares of Synovus Financial from a “strong sell” rating to a “sell” rating in a research report on Friday, May 1st. Wells Fargo & Co raised shares of Synovus Financial from an “equal weight” rating to an “overweight” rating and cut their price target for the company from $37.00 to $26.00 in a report on Monday, March 30th. SunTrust Banks lifted their price objective on Synovus Financial from $22.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Morgan Stanley boosted their price objective on Synovus Financial from $26.00 to $29.00 and gave the stock an “overweight” rating in a report on Monday, June 8th. Finally, Raymond James increased their price target on shares of Synovus Financial from $21.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, June 3rd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and ten have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $34.40.
Institutional investors and hedge funds have recently bought and sold shares of the stock. New Mexico Educational Retirement Board lifted its holdings in shares of Synovus Financial by 37.4% in the 1st quarter. New Mexico Educational Retirement Board now owns 34,900 shares of the bank’s stock valued at $613,000 after acquiring an additional 9,500 shares during the last quarter. Rockefeller Capital Management L.P. boosted its holdings in shares of Synovus Financial by 338.6% in the 1st quarter. Rockefeller Capital Management L.P. now owns 10,631 shares of the bank’s stock worth $187,000 after purchasing an additional 8,207 shares during the period. FDx Advisors Inc. purchased a new stake in Synovus Financial during the 1st quarter valued at $718,000. APG Asset Management N.V. bought a new stake in Synovus Financial in the first quarter worth $6,989,000. Finally, Great West Life Assurance Co. Can purchased a new position in Synovus Financial during the fourth quarter worth $2,850,000. 78.57% of the stock is currently owned by institutional investors.
Synovus Financial (NYSE:SNV) last posted its earnings results on Friday, April 24th. The bank reported $0.21 EPS for the quarter, missing the Zacks’ consensus estimate of $0.31 by ($0.10). Synovus Financial had a return on equity of 11.20% and a net margin of 20.00%. The business had revenue of $477.90 million during the quarter, compared to the consensus estimate of $456.99 million. During the same period in the previous year, the business posted $0.98 EPS. The firm’s revenue for the quarter was up .3% on a year-over-year basis. On average, research analysts predict that Synovus Financial will post 1.13 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Thursday, June 18th were issued a dividend of $0.33 per share. The ex-dividend date was Wednesday, June 17th. This represents a $1.32 annualized dividend and a dividend yield of 7.08%. Synovus Financial’s payout ratio is 33.85%.
About Synovus Financial
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.
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