Synovus Financial Corp. (NYSE:SNV) saw a significant decrease in short interest during the month of April. As of April 15th, there was short interest totalling 1,650,000 shares, a decrease of 21.1% from the March 31st total of 2,090,000 shares. Approximately 1.1% of the company’s stock are sold short. Based on an average daily volume of 971,500 shares, the short-interest ratio is currently 1.7 days.
SNV traded up $0.94 on Tuesday, hitting $48.17. 721,512 shares of the company were exchanged, compared to its average volume of 947,824. The firm has a fifty day simple moving average of $46.56 and a two-hundred day simple moving average of $37.83. Synovus Financial has a 12 month low of $14.65 and a 12 month high of $50.51. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.90 and a current ratio of 0.92. The stock has a market capitalization of $7.16 billion, a PE ratio of 20.53, a price-to-earnings-growth ratio of 1.56 and a beta of 1.66.
Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Monday, April 19th. The bank reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.28. The business had revenue of $485.60 million for the quarter, compared to analyst estimates of $483.00 million. Synovus Financial had a net margin of 15.84% and a return on equity of 8.20%. The company’s revenue was up 1.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.21 EPS. On average, equities analysts expect that Synovus Financial will post 2.11 earnings per share for the current year.
A number of brokerages recently commented on SNV. Piper Sandler lifted their price target on Synovus Financial from $37.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, January 8th. Zacks Investment Research raised shares of Synovus Financial from a “hold” rating to a “strong-buy” rating and set a $54.00 price target on the stock in a report on Monday. Jefferies Financial Group raised shares of Synovus Financial from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $24.00 to $40.00 in a research report on Thursday, January 7th. TheStreet raised shares of Synovus Financial from a “c+” rating to a “b-” rating in a research report on Monday, January 4th. Finally, Morgan Stanley raised their price target on shares of Synovus Financial from $56.00 to $58.00 and gave the stock an “overweight” rating in a research note on Thursday, April 29th. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $41.86.
In other news, Director John L. Stallworth acquired 1,920 shares of Synovus Financial stock in a transaction on Thursday, April 29th. The stock was acquired at an average cost of $47.21 per share, with a total value of $90,643.20. Corporate insiders own 1.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jeppson Wealth Management LLC bought a new stake in shares of Synovus Financial in the 3rd quarter worth approximately $33,000. Carroll Financial Associates Inc. bought a new stake in Synovus Financial in the first quarter valued at $35,000. NEXT Financial Group Inc increased its position in Synovus Financial by 392.3% during the 4th quarter. NEXT Financial Group Inc now owns 1,477 shares of the bank’s stock valued at $48,000 after purchasing an additional 1,177 shares during the period. Ellevest Inc. lifted its position in shares of Synovus Financial by 18.3% in the 4th quarter. Ellevest Inc. now owns 1,716 shares of the bank’s stock worth $56,000 after purchasing an additional 265 shares during the period. Finally, Paces Ferry Wealth Advisors LLC purchased a new position in shares of Synovus Financial during the third quarter valued at about $66,000. Institutional investors and hedge funds own 76.11% 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 retail banking products and services. It operates through three segments: Community Banking, Wholesale Banking, and Financial Management Services. The company's commercial banking services include treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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