Synovus Financial Target of Unusually Large Options Trading (SNV)

Synovus Financial Corp. (NYSE:SNV) was the recipient of some unusual options trading activity on Monday. Investors bought 1,735 put options on the stock. This represents an increase of approximately 1,370% compared to the average daily volume of 118 put options.

In related news, Director Philip W. Tomlinson acquired 10,000 shares of Synovus Financial stock in a transaction that occurred on Thursday, June 21st. The stock was purchased at an average price of $25.00 per share, for a total transaction of $250,000.00. Following the completion of the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at $250,000. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Curtis J. Perry sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, May 16th. The shares were sold at an average price of $54.36, for a total transaction of $108,720.00. The disclosure for this sale can be found here. Insiders purchased 16,000 shares of company stock valued at $400,000 in the last quarter. Company insiders own 1.50% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Swiss National Bank grew its holdings in shares of Synovus Financial by 0.5% during the first quarter. Swiss National Bank now owns 207,971 shares of the bank’s stock worth $10,386,000 after buying an additional 1,000 shares in the last quarter. Verition Fund Management LLC grew its holdings in shares of Synovus Financial by 8.8% during the first quarter. Verition Fund Management LLC now owns 12,487 shares of the bank’s stock worth $624,000 after buying an additional 1,013 shares in the last quarter. Royal Bank of Canada grew its holdings in shares of Synovus Financial by 0.6% during the first quarter. Royal Bank of Canada now owns 163,313 shares of the bank’s stock worth $8,156,000 after buying an additional 1,039 shares in the last quarter. Teza Capital Management LLC grew its holdings in shares of Synovus Financial by 7.9% during the first quarter. Teza Capital Management LLC now owns 20,852 shares of the bank’s stock worth $1,041,000 after buying an additional 1,528 shares in the last quarter. Finally, Brandywine Global Investment Management LLC grew its holdings in shares of Synovus Financial by 1.0% during the fourth quarter. Brandywine Global Investment Management LLC now owns 172,532 shares of the bank’s stock worth $8,272,000 after buying an additional 1,717 shares in the last quarter. Institutional investors and hedge funds own 79.89% of the company’s stock.

Several analysts recently commented on the stock. ValuEngine cut shares of Synovus Financial from a “buy” rating to a “hold” rating in a research note on Saturday, June 2nd. Morgan Stanley raised their target price on shares of Synovus Financial from $53.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, April 27th. Zacks Investment Research upgraded shares of Synovus Financial from a “hold” rating to a “buy” rating and set a $60.00 target price for the company in a report on Monday, April 30th. Barclays raised their target price on shares of Synovus Financial from $55.00 to $57.00 and gave the company an “equal weight” rating in a report on Wednesday, April 25th. Finally, JPMorgan Chase & Co. raised their target price on shares of Synovus Financial from $56.00 to $57.00 and gave the company a “neutral” rating in a report on Thursday, April 26th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $53.40.

Synovus Financial opened at $54.10 on Wednesday, Marketbeat Ratings reports. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.66. Synovus Financial has a twelve month low of $40.27 and a twelve month high of $57.40. The stock has a market cap of $6.49 billion, a price-to-earnings ratio of 21.38, a price-to-earnings-growth ratio of 1.91 and a beta of 1.06.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Tuesday, April 24th. The bank reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.08. The business had revenue of $341.30 million during the quarter, compared to the consensus estimate of $343.04 million. Synovus Financial had a net margin of 19.87% and a return on equity of 12.29%. The company’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.57 earnings per share. research analysts forecast that Synovus Financial will post 3.58 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, July 2nd. Stockholders of record on Thursday, June 21st will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, June 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.85%. Synovus Financial’s dividend payout ratio (DPR) is presently 39.53%.

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 cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

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