Synovus Financial Sees Unusually Large Options Volume (SNV)

Synovus Financial Corp. (NYSE:SNV) was the target of unusually large options trading on Tuesday. Stock traders acquired 4,503 put options on the stock. This represents an increase of 1,437% compared to the average daily volume of 293 put options.

A number of institutional investors have recently made changes to their positions in the business. GAM Holding AG raised its holdings in Synovus Financial by 3.7% in the fourth quarter. GAM Holding AG now owns 8,065 shares of the bank’s stock worth $258,000 after purchasing an additional 290 shares in the last quarter. First Allied Advisory Services Inc. raised its holdings in Synovus Financial by 3.8% in the fourth quarter. First Allied Advisory Services Inc. now owns 9,169 shares of the bank’s stock worth $292,000 after purchasing an additional 339 shares in the last quarter. Advisory Services Network LLC raised its holdings in Synovus Financial by 9.7% in the fourth quarter. Advisory Services Network LLC now owns 3,958 shares of the bank’s stock worth $127,000 after purchasing an additional 350 shares in the last quarter. ETF Managers Group LLC raised its holdings in Synovus Financial by 17.9% in the fourth quarter. ETF Managers Group LLC now owns 2,657 shares of the bank’s stock worth $85,000 after purchasing an additional 404 shares in the last quarter. Finally, Amalgamated Bank raised its holdings in Synovus Financial by 2.1% in the fourth quarter. Amalgamated Bank now owns 23,119 shares of the bank’s stock worth $740,000 after purchasing an additional 473 shares in the last quarter. Institutional investors and hedge funds own 68.32% of the company’s stock.

SNV stock opened at $36.53 on Wednesday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.56. The stock has a market capitalization of $5.66 billion, a P/E ratio of 10.04, a PEG ratio of 1.14 and a beta of 1.24. Synovus Financial has a 1-year low of $29.93 and a 1-year high of $57.40.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Tuesday, January 15th. The bank reported $0.92 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.02). The firm had revenue of $365.90 million during the quarter, compared to the consensus estimate of $370.64 million. Synovus Financial had a net margin of 26.38% and a return on equity of 15.68%. The business’s revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.70 earnings per share. On average, sell-side analysts anticipate that Synovus Financial will post 3.91 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were issued a $0.30 dividend. The ex-dividend date was Wednesday, March 20th. This is an increase from Synovus Financial’s previous quarterly dividend of $0.25. This represents a $1.20 dividend on an annualized basis and a yield of 3.28%. Synovus Financial’s payout ratio is currently 32.97%.

Several research firms recently weighed in on SNV. SunTrust Banks decreased their price objective on Synovus Financial to $38.00 and set a “buy” rating for the company in a report on Friday, January 4th. They noted that the move was a valuation call. Raymond James restated a “buy” rating and issued a $44.00 price objective on shares of Synovus Financial in a report on Thursday, February 21st. TheStreet upgraded Synovus Financial from a “c+” rating to a “b-” rating in a report on Thursday, February 28th. Stephens restated a “hold” rating and issued a $40.00 price objective on shares of Synovus Financial in a report on Tuesday, January 15th. Finally, Sandler O’Neill set a $45.00 price objective on Synovus Financial and gave the company a “buy” rating in a report on Wednesday, January 16th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $45.98.

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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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