On May 18, 2023 at 11:17:29 ET an unusually large $418.00K block of Put contracts in Synovus Financial (SNV) was bought, with a strike price of $28.00 / share, expiring in 1 day(s) (on May 19, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 4.32 sigmas above the mean, placing it in the 100.00th percentile of all recent large trades made in SNV options.

This trade was first picked up on Fintel’s real time Options Flow tool, where unusual option trades are highlighted.

What is the Fund Sentiment?

There are 845 funds or institutions reporting positions in Synovus Financial. This is a decrease of 38 owner(s) or 4.30% in the last quarter. Average portfolio weight of all funds dedicated to SNV is 0.26%, an increase of 0.27%. Total shares owned by institutions decreased in the last three months by 2.83% to 132,110K shares. The put/call ratio of SNV is 0.65, indicating a bullish outlook.

Analyst Price Forecast Suggests 39.27% Upside

As of May 11, 2023, the average one-year price target for Synovus Financial is 38.58. The forecasts range from a low of 30.30 to a high of $52.50. The average price target represents an increase of 39.27% from its latest reported closing price of 27.70.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Synovus Financial is 2,436MM, an increase of 9.87%. The projected annual non-GAAP EPS is 5.14.

What are Other Shareholders Doing?

Wellington Management Group Llp holds 7,271K shares representing 4.98% ownership of the company. In it’s prior filing, the firm reported owning 9,982K shares, representing a decrease of 37.28%. The firm decreased its portfolio allocation in SNV by 91.66% over the last quarter.

Synovus Financial holds 5,750K shares representing 3.94% ownership of the company. In it’s prior filing, the firm reported owning 5,786K shares, representing a decrease of 0.63%. The firm decreased its portfolio allocation in SNV by 51.80% over the last quarter.

IJH – iShares Core S&P Mid-Cap ETF holds 4,492K shares representing 3.07% ownership of the company. In it’s prior filing, the firm reported owning 4,248K shares, representing an increase of 5.43%. The firm decreased its portfolio allocation in SNV by 7.61% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 4,199K shares representing 2.87% ownership of the company. In it’s prior filing, the firm reported owning 4,112K shares, representing an increase of 2.08%. The firm decreased its portfolio allocation in SNV by 5.59% over the last quarter.

NAESX – Vanguard Small-Cap Index Fund Investor Shares holds 3,560K shares representing 2.44% ownership of the company. In it’s prior filing, the firm reported owning 3,506K shares, representing an increase of 1.51%. The firm decreased its portfolio allocation in SNV by 5.90% over the last quarter.

Synovus Financial Background Information
(This description is provided by the company.)

Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $53 billion in assets. Synovus provides commercial and retail banking, investment, and mortgage services through 289 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus Bank, a wholly owned subsidiary of Synovus, has been recognized as one of the country’s ‘Most Reputable Banks’ by American Banker and the Reputation Institute.

Key filings for this company:

• Annual Report – 10-K

This article originally appeared on Fintel

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