Taking a Closer Look At Synovus Financial Corp. (SNV) Following Its Recent Trade


Synovus Financial Corp.’s filing revealed that its EVP, Corp. & Inv. Banking Dierdorff Thomas T unloaded Company’s shares for reported $84422.0 on Feb 10. In the deal valued at $43.36 per share,1,947 shares were sold. As a result of this transaction, Dierdorff Thomas T now holds 9,314 shares worth roughly $ 0.29 million.

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Then, KAMENSKY ALLAN E sold 663 shares, generating $29,039 in total proceeds. Upon selling the shares at $43.80, the EVP and General Counsel now owns 5,090 shares.

Before that, PROCHASKA JOSEPH J JR bought 1,000 shares. Synovus Financial Corp. shares valued at $41,380 were divested by the Director at a price of $41.38 per share. As a result of the transaction, PROCHASKA JOSEPH J JR now holds 31,109 shares, worth roughly $0.96 million.

Morgan Stanley initiated its Synovus Financial Corp. [SNV] rating to an Equal-weight in a research note published on Tuesday, December 05, 2022; the price target was $44. PT values the company’s stock at a premium of 30.14 to its Tuesday closing price. A number of analysts have revised their coverage, including JP Morgan’s analysts, who increased its forecast for the stock in mid December from “a Neutral” to “an Overweight”. Seaport Global Securities began covering SNV with “Buy” recommendation on March 24, 2021. Jefferies revised its rating on January 07, 2021. It rated SNV as “a Buy” which previously was an “a Hold”.

Price Performance Review of SNV

On Tuesday, Synovus Financial Corp. [NYSE:SNV] saw its stock fall -2.13% to $30.74. On the same session, the stock had its day’s lowest price of $30.30, but rose to a high of $35.77. Over the last five days, the stock has lost -21.82%. Synovus Financial Corp. shares have fallen nearly -18.14% since the year began. Nevertheless, the stocks have fallen -35.27% over the past one year. While a 52-week high of $52.22 was reached on 02/07/23, a 52-week low of $27.90 was recorded on 03/13/23. SMA at 50 days reached $40.25, while 200 days put it at $39.71. A total of 4.8 million shares were traded, compared to the trading of 7.79 million shares in the previous session.

Levels Of Support And Resistance For SNV Stock

The 24-hour chart illustrates a support level at 28.77, which if violated will result in even more drops to 26.80. On the upside, there is a resistance level at 34.24. A further resistance level may holdings at 37.74. The Relative Strength Index (RSI) on the 14-day chart is 15.62, which indicates oversold technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -6.42, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 80.39%. Stochastics %K at 21.48% indicates the stock is a holding.

How much short interest is there in Synovus Financial Corp.?

A steep rise in short interest was recorded in Synovus Financial Corp. stocks on Jan 12, 2023, growing by 0.61 million shares to a total of 4.44 million shares. Yahoo Finance data shows the prior-month short interest on Dec 14, 2022 was 3.83 million shares. There was a rise of 13.74%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 3.08% of the overall stock float, the days-to-cover ratio (short ratio) rose to 3.65.

Synovus Financial Corp. [SNV] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 15,146,764 shares, or roughly 10.41% of the outstanding SNV shares. In other words, the investor’s shares have risen by 352,420 from its previous 13-F filing of 14794344.0. Additionally, BlackRock Fund Advisors increased 5.04% of its stake after which the total value it holdings stand at $518,334,040, while Wellington Management Co. LLP reduced -11.75% of its stake to hold $417.35 million in the firm. Over the last quarter, SSgA Funds Management, Inc. sold -61,627 shares of Synovus Financial Corp., while Synovus Trust Co. NA sold -46,894 shares. At present, AllianceBernstein LP is holding 3,717,396 shares valued at $155.42 million. Charles Schwab Investment Managem owned 3,574,156 shares of the company at the time of its most recent 13F filing, worth $149.44 million.

According to FactSet, Synovus Financial Corp.’s share price will average $47.20 in the next year, based on opinions of analysts polled by the firm. This is up nearly 49.63 percent from its previous closing price of $31.41. Analysts expect Synovus Financial Corp. stock to reach the higher price of $55.00, while the lowest price estimate is $40.00. However, 15 analysts have rated SNV stock as an Overweight in their predictions for 2023.


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