The Attractiveness of Investing In Synovus Financial Corp. (SNV) is Growing


Synovus Financial Corp.’s recent filing unveils that its Director Irby John H. acquired Company’s shares for reported $0.1 million on May 05. In the deal valued at $28.20 per share,3,575 shares were bought. As a result of this transaction, Irby John H. now holds 13,706 shares worth roughly $ 0.44 million.

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Then, Creson Shellie bought 2,800 shares, generating $79,324 in total proceeds. Upon buying the shares at $28.33, the EVP and Chief Risk Officer now owns 34,648 shares.

Before that, Bishop Daniel Zachary bought 1,000 shares. Synovus Financial Corp. shares valued at $27,960 were divested by the EVP, Tech., Ops., & Sec. at a price of $27.96 per share. As a result of the transaction, Bishop Daniel Zachary now holds 32,541 shares, worth roughly $1.04 million.

Janney upgraded its Synovus Financial Corp. [SNV] rating to a Buy from a a Neutral in a research note published on Friday. PT values the company’s stock at a premium of 15.58 to its Friday closing price.

Price Performance Review of SNV

On Friday, Synovus Financial Corp. [NYSE:SNV] saw its stock jump 3.62% to $32.08. On the same session, the stock had its day’s lowest price of $31.15, but rose to a high of $32.12. Over the last five days, the stock has gained 6.15%. Synovus Financial Corp. shares have fallen nearly -14.57% since the year began. Nevertheless, the stocks have fallen -20.12% over the past one year. While a 52-week high of $44.91 was reached on 02/07/23, a 52-week low of $25.19 was recorded on 05/12/23. SMA at 50 days reached $31.91, while 200 days put it at $34.26. A total of 1.08 million shares were traded, compared to the trading of 1.24 million shares in the previous session.

Levels Of Support And Resistance For SNV Stock

The 24-hour chart illustrates a support level at 31.45, which if violated will result in even more drops to 30.81. On the upside, there is a resistance level at 32.42. A further resistance level may holdings at 32.75. The Relative Strength Index (RSI) on the 14-day chart is 53.46, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.43, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 7.34%. Stochastics %K at 55.63% 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 Aug 14, 2023, dropping by -0.19 million shares to a total of 4.15 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 4.34 million shares. There was a decline of -4.58%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 3.21% of the overall stock float, the days-to-cover ratio (short ratio) fell to 2.79.

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

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 15,072,041 shares, or roughly 10.32% of the outstanding SNV shares. In other words, the investor’s shares have fallen by -381,904 from its previous 13-F filing of 15453945.0. Additionally, BlackRock Fund Advisors decreased -1.65% of its stake after which the total value it holdings stand at $417,021,359, while Fidelity Management & Research Co added 30.13% of its stake to hold $289.23 million in the firm. Over the last quarter, SSgA Funds Management, Inc. sold -66,453 shares of Synovus Financial Corp., while Wellington Management Co. LLP sold -873,901 shares. At present, Synovus Trust Co. NA is holding 5,576,926 shares valued at $189.06 million. Charles Schwab Investment Managem owned 3,576,203 shares of the company at the time of its most recent 13F filing, worth $121.23 million.

According to FactSet, Synovus Financial Corp.’s share price will average $37.80 in the next year, based on opinions of analysts polled by the firm. This is up nearly 19.51 percent from its previous closing price of $30.96. Analysts expect Synovus Financial Corp. stock to reach the higher price of $45.00, while the lowest price estimate is $30.00. However, 16 analysts have rated SNV stock as an Overweight in their predictions for 2023.


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