Synovus Financial Corp. (SNV) rating initates by Barclays

Synovus Financial Corp.’s recently made public that its Chief Accounting Officer Hurley Jill K unloaded Company’s shares for reported $0.18 million on Feb 28 ’24. In the deal valued at $37.29 per share,4,808 shares were sold. As a result of this transaction, Hurley Jill K now holds 5,137 shares worth roughly $0.2 million.

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Then, Bentsen Tim E sold 4,671 shares, generating $180,394 in total proceeds. Upon selling the shares at $38.62, the Director now owns 33,144 shares.

Before that, Dierdorff Thomas T sold 2,045 shares. Synovus Financial Corp. shares valued at $78,180 were divested by the EVP, Corp. & Inv. Banking at a price of $38.23 per share. As a result of the transaction, Dierdorff Thomas T now holds 11,086 shares, worth roughly $0.44 million.

Barclays initiated its Synovus Financial Corp. [SNV] rating to an Equal weight in a research note published on March 08, 2024; the price target was $42. A number of analysts have revised their coverage, including UBS’s analysts, who increased its forecast for the stock in early January from “a Neutral” to “a Buy”. Evercore ISI also remained covering SNV and has decreased its forecast on January 03, 2024 with a “an In-line” recommendation from previously “an Outperform” rating. Stephens started covering the stock on December 19, 2023. It rated SNV as “an Equal-weight”.

Price Performance Review of SNV

On Monday, Synovus Financial Corp. [NYSE:SNV] saw its stock fall -0.33% to $39.51. Over the last five days, the stock has gained 3.02%. Synovus Financial Corp. shares have risen nearly 4.94% since the year began. Nevertheless, the stocks have risen 10.55% over the past one year. While a 52-week high of $40.92 was reached on 03/07/24, a 52-week low of $24.40 was recorded on 02/07/24. SMA at 50 days reached $37.30, while 200 days put it at $32.31. A total of 1.22 million shares were traded, compared to the trading of 1.4 million shares in the previous session.

Levels Of Support And Resistance For SNV Stock

The 24-hour chart illustrates a support level at 39.26, which if violated will result in even more drops to 39.01. On the upside, there is a resistance level at 39.78. A further resistance level may holdings at 40.05. The Relative Strength Index (RSI) on the 14-day chart is 64.33, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 1.33, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 25.78%. Stochastics %K at 77.58% 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 Feb 29, 2024, growing by 0.85 million shares to a total of 7.69 million shares. Yahoo Finance data shows the prior-month short interest on Jan 31, 2024 was 6.84 million shares. There was a rise of 11.05%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 5.94% of the overall stock float, the days-to-cover ratio (short ratio) rose to 5.41.

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