Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Synovus Financial Corp. shares valued at $179,298 were sold by Hurley Jill K on Feb 28 ’24. At $37.29 per share, Hurley Jill K sold 4,808 shares. The insider’s holdings dropped to 5,137 shares worth approximately $0.2 million following the completion of this transaction.
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Also, Bentsen Tim E sold 4,671 shares, netting a total of over 180,394 in proceeds. Following the sale of shares at $38.62 each, the insider now holds 33,144 shares.
Before that, Dierdorff Thomas T had sold 2,045 shares from its account. In a trade valued at $78,180, the EVP, Corp. & Inv. Banking traded Synovus Financial Corp. shares for $38.23 each. Upon closing the transaction, the insider’s holdings decreased to 2,045 shares, worth approximately $0.44 million.
As published in their initiating research note from Barclays on March 08, 2024, Synovus Financial Corp. [SNV] has been an Equal weight and the price target has been revised to $42. Analysts at UBS upgraded the stock from ‘”a Neutral”‘ to ‘”a Buy”‘ outlook in a report released in early January. As of January 03, 2024, Evercore ISI has decreased its “an Outperform” rating to a “an In-line” for SNV. Earlier on December 19, 2023, Stephens initiated its rating. Their recommendation was “an Equal-weight” for SNV stock.
Analyzing SNV Stock Performance
During the last five days, there has been a surge of approximately 3.49%. Over the course of the year, Synovus Financial Corp. shares have jumped approximately 4.67%. Shares of the company reached a 52-week high of $40.63 on 03/07/24 and a 52-week low of $34.28 on 02/07/24. A 50-day SMA is recorded $37.54, while a 200-day SMA reached $32.72. Nevertheless, trading volume fell to 1.19 million shares from 1.66 million shares the previous day.
Support And Resistance Levels for Synovus Financial Corp. (SNV)
According to the 24-hour chart, there is a support level at 38.84, which, if violated, would cause prices to drop to 38.27. In the upper region, resistance lies at 40.00. The next price resistance is at 40.59. RSI (Relative Strength Index) is 61.25 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.25, which suggests the price will decrease in the coming days. Percent R is at 38.45%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Synovus Financial Corp. subject to short interest?
Stocks of Synovus Financial Corp. saw a sharp rise in short interest on Feb 29, 2024 jumping by 0.85 million shares to 7.69 million. Data from Yahoo Finance shows that the short interest on Jan 31, 2024 was 6.84 million shares. A jump of 11.05% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 5.41 of the overall float, the days-to-cover ratio (short ratio) jumped to 5.41.
