Notable Mover: What’s Next for Synovus Financial Corp. After Reaching 52-Week High?

Notable Mover: What's Next for Synovus Financial Corp. After Reaching 52 Week High?

The stock of Synovus Financial Corp. (NYSE:SNV) hit a new 52-week high and has $45.43 target or 31.00% above today’s $34.68 share price. The 7 months bullish chart indicates low risk for the $4.23B company. The 1-year high was reported on Nov, 9 by Barchart.com. If the $45.43 price target is reached, the company will be worth $1.31B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 453,502 shares traded hands. Synovus Financial Corp. (NYSE:SNV) has risen 21.09% since April 7, 2016 and is uptrending. It has outperformed by 16.31% the S&P500.

Synovus Financial Corp. (NYSE:SNV) Ratings Coverage

Out of 12 analysts covering Synovus Financial Corp. (NYSE:SNV), 5 rate it a “Buy”, 3 “Sell”, while 4 “Hold”. This means 42% are positive. Synovus Financial Corp. has been the topic of 18 analyst reports since July 22, 2015 according to StockzIntelligence Inc. The stock has “Underperform” rating given by Wells Fargo on Tuesday, August 23. The stock of Synovus Financial Corp. (NYSE:SNV) has “Market Perform” rating given on Wednesday, April 20 by Raymond James. Wells Fargo initiated the stock with “Market Perform” rating in Monday, December 21 report. As per Friday, October 9, the company rating was maintained by Barclays Capital. The firm has “Buy” rating by SunTrust given on Tuesday, September 1. Hovde Group maintained the stock with “Outperform” rating in Friday, August 19 report. The firm has “Neutral” rating given on Wednesday, June 29 by Bank of America. Morgan Stanley downgraded the shares of SNV in a report on Thursday, February 11 to “Underperform” rating.

According to Zacks Investment Research, “Synovus Financial Corp. is engaged in two reportable business segments: banking, which is primarily involved in commercial banking activities and also provides retail banking, trust services, mortgage banking, securities brokerage and insurance services, and transaction processing, which includes credit, debit, commercial and retail card processing and related services and debt collection and bankruptcy management services.”

More recent Synovus Financial Corp. (NYSE:SNV) news were published by: Streetinsider.com which released: “Form 4 SYNOVUS FINANCIAL CORP For: Nov 08 Filed by: Perry Curtis J” on November 09, 2016. Also Reuters.com published the news titled: “BRIEF-Synovus Financial Corp Q3 earnings per share $0.51” on October 18, 2016. Seekingalpha.com‘s news article titled: “Synovus Facing Some Tough Decisions” with publication date: November 03, 2016 was also an interesting one.

SNV Company Profile

Synovus Financial Corp. (Synovus), incorporated on June 9, 1972, is a financial services and a bank holding company. The Firm provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services to its clients through over 30 locally branded banking divisions of its subsidiary bank, Synovus Bank, and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee. Synovus Bank offers commercial banking services and retail banking services. The Company’s commercial banking services include cash management, asset management, capital markets services, institutional trust services and commercial, financial and real estate loans. The Company’s retail banking services include accepting customary types of demand and savings deposits accounts; mortgage, installment and other retail loans; investment and brokerage services; safe deposit services; automated banking services; automated fund transfers; Internet banking services, and bank credit card services, including MasterCard and Visa services. In addition to its banking operations, it also provides various other financial services to its clients through its direct and indirect non-bank subsidiaries, including Synovus Securities, Inc., Synovus Trust Company, N.A. and Synovus Mortgage Corp. Synovus Securities, Inc. specializes in professional portfolio management for fixed-income securities, investment banking, the execution of securities transactions as a broker/dealer, asset management and financial planning services, and the provision of individual investment advice on equity and other securities. Synovus Trust Company, N.A., provides trust services. Synovus Mortgage Corp. offers mortgage services.

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