Stock of the Day: Synovus Financial Corp. Can’t Burn Your Long Portfolio. Just Reaches 52-Week High

Stock of the Day: Synovus Financial Corp. Can't Burn Your Long Portfolio. Just Reaches 52 Week High

The stock of Synovus Financial Corp. (NYSE:SNV) hit a new 52-week high and has $41.54 target or 6.00% above today’s $39.19 share price. The 5 months bullish chart indicates low risk for the $4.82B company. The 1-year high was reported on Nov, 23 by Barchart.com. If the $41.54 price target is reached, the company will be worth $289.20M 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 467,709 shares traded hands. Synovus Financial Corp. (NYSE:SNV) has risen 24.74% since April 21, 2016 and is uptrending. It has outperformed by 19.41% the S&P500.

Analysts await Synovus Financial Corp. (NYSE:SNV) to report earnings on January, 17. They expect $0.53 earnings per share, up 20.45% or $0.09 from last year’s $0.44 per share. SNV’s profit will be $65.18M for 18.49 P/E if the $0.53 EPS becomes a reality. After $0.52 actual earnings per share reported by Synovus Financial Corp. for the previous quarter, Wall Street now forecasts 1.92% EPS growth.

Synovus Financial Corp. (NYSE:SNV) Ratings Coverage

Out of 13 analysts covering Synovus Financial Corp. (NYSE:SNV), 5 rate it a “Buy”, 3 “Sell”, while 5 “Hold”. This means 38% are positive. Synovus Financial Corp. has been the topic of 19 analyst reports since July 22, 2015 according to StockzIntelligence Inc. The rating was downgraded by Morgan Stanley to “Underperform” on Thursday, February 11. Compass Point downgraded the stock to “Neutral” rating in Friday, November 18 report. Wells Fargo initiated the shares of SNV in a report on Monday, December 21 with “Market Perform” rating. Raymond James downgraded the shares of SNV in a report on Wednesday, April 20 to “Market Perform” rating. Wells Fargo downgraded Synovus Financial Corp. (NYSE:SNV) on Tuesday, August 23 to “Underperform” rating. The firm earned “Buy” rating on Tuesday, September 1 by SunTrust. The stock of Synovus Financial Corp. (NYSE:SNV) has “Outperform” rating given on Friday, August 19 by Hovde Group. Bank of America downgraded Synovus Financial Corp. (NYSE:SNV) on Wednesday, June 29 to “Neutral” rating. The stock of Synovus Financial Corp. (NYSE:SNV) has “Underweight” rating given on Friday, October 9 by Barclays Capital.

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.”

Another recent and important Synovus Financial Corp. (NYSE:SNV) news was published by Streetinsider.com which published an article titled: “Form 4 SYNOVUS FINANCIAL CORP For: Nov 17 Filed by: Gula Allen J” on November 18, 2016.

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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