Jefferies took its Synovus Finl [SNV] rating to the equivalent of Buy from Hold, and the price target to $40.0 from $24, in a research note dated 2021-01-07. That figure represents around a 12.9% premium from where the company’s shares closed on Wednesday. Other analysts also revised their coverage, with Janney’s analysts downgrading the shares from “a Buy” rating to “a Neutral” rating in a research note to investors issued in early November. Meanwhile, Stephens had raised its rating on SNV to “an Overweight” from the earlier “an Equal-weight”, in a research note produced for clients October 22, 2020.
Is Synovus Financial Corp. [NYSE:SNV] a Good Buy Right Now?
It should be noted that SNV technical indicators for short, intermediate as well as long term progress have placed an overall average of 100% as Buy. The average signal changed from 88% Buy in the last week and compares with 100% Buy in the past month. Data from Synovus Financial Corp.’s Trend Spotter indicated that the signals were Strongest. The stock current average is 0.96 million shares in the past 20 days and the short term average signal indicates a 100% Buy. In the last 50 days, the average trading volume was 1.09 million shares while the medium term average advocated for 100% Buy. The average long-term signal stands at 100% Buy and the 100-day average volume stands at 1.15 million shares.
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SNV Price Performance
On Wall Street, Synovus Financial Corp. [NYSE:SNV] finished Wednesday’s session up 8.44% at $35.45. The stock went up to $36.01 at the same session while its lowest single day price was $33.82. In the last five days, it saw a rise of about 11.55%, Synovus Financial Corp. shares gained by almost 9.51% since the beginning of the year. However, the share price has dropped to as low as -11.64% below its one year high. On 01/06/21, the company shares recorded $36.01, the highest single-day price it has got to in the last 52-weeks and a 52-week low was seen on 01/04/21, the same year at $31.56. The company’s shares have declined by -7.87% in the past year. The 50-day SMA achieved is $30.79 while the 200-day SMA is $23.04. Volume gained to 1.83 million from 0.88 million in the previous session.
Synovus Financial Corp. [SNV] Valuation Measures
Notably, Synovus Financial Corp. [SNV] stock cannot be classified as a good candidate in the listing of underestimated low-priced Banks – Regional companies to purchase soonest possible with the prevailing 12-month PE ratio of 15.49. The measure means the stock is exchanging at a premium as compared to the 11.75x trailing earnings of the industry. It can be helpful for investors to consider historical price-sales ratio, more specifically, a 2.79 PS value ratio is reported for the last one year of reported earnings. That is higher than the industry average of 2.42 which means SNV serve an unattractive investment opportunity compared to its competitors.
SNV Stock Support And Resistance Levels
On the 24-hour scale, the immediate backing is perceived around 34.18 level, and in case of violation of this particular level, it will cause more drop to 32.90 level. On the upper level, 37.28 is still the key resistance. The stock may increase to the subsequent resistance at 36.37. The Relative Strength Index (RSI) pinned on the 14-day chart is 70.23, implying an overbought technical stance while the MACD stands at 0.88, meaning price will decrease in the next trading period. Percent R indicator moved to 12.44%, implying bullish price movement. Stochastic %K at 63.65% suggest selling the stock.
What is the short interest in Synovus Financial Corp.?
Short interest in the Synovus Financial Corp. stock has surged, increasing by 0.29 million shares to total 2.34 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 2.63 million, data from Yahoo Finance shows. The decrease of -12.39% suggests the stock saw some decreased bullish sentiment. The stock’s days to cover (short ratio) moved to while the shorted shares account for just 1.78% of the overall float for the stock.
Synovus Financial Corp.’s Biggest Shareholders: Who Owns Synovus Financial Corp. [SNV]?
Filings by The Vanguard Group, Inc. showed that the firm now holds a total of 12,518,589 shares or roughly 8.47% of the outstanding SNV shares. This means their shares have reduced by -728,666 from the 12,518,589 the investor reportedly held in its prior 13-F filing. With the conclusion of the sale, BlackRock Fund Advisors updated stake is worth $382,985,330. Details in the latest 13F filings reveal that Wellington Management Co. LLP acquired their 1.93% stake valued at $283,323,607 while Synovus Trust Co. NA cut theirs at $186,552,055. During the last quarter, Wellington Management Co. LLP raised 169,854 of its shares in Synovus Financial Corp. while Synovus Trust Co. NA sold -4,013 shares. The AllianceBernstein LP’s holdings currently number 5,153,047 shares at $182675516.15. According to the firm’s last 13F report, SSgA Funds Management, Inc. shares in the company at filing stood at 4,946,705 shares, roughly $156,167,477.
SNV Earnings Forecast For The Current Quarter
Synovus Financial Corp. [SNV] is expected to report weak earnings results for the quarter ending on Dec 2020. Consensus estimates give the company expected revenues of $480.83M and earnings per share of $0.76 for Dec 2020. Looking further ahead, the company is expected to report revenue of $485.28M at an EPS of $0.77 for Mar 2021. The estimates represent downside of -5.40% and 30.42% in the company’s revenue and earnings per share, respectively, on a year-on-year basis.
SNV Earnings Estimates For The Current Year
For the financial year, Synovus Financial Corp. [NYSE:SNV] is expected to bring in revenue of $1.97B. The returns are nearly $20.0 million higher than the company’s actual revenue recorded in the fiscal year 2019. In terms of EPS for the 2020, estimate put it at 2.13, lower than that of FY19 by -$1.77. Estimates put this year’s earnings growth at -45.40%, 30.50% for the next, and at an annual 8.00% over the next 5-year period. As for sales, forecasts are for an increase of 0.80% in the current fiscal year and a further -5.40% over the following year.