Synovus Financial Corp. (NYSE:SNV) has been range bound between the range of $33.91 and $33.91 during the whole day. The stock finished Thursday at $34.78. The -1.89% downtrend forced its market value to reach at $4.02B. The price went up as high as $33.91 before retreating. Trading activity significantly improved as the volume at ready counter increased to 3,680,541 shares versus 1,954,025 in average daily trading volume over the past 20 days. So far this year, the volume has averaged about 1,233,365 shares. The stock is now -1% above against its bear-market low of $35.13 on December 06, 2018. It has retreated -65.04% since it’s 52-week high of $57.4 reached in June. Now the market price is down -29.34% on the year and down -27.45% YTD.
SNV’s 50 day simple moving average (SMA 50) price is $39.95 and its 200-day simple moving average (SMA 200) price is $48.78. The company’s stock currently has a total float of 114.35M shares. Its weekly volatility is hovering around 3.55% and felt 2.89% volatility in price over a month. On the upside, the share price will test short term resistance at around $35.26. On a downside, the stock is likely to find some support, which begins at $34.11. The failure to get near-term support could push it to $33.43.
Separately, it has been reported that multiple insider activity took place at Synovus Financial Corp. (SNV). Chairman, CEO, & President Stelling Kessel D acquired 7,500 shares for $379,330 in transaction occurred on 2018/12/06. After making this transaction, the Chairman, CEO, & President owns a direct stake of 260,400 shares, worth $13,193,097, as per the last closing price. On 2018/10/25 Camp Elizabeth W, Director at SNV, purchased 3,000 shares at an average price of $36.97 per share. The new stake is valued at $1,161,165.
Director, Prochaska Joseph J Jr had invested in 1,000 shares for $18,100 through a trade on 2018/10/25. Following this activity, the insider holds 37,130 shares worth $629,518 as of recent close. Wall Street’s most bullish Synovus Financial Corp. (NYSE:SNV) analysts are predicting the share price to blow past $55 per share during the next 12 months. The current median share price forecast by them is $48, suggesting that the stock could increase 38.01% in that time frame. The average price target of $48.35 calls for a nearly 39.02% increase in the stock price.
It had seen a positive analyst call from FIG Partners, which upgraded the stock from Market Perform to Outperform on November 13. Analysts at Morgan Stanley, shed their negative views on November 12 by lifting it fromEqual-Weight to Overweight. The stock won favor of Keefe Bruyette analysts who expressed their confidence in it using an upgrade from Mkt Perform to Outperform on November 09. Raymond James analysts came out with bullish views on October 31 when the call was made. They think the stock is now Outperform compared to to their prior call for Mkt Perform.
When looking at valuations, Synovus Financial Corp. (SNV) has a cheap P/E of 10.84x as compared to industry average of 19.02x. Moreover, it trades for 8.76 times the next 12 months of expected earnings. Also, it is trading at rather expensive levels at just over 1.43x price/book and 3.11x price/sales. Compared to others, Synovus Financial Corp. is in a different league with regards to profitability, having net margins of 25.9%. To put some perspective around this, the industry’s average net margin is 29.87%. SNV’s ROE is 11.8%, which is also considerably worse than the industry’s ROE of 16.14%.
Shares of Synovus Financial Corp. (SNV) have dropped -12.1% since the company’s last earnings report. Over the past 12 fiscal quarters, Synovus Financial Corp. (NYSE:SNV) has topped consensus earnings estimates in 11 quarters (91%), missed earnings in 1 quarters (8%), whereas at 0 occasion EPS met analyst expectations. SNV last reported earnings on October 23, 2018 when it released Sep-18 results that receded expectations. The company raked in $0.88 per share, -79.49% change on the same period last year. That was worse than consensus for $0.92. Revenue for the recent quarter stood at $363.29 million, up 12% on last year and below the $368.39 million predicted by analysts. For this quarter, Wall Street analysts forecast revenue in a range of $366.4 million to $373.7 million, which should be compared with $363.33 million generated last year. EPS is seen in a range of $0.88 to $0.96, against the $0.77 reported a year ago.