Analysts at Zacks Investment Research upgraded shares of Synovus Financial Corp. (NYSE: SNV) from Hold to Buy today. With a rating of Buy on the shares, the company has a 52-week high of $33.80. The one-year price target of $0.20 is a decrease compared to the opening price of $32.69, causing a fair amount of other analysts to issue statements on the stock recently. Usually, after analysts give an upgrade report on a stock, they will subsequently issue recurring revisions, usually followed by a price target change.
U.S. stocks closed higher Tuesday as investors anticipate the results of meetings from the Federal Reserve and the Bank of Japan.
The Dow Jones Industrial Average DJIA, +0.05% rose 9.79 points, or less than 0.1%, to close at 18,129.96.
The S&P 500 index SPX, +0.03% advanced 0.64 points to finish at 2,139.76, led by gains in the health-care and consumer-staples sectors.
The Nasdaq Composite index COMP, +0.12% gained 6.33 points, or 0.1%, to close at 5,241.35.
Yesterday Synovus Financial Corp. (NYSE: SNV) shares last traded at $32.39, which is a dip of $0.13 compared to the previous closing price. Opening at $32.69, they varied from $32.30 and $32.87 throughout the day.
Synovus Financial Corp. (NYSE: SNV) now has a market cap of 3.98B.
839,537 shares traded hands yesterday, 62 percent lower than the norm, out of a total float 121,133,000. Trading volume is likely to increase in the next few days as investors often use swings in trading volume to pinpoint large volume accumulation or circulation by institutional investors.
As with all potential breakouts, investors look for volume to be at least 40%-50% greater than normal on the breakout to indicate that fund managers and other professional investors are jumping in.
Institutional sponsorship just refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Institutional investors such as these retain teams of analysts researching thousands of stocks, so it is good validation to see them taking a postion in a stock you are considering.
By tracking the activity of these professional investors—and the moving averages they influence— traders can make smarter trades.
Trades for Synovus Financial Corp. (NYSE: SNV) have ranged from $25.48 – 33.80, and the stock now has a 50-day MA of $32.20 and 200-day MA of $30.56. Today’s last price is 0.04% lower than the 52 week high of $33.80.
Indeed, earnings growth is among the most critical things to look at in regards to stock investing and, accordingly, investors look for companies that have been successful at growing their earnings by at least 25% over the past 3 years.
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