Synovus Financial Corp. (NYSE: SNV) shares rose in value Tuesday Dec 6 with slower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, U.S. stocks looked for direction on Tuesday with the Dow industrials trying for a fresh record a day after closing at an all-time high in the previous session.
The Dow Jones Industrial Average DJIA, -0.08% opened little-changed at 19,221, the S&P 500 index SPX, -0.01% climbed 2 points, or 0.1%, at 2,206, while the Nasdaq Composite Index COMP, +0.20%
Analysts at Barclays PLC upgraded shares of Synovus Financial Corp. (NYSE: SNV) from Underweight to Equal Weight today. Barclays PLC currently has a rating of Equal Weight on the stock. As a means of comparison, a number of other analysts have spoken on the stock recently, and the company has earned a consensus one-year price target of $36.74, a decrease compared to the opening price of $40.35. Synovus Financial Corp. stock has a 52-week high of $40.35. Share prices often trend to the upside on recommendations and new price targets of professional brokerage firms.
Shares of Synovus Financial Corp. (NYSE: SNV) opened at $40.35 on Tuesday trading between $39.82 and $40.35, and last traded at $39.85, which represents an increase of $0.23 or 0.58% over the previous closing price.
Synovus Financial Corp. (NYSE: SNV) now has a market cap of 4.87B.
Synovus Financial Corp. (NYSE: SNV) Average Daily Trading Volume
111,477 shares crossed the trading desk yesterday, below normal, out of a total float 120,532,000. Investors often use swings in trading volume to pinpoint large volume aggregation or dissemination by institutional investors, so trading volume is likely to increase in the next few days.
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 is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors retain teams of analysts researching thousands of stocks, so it is good corroboration to see them taking a postion in a stock you’re researching.
Synovus Financial Corp. (NYSE: SNV) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By identifying trends, moving averages allow traders to make those trends work in their favor and increase the number of winning trades.
With that in mind, Synovus Financial Corp. (NYSE: SNV) now has a 50-day MA of $35.74 and 200-day MA of $32.42. It has traded in a 52-week range between $25.48 – 40.35 and today’s last price is 1.24%% lower than the 52 week high of $40.35.
Earnings growth is a critical factor to look at when buying stocks and investors identify companies that have been successful at growing their earnings by at least 25% for a 3 year period.
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