Synovus Financial Corp. Ready to Breakout?

NYSE: SNV | Synovus Financial Corp.  News, Ratings, and Charts

SNV – Since last summer, Synovus Financial Corp. (SNV) has been trending higher, with a one year return over 140%. The stock has since hit resistance. If it breaks through this resistance line, a breakout could soon occur. Read more to learn how to take advantage of this trading opportunity.

Synovus Financial Corp. (SNV) operates dozens of community banks throughout Georgia, Alabama, Florida, Tennessee, and South Carolina. Concentrating on commercial loans and commercial real estate, the bank uses its small-town image to establish strong relationships with its small-business customers.

The company has been benefiting from increased loan-growth. Over the near-term, improving interest income and credit quality is supporting the company’s financials, while strategic investments in merger & acquisitions will aid growth over the long-term.

SNV’s debt situation looks solid with a debt-to-equity ratio of only 0.2. The company is also highly profitable with a net margin of 25.8%. Earnings have grown an average of 15% per year over the past five years and are expected to soar 352.2% in the current quarter.

The stock appears undervalued with a trailing P/E of 14.88 and a forward P/E of 11.79, which is impressive considering the stock has risen 142.8% over the past year. This is represented in the chart below.

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Take a look at the 1-year chart of SNV below with added notations:

 Chart of SNV provided by TradingView

SNV has been on a roll since its July low last year, but the stock recently has been unable to break the $50 resistance level (red), which is also its 52-week high.

A solid close above that $50 mark should lead to much higher prices for SNV.The possible long position on the stock would be on a breakout above that level with a stop placed under it.

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Good luck!

Christian Tharp, CMT

@cmtstockcoach


SNV shares were trading at $48.67 per share on Friday morning, down $0.25 (-0.51%). Year-to-date, SNV has gained 51.39%, versus a 12.95% rise in the benchmark S&P 500 index during the same period.


About the Author: Christian Tharp


I am an expert stock market coach having helped over 4000 beginner and advanced traders & investors from around the world take control of their financial futures. I also write stock market related articles for the Adam Mesh Trading Group and Yolo Publishing. More...


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