Sometimes it just takes a new CEO to turn a company around. One of the NYSE penny stocks proved that when they replaced their CEO in October 2010. Penny stock Synovus Financial Corp. (NYSE: SNV) gained 1.90% in the last trading session and has seen its share price increase by 51.77% YTD. Even though volume on the NYSE penny stock was lower than normal in its last trading session, SNV is bullish and making a strong comeback.
SNV traded 5,710,886 shares in its last trading session, roughly 2/3 of the 5-Day average trading volume. SNV had 10,442 traded executed, an average trade of 546 shares, to close at $2.14.
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SNV made a huge turn around from 2010 when Kessel D. Stelling was appointed Chairman and CEO of the struggling financial company. Since his tenure with SNV, he has transformed SNV from a net loss of nearly $1 Billion a couple years ago to back-to-back profitable quarters to end 2011.
With a market capitalization of $1.68 Billion and with Price/Sales (ttm) and Price/Book (mrq) 1.95 and 0.88 respectively, SNV has turned not only itslef around, but also its stock.
From a technical analysis perspective, SNV is continuing a healthy bullish run with an RSI under the overbought indicator of 70 and MACD above both the trigger and zero line trending upward.
At its current pace, SNV could reach its 52-Week High of $2.77 that it last saw nearly one year ago on April 11, 2011.
Synovus Financial Corp. was founded in 1888. SNV is a diversified financial services and bank holding company that provides commercial and retail banking, financial management, insurance, and mortgage services in Georgia, Alabama, South Carolina, Florida, and Tennessee.