In trading on Monday, shares of Synovus Financial Corp. (SNV - Get Report) touched a new 52-week low of $26.75/share. That's a $7.05 share price drop, or -20.86% decline from the 52-week high of $33.80 set back on 11/11/2015. Large percentage drops always require that the stock post even larger percentage gains from the low in order to recover the old price point, and for SNV that means the stock would have to gain 26.36% to get back to the 52-week high. For a move like that, Synovus Financial Corp. would need fundamental strength at the business level.Here's a rhetorical question: Who knows more about fundamentals at the business level than the company's own insiders? So let's take a look to see whether any company insiders were taking the other side of the trade as SNV shares were being sold down to this new 52-week low, focusing on the most recent trailing six month period. As summarized by the table below, SNV has seen 3 different instances of insiders buying over the past six months.
|11/06/2015||Joseph J. Prochaska Jr.||Director||1,800||$33.36||$60,048.00|
|01/21/2016||Tim E. Bentsen||Director||2,700||$28.09||$75,843.00|
|02/03/2016||Allan E. Kamensky||EVP and Corporate Secretary||3,450||$28.85||$99,532.50|
Time will tell whether the insider purchases foretell a future rebound for SNV shares, which are presently showing a last trade of $27.33/share, slightly above the new 52-week low.