Dean Investment Associates LLC decreased its position in Synchrony Financial (NYSE:SYF) by 25.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 27,943 shares of the financial services provider’s stock after selling 9,415 shares during the period. Dean Investment Associates LLC’s holdings in Synchrony Financial were worth $1,356,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of SYF. Envestnet Asset Management Inc. raised its holdings in shares of Synchrony Financial by 8.4% in the 1st quarter. Envestnet Asset Management Inc. now owns 302,530 shares of the financial services provider’s stock worth $12,301,000 after buying an additional 23,369 shares in the last quarter. M&T Bank Corp grew its position in Synchrony Financial by 1.2% during the 1st quarter. M&T Bank Corp now owns 29,746 shares of the financial services provider’s stock worth $1,210,000 after acquiring an additional 355 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its position in Synchrony Financial by 11.5% during the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 161,265 shares of the financial services provider’s stock worth $6,557,000 after acquiring an additional 16,695 shares during the last quarter. Scotia Capital Inc. bought a new stake in Synchrony Financial during the 1st quarter worth approximately $672,000. Finally, Arizona State Retirement System boosted its position in Synchrony Financial by 0.6% in the 1st quarter. Arizona State Retirement System now owns 151,492 shares of the financial services provider’s stock valued at $6,160,000 after buying an additional 838 shares during the last quarter. 92.61% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have commented on SYF shares. Jefferies Financial Group assumed coverage on Synchrony Financial in a research report on Friday, September 10th. They issued a “buy” rating and a $58.00 price objective on the stock. Morgan Stanley raised their price objective on Synchrony Financial from $56.00 to $65.00 and gave the stock an “overweight” rating in a research note on Thursday, July 29th. Seaport Global Securities started coverage on Synchrony Financial in a research note on Monday, August 30th. They issued a “buy” rating and a $60.00 price target on the stock. The Goldman Sachs Group raised their price objective on Synchrony Financial from $59.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, July 6th. Finally, Credit Suisse Group lifted their price target on Synchrony Financial from $59.00 to $63.00 and gave the stock an “outperform” rating in a report on Friday, September 10th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Synchrony Financial currently has a consensus rating of “Buy” and a consensus target price of $54.19.
Synchrony Financial (NYSE:SYF) last released its earnings results on Monday, July 19th. The financial services provider reported $2.12 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.47 by $0.65. Synchrony Financial had a net margin of 21.76% and a return on equity of 27.59%. The firm had revenue of $3.31 billion during the quarter, compared to the consensus estimate of $2.60 billion. During the same period in the prior year, the firm earned $0.06 EPS. As a group, analysts expect that Synchrony Financial will post 6.57 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 12th. Investors of record on Monday, August 2nd were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.86%. The ex-dividend date of this dividend was Friday, July 30th. Synchrony Financial’s dividend payout ratio (DPR) is presently 33.85%.
Synchrony Financial announced that its Board of Directors has initiated a share repurchase program on Tuesday, May 25th that permits the company to repurchase $2.90 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 10.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
In other Synchrony Financial news, insider Carol Juel sold 8,708 shares of the stock in a transaction that occurred on Monday, June 28th. The shares were sold at an average price of $49.63, for a total value of $432,178.04. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.45% of the stock is currently owned by company insiders.
Synchrony Financial Company Profile
Synchrony Financial engages in the provision of consumer financial services. It operates through three sales platforms: Retail Card, Payment Solutions, and CareCredit. The Retail Card platform is a provider of private label credit cards, and also provides Dual Cards and small-and medium-sized business credit products.
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