Quadrant Capital Group LLC grew its stake in shares of Synchrony Financial (NYSE:SYF – Get Rating) by 23.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 4,461 shares of the financial services provider’s stock after acquiring an additional 856 shares during the period. Quadrant Capital Group LLC’s holdings in Synchrony Financial were worth $156,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. Massmutual Trust Co. FSB ADV lifted its position in shares of Synchrony Financial by 115.7% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 964 shares of the financial services provider’s stock valued at $45,000 after acquiring an additional 517 shares during the last quarter. KRS Capital Management LLC acquired a new stake in shares of Synchrony Financial during the 4th quarter valued at $46,000. Column Capital Advisors LLC purchased a new stake in shares of Synchrony Financial in the first quarter valued at $37,000. Sandy Spring Bank lifted its holdings in shares of Synchrony Financial by 26.1% in the first quarter. Sandy Spring Bank now owns 1,450 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 300 shares in the last quarter. Finally, Geneos Wealth Management Inc. lifted its holdings in shares of Synchrony Financial by 17.8% in the fourth quarter. Geneos Wealth Management Inc. now owns 1,588 shares of the financial services provider’s stock valued at $73,000 after purchasing an additional 240 shares in the last quarter. Institutional investors and hedge funds own 98.26% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research firms have recently issued reports on SYF. JMP Securities reduced their target price on Synchrony Financial from $50.00 to $40.00 and set a “market outperform” rating for the company in a report on Friday, July 15th. BMO Capital Markets increased their target price on Synchrony Financial from $49.00 to $52.00 and gave the company an “outperform” rating in a report on Tuesday, April 19th. Morgan Stanley reduced their target price on Synchrony Financial from $40.00 to $31.00 and set an “equal weight” rating for the company in a report on Tuesday, July 12th. Keefe, Bruyette & Woods reduced their target price on Synchrony Financial from $59.00 to $46.00 in a report on Monday, July 11th. Finally, Wolfe Research lowered Synchrony Financial from a “peer perform” rating to an “underperform” rating and set a $22.00 target price for the company. in a report on Thursday, May 12th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $45.76.
Synchrony Financial Trading Up 0.4 %
Synchrony Financial (NYSE:SYF – Get Rating) last posted its earnings results on Monday, July 18th. The financial services provider reported $1.60 EPS for the quarter, topping the consensus estimate of $1.47 by $0.13. Synchrony Financial had a net margin of 22.76% and a return on equity of 27.06%. During the same quarter in the prior year, the business earned $2.12 EPS. On average, analysts forecast that Synchrony Financial will post 5.63 earnings per share for the current fiscal year.
Synchrony Financial Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Stockholders of record on Monday, August 1st will be given a $0.23 dividend. This is an increase from Synchrony Financial’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a dividend yield of 2.71%. The ex-dividend date of this dividend is Friday, July 29th. Synchrony Financial’s dividend payout ratio (DPR) is currently 13.43%.
Synchrony Financial announced that its Board of Directors has initiated a stock buyback plan on Monday, April 18th that allows the company to repurchase $2.80 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 13.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
About Synchrony Financial
Synchrony Financial, together with its subsidiaries, operates as a consumer financial services company in the United States. It provides credit products, such as credit cards, commercial credit products, and consumer installment loans. The company also offers private label credit cards, dual cards, co-brand and general purpose credit cards, short- and long-term installment loans, and consumer banking products; and deposit products, including certificates of deposit, individual retirement accounts, money market accounts, and savings accounts to retail and commercial customers, as well as accepts deposits through third-party securities brokerage firms.
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