Synchrony Financial (NYSE:SYF) Given New $68.00 Price Target at Truist Financial

Synchrony Financial (NYSE:SYF) had its price target hoisted by Truist Financial from $63.00 to $68.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has a hold rating on the financial services provider’s stock.

SYF has been the subject of a number of other research reports. The Goldman Sachs Group reduced their target price on Synchrony Financial from $82.00 to $70.00 and set a “buy” rating for the company in a report on Tuesday, March 18th. Wells Fargo & Company cut their price objective on Synchrony Financial from $70.00 to $65.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. Wall Street Zen upgraded Synchrony Financial from a “hold” rating to a “buy” rating in a report on Tuesday, May 20th. Cfra Research upgraded Synchrony Financial to a “hold” rating in a report on Tuesday, April 22nd. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $44.00 price objective (down from $82.00) on shares of Synchrony Financial in a report on Monday, April 7th. Eight investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $64.78.

Synchrony Financial Price Performance

SYF opened at $59.76 on Friday. The stock has a fifty day moving average of $54.83 and a 200-day moving average of $59.80. The firm has a market capitalization of $22.75 billion, a P/E ratio of 7.00, a PEG ratio of 0.71 and a beta of 1.44. Synchrony Financial has a 12-month low of $40.55 and a 12-month high of $70.93. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 1.01.

Synchrony Financial (NYSE:SYF) last released its earnings results on Tuesday, April 22nd. The financial services provider reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.63 by $0.26. The company had revenue of $3.72 billion during the quarter, compared to analyst estimates of $3.80 billion. Synchrony Financial had a return on equity of 18.30% and a net margin of 15.36%. Equities analysts forecast that Synchrony Financial will post 7.67 EPS for the current fiscal year.

Synchrony Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 5th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.01%. This is an increase from Synchrony Financial’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Monday, May 5th. Synchrony Financial’s dividend payout ratio is presently 16.46%.

Insiders Place Their Bets

In other news, insider Jonathan S. Mothner sold 40,639 shares of Synchrony Financial stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $60.07, for a total value of $2,441,184.73. Following the transaction, the insider now directly owns 146,628 shares in the company, valued at approximately $8,807,943.96. The trade was a 21.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Apollon Wealth Management LLC increased its position in Synchrony Financial by 2.3% in the 4th quarter. Apollon Wealth Management LLC now owns 7,094 shares of the financial services provider’s stock worth $461,000 after buying an additional 160 shares during the period. MAI Capital Management increased its position in Synchrony Financial by 36.3% in the 1st quarter. MAI Capital Management now owns 627 shares of the financial services provider’s stock worth $33,000 after buying an additional 167 shares during the period. Covestor Ltd increased its position in Synchrony Financial by 6.0% in the 4th quarter. Covestor Ltd now owns 3,085 shares of the financial services provider’s stock worth $200,000 after buying an additional 174 shares during the period. Gladstone Institutional Advisory LLC increased its position in Synchrony Financial by 1.9% in the 4th quarter. Gladstone Institutional Advisory LLC now owns 9,290 shares of the financial services provider’s stock worth $604,000 after buying an additional 176 shares during the period. Finally, Smithfield Trust Co increased its position in Synchrony Financial by 19.7% in the 4th quarter. Smithfield Trust Co now owns 1,099 shares of the financial services provider’s stock worth $69,000 after buying an additional 181 shares during the period. 96.48% of the stock is owned by institutional investors.

Synchrony Financial Company Profile

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 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, and sweep and affinity deposits, as well as accepts deposits through third-party securities brokerage firms.