Wedge Capital Management L L P NC Has $39.39 Million Holdings in Synchrony Financial $SYF

Wedge Capital Management L L P NC cut its stake in Synchrony Financial (NYSE:SYF) by 12.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 554,378 shares of the financial services provider’s stock after selling 78,369 shares during the period. Wedge Capital Management L L P NC owned 0.15% of Synchrony Financial worth $39,389,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of SYF. Bank of America Corp DE raised its position in Synchrony Financial by 34.6% in the 2nd quarter. Bank of America Corp DE now owns 13,595,381 shares of the financial services provider’s stock worth $907,356,000 after purchasing an additional 3,494,741 shares during the last quarter. Ameriprise Financial Inc. boosted its position in Synchrony Financial by 8.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 5,307,077 shares of the financial services provider’s stock valued at $354,194,000 after buying an additional 406,796 shares during the last quarter. Southpoint Capital Advisors LP increased its stake in shares of Synchrony Financial by 25.0% in the 1st quarter. Southpoint Capital Advisors LP now owns 5,000,000 shares of the financial services provider’s stock valued at $264,700,000 after buying an additional 1,000,000 shares during the period. Norges Bank bought a new stake in shares of Synchrony Financial during the second quarter worth $299,360,000. Finally, Goldman Sachs Group Inc. raised its position in shares of Synchrony Financial by 2.9% during the first quarter. Goldman Sachs Group Inc. now owns 4,288,286 shares of the financial services provider’s stock worth $227,022,000 after acquiring an additional 120,045 shares during the last quarter. 96.48% of the stock is owned by institutional investors.

Insider Activity

In other Synchrony Financial news, insider Darrell Owens sold 2,989 shares of the business’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $74.02, for a total value of $221,245.78. Following the completion of the transaction, the insider directly owned 16,096 shares of the company’s stock, valued at approximately $1,191,425.92. The trade was a 15.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Curtis Howse sold 12,086 shares of the stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $74.02, for a total value of $894,605.72. Following the completion of the sale, the insider owned 108,271 shares of the company’s stock, valued at $8,014,219.42. This trade represents a 10.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 55,075 shares of company stock worth $4,036,892 in the last 90 days. Corporate insiders own 0.32% of the company’s stock.

Synchrony Financial Stock Performance

Shares of SYF stock opened at $84.48 on Friday. The stock has a market cap of $30.43 billion, a PE ratio of 9.22, a price-to-earnings-growth ratio of 0.59 and a beta of 1.46. The stock has a 50-day moving average of $76.17 and a 200-day moving average of $72.27. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.24 and a quick ratio of 1.24. Synchrony Financial has a one year low of $40.54 and a one year high of $86.22.

Synchrony Financial (NYSE:SYF) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $2.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.22 by $0.64. Synchrony Financial had a net margin of 15.84% and a return on equity of 22.96%. The firm had revenue of $3.82 billion during the quarter, compared to analysts’ expectations of $3.79 billion. During the same quarter in the previous year, the company earned $1.94 earnings per share. The business’s revenue for the quarter was up .2% on a year-over-year basis. As a group, sell-side analysts expect that Synchrony Financial will post 7.67 earnings per share for the current year.

Synchrony Financial announced that its board has initiated a share repurchase program on Wednesday, October 15th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 3.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Synchrony Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, November 17th. Stockholders of record on Wednesday, November 5th were issued a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, November 5th. This represents a $1.20 annualized dividend and a dividend yield of 1.4%. Synchrony Financial’s payout ratio is 13.10%.

Analyst Ratings Changes

SYF has been the topic of several recent research reports. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $75.00 price target (down previously from $80.00) on shares of Synchrony Financial in a report on Tuesday, October 7th. BTIG Research restated a “buy” rating and set a $100.00 target price on shares of Synchrony Financial in a research report on Thursday, October 16th. Keefe, Bruyette & Woods lifted their price target on shares of Synchrony Financial from $82.00 to $86.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 1st. Morgan Stanley increased their price objective on shares of Synchrony Financial from $72.00 to $82.00 and gave the company an “equal weight” rating in a report on Monday, September 29th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Synchrony Financial in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $82.56.

Synchrony Financial Profile

Synchrony Financial (NYSE: SYF) is a consumer financial services company that specializes in providing point-of-sale financing and private-label, co-branded and branded credit card programs. The company serves as a payments and lending partner to retailers, digital merchants and service providers, offering consumer financing solutions designed to drive customer engagement and sales. Synchrony also operates a direct bank that offers deposit products, including savings accounts and certificates of deposit, which support its funding and customer-facing product suite.

Its core product set includes private-label and co-branded credit cards, general-purpose credit cards, installment loan programs and promotional financing options that are integrated into merchants’ checkout experiences.