Eaton Vance Management cut its stake in shares of Synchrony Financial (NYSE:SYF) by 0.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,783,759 shares of the financial services provider’s stock after selling 3,154 shares during the quarter. Eaton Vance Management owned about 0.22% of Synchrony Financial worth $53,192,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of the company. CIBC World Markets Inc. increased its holdings in shares of Synchrony Financial by 436.9% during the second quarter. CIBC World Markets Inc. now owns 73,501 shares of the financial services provider’s stock valued at $2,192,000 after acquiring an additional 59,811 shares in the last quarter. Commonwealth Bank of Australia increased its holdings in shares of Synchrony Financial by 128.9% during the second quarter. Commonwealth Bank of Australia now owns 52,634 shares of the financial services provider’s stock valued at $1,568,000 after acquiring an additional 29,643 shares in the last quarter. Private Advisor Group LLC increased its holdings in shares of Synchrony Financial by 86.7% during the second quarter. Private Advisor Group LLC now owns 17,300 shares of the financial services provider’s stock valued at $504,000 after acquiring an additional 8,033 shares in the last quarter. Engineers Gate Manager LP boosted its position in shares of Synchrony Financial by 148.6% during the second quarter. Engineers Gate Manager LP now owns 32,318 shares of the financial services provider’s stock valued at $964,000 after buying an additional 19,318 shares during the last quarter. Finally, AGF Investments Inc. boosted its position in shares of Synchrony Financial by 140.7% during the second quarter. AGF Investments Inc. now owns 780,911 shares of the financial services provider’s stock valued at $23,294,000 after buying an additional 456,437 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.
Shares of Synchrony Financial (NYSE SYF) traded up 0.436% during trading on Friday, hitting $28.825. The stock had a trading volume of 2,655,355 shares. The firm has a market cap of $22.93 billion, a price-to-earnings ratio of 10.824 and a beta of 1.01. Synchrony Financial has a 52-week low of $26.01 and a 52-week high of $38.06. The firm’s 50-day moving average is $30.01 and its 200 day moving average is $30.71.
Synchrony Financial (NYSE:SYF) last posted its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.61 EPS for the quarter, beating the consensus estimate of $0.58 by $0.03. Synchrony Financial had a return on equity of 15.30% and a net margin of 13.84%. The firm had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter last year, the firm earned $0.58 earnings per share. On average, analysts expect that Synchrony Financial will post $2.60 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 17th. Investors of record on Monday, August 7th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.09%. The ex-dividend date was Thursday, August 3rd. This is a boost from Synchrony Financial’s previous quarterly dividend of $0.13. Synchrony Financial’s dividend payout ratio (DPR) is currently 22.64%.
Synchrony Financial announced that its board has initiated a stock repurchase program on Thursday, May 18th that allows the company to buyback $1.64 billion in shares. This buyback authorization allows the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
In related news, Director Paget Leonard Alves purchased 2,000 shares of the business’s stock in a transaction that occurred on Monday, July 24th. The stock was purchased at an average price of $30.85 per share, with a total value of $61,700.00. Following the completion of the acquisition, the director now owns 8,521 shares in the company, valued at $262,872.85. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.03% of the stock is currently owned by company insiders.
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Several research analysts have issued reports on SYF shares. Morgan Stanley cut Synchrony Financial from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $35.00 to $32.00 in a research report on Friday, September 8th. BMO Capital Markets reissued a “buy” rating and issued a $40.00 target price on shares of Synchrony Financial in a research report on Friday, August 25th. BidaskClub raised Synchrony Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 26th. TheStreet raised Synchrony Financial from a “c” rating to a “b” rating in a research report on Monday, July 31st. Finally, ValuEngine cut Synchrony Financial from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Ten research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $37.42.
Synchrony Financial Company Profile
Synchrony Financial is a consumer financial services company. The Company provides a range of credit products through programs it has established with a group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers. The Company’s revenue activities are managed through three sales platforms: Retail Card, Payment Solutions and CareCredit.
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