Creative Planning Raises Stake in Synchrony Financial (NYSE:SYF)
Creative Planning increased its position in Synchrony Financial (NYSE:SYF) by 51.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,885 shares of the financial services provider’s stock after buying an additional 3,022 shares during the period. Creative Planning’s holdings in Synchrony Financial were worth $265,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. Farmers & Merchants Investments Inc. raised its position in Synchrony Financial by 0.6% in the first quarter. Farmers & Merchants Investments Inc. now owns 54,826 shares of the financial services provider’s stock worth $1,881,000 after buying an additional 339 shares in the last quarter. Reliance Trust Co. of Delaware raised its position in Synchrony Financial by 54.3% in the first quarter. Reliance Trust Co. of Delaware now owns 35,327 shares of the financial services provider’s stock worth $1,211,000 after buying an additional 12,436 shares in the last quarter. Beese Fulmer Investment Management Inc. raised its position in Synchrony Financial by 4.5% in the first quarter. Beese Fulmer Investment Management Inc. now owns 75,289 shares of the financial services provider’s stock worth $2,583,000 after buying an additional 3,244 shares in the last quarter. Heritage Investors Management Corp raised its position in Synchrony Financial by 1.7% in the first quarter. Heritage Investors Management Corp now owns 479,551 shares of the financial services provider’s stock worth $16,449,000 after buying an additional 7,824 shares in the last quarter. Finally, Atria Investments LLC bought a new position in Synchrony Financial during the first quarter worth about $220,000. 88.12% of the stock is currently owned by hedge funds and other institutional investors.
Synchrony Financial (NYSE:SYF) traded down 0.13% during midday trading on Friday, hitting $29.87. 7,284,103 shares of the stock were exchanged. The stock has a market cap of $23.76 billion, a price-to-earnings ratio of 11.22 and a beta of 1.01. The firm’s 50-day moving average is $29.69 and its 200 day moving average is $32.02. Synchrony Financial has a 52 week low of $26.01 and a 52 week high of $38.06.
Synchrony Financial (NYSE:SYF) last posted its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.03. The business had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.59 billion. Synchrony Financial had a net margin of 13.84% and a return on equity of 15.30%. During the same period last year, the firm posted $0.58 earnings per share. Equities research analysts expect that Synchrony Financial will post $2.60 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 17th. Stockholders of record on Monday, August 7th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Thursday, August 3rd. This is a boost from Synchrony Financial’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a dividend yield of 2.01%. Synchrony Financial’s dividend payout ratio (DPR) is 22.64%.
Synchrony Financial declared that its board has initiated a stock repurchase plan on Thursday, May 18th that authorizes the company to repurchase $1.64 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
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A number of equities analysts recently issued reports on the company. Keefe, Bruyette & Woods reissued a “buy” rating and set a $44.00 price target on shares of Synchrony Financial in a report on Tuesday, April 11th. CIBC reissued a “market perform” rating on shares of Synchrony Financial in a report on Tuesday, April 11th. Oppenheimer Holdings, Inc. assumed coverage on Synchrony Financial in a report on Tuesday, April 11th. They set a “market perform” rating on the stock. BMO Capital Markets reissued a “buy” rating and set a $38.00 price target on shares of Synchrony Financial in a report on Tuesday, April 11th. Finally, Morgan Stanley reissued an “overweight” rating and set a $35.00 price target (up previously from $33.00) on shares of Synchrony Financial in a report on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $37.46.
In related news, Director Paget Leonard Alves acquired 2,000 shares of the firm’s stock in a transaction dated Monday, July 24th. The stock was acquired at an average cost of $30.85 per share, for a total transaction of $61,700.00. Following the completion of the acquisition, the director now directly owns 8,521 shares of the company’s stock, valued at approximately $262,872.85. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.03% of the company’s stock.
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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