Synchrony Financial (SYF) Position Reduced by Pioneer Investment Management Inc.
Pioneer Investment Management Inc. lowered its position in shares of Synchrony Financial (NYSE:SYF) by 57.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,973,795 shares of the financial services provider’s stock after selling 2,688,937 shares during the period. Pioneer Investment Management Inc. owned approximately 0.25% of Synchrony Financial worth $58,859,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of SYF. BlackRock Inc. raised its stake in Synchrony Financial by 2,275.1% in the first quarter. BlackRock Inc. now owns 48,272,035 shares of the financial services provider’s stock worth $1,655,730,000 after buying an additional 46,239,640 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Synchrony Financial by 46.7% in the first quarter. JPMorgan Chase & Co. now owns 10,529,375 shares of the financial services provider’s stock worth $361,158,000 after buying an additional 3,354,021 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Synchrony Financial during the first quarter worth approximately $106,320,000. Morgan Stanley raised its stake in Synchrony Financial by 66.3% in the first quarter. Morgan Stanley now owns 7,059,204 shares of the financial services provider’s stock worth $242,130,000 after buying an additional 2,814,215 shares in the last quarter. Finally, Schroder Investment Management Group raised its stake in Synchrony Financial by 76.8% in the first quarter. Schroder Investment Management Group now owns 4,168,036 shares of the financial services provider’s stock worth $143,504,000 after buying an additional 1,811,089 shares in the last quarter. Institutional investors own 89.61% of the company’s stock.
Synchrony Financial (SYF) opened at 30.72 on Wednesday. The company has a market capitalization of $24.43 billion, a price-to-earnings ratio of 11.54 and a beta of 1.01. The company has a 50 day moving average of $29.75 and a 200 day moving average of $31.98. Synchrony Financial has a 52 week low of $26.01 and a 52 week high of $38.06.
Synchrony Financial (NYSE:SYF) last issued its earnings results on Friday, July 21st. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.03. The firm had revenue of $3.64 billion during the quarter, compared to analyst estimates 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 in the previous year, the firm earned $0.58 earnings per share. On average, equities analysts forecast that Synchrony Financial will post $2.60 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 17th. Stockholders of record on Monday, August 7th will be paid a dividend of $0.15 per share. This is a positive change from Synchrony Financial’s previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend is Thursday, August 3rd. Synchrony Financial’s payout ratio is currently 22.64%.
Synchrony Financial announced that its board has authorized a stock repurchase plan on Thursday, May 18th that permits the company to repurchase $1.64 billion in shares. This repurchase authorization permits 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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SYF has been the subject of a number of recent analyst reports. Barclays PLC upped their price target on shares of Synchrony Financial from $36.00 to $47.00 and gave the company an “overweight” rating in a report on Monday, May 1st. BMO Capital Markets reiterated a “buy” rating and set a $38.00 price target on shares of Synchrony Financial in a report on Tuesday, April 11th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $44.00 price target on shares of Synchrony Financial in a report on Tuesday, April 11th. Oppenheimer Holdings, Inc. initiated coverage on shares of Synchrony Financial in a report on Tuesday, April 11th. They set a “market perform” rating for the company. Finally, BTIG Research lowered their price target on shares of Synchrony Financial from $42.00 to $36.00 and set a “buy” rating for the company in a report on Monday, May 1st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $37.46.
In related news, Director Paget Leonard Alves bought 2,000 shares of the stock in a transaction dated Monday, July 24th. The stock was purchased at an average cost of $30.85 per share, with a total value of $61,700.00. Following the completion of the purchase, the director now owns 8,521 shares of the company’s stock, valued at $262,872.85. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.03% of the stock is currently owned by insiders.
About Synchrony Financial
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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