Synchrony Financial (NYSE:SYF) Shares Sold by Janney Montgomery Scott LLC
Janney Montgomery Scott LLC cut its position in shares of Synchrony Financial (NYSE:SYF) by 42.1% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 51,031 shares of the financial services provider’s stock after selling 37,165 shares during the period. Janney Montgomery Scott LLC’s holdings in Synchrony Financial were worth $1,522,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. First Quadrant L P CA boosted its position in Synchrony Financial by 55.4% in the second quarter. First Quadrant L P CA now owns 3,726 shares of the financial services provider’s stock worth $111,000 after buying an additional 1,328 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its position in Synchrony Financial by 41.7% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 3,280 shares of the financial services provider’s stock worth $113,000 after buying an additional 965 shares during the last quarter. State of Alaska Department of Revenue acquired a new position in Synchrony Financial during the first quarter worth about $152,000. Coconut Grove Bank boosted its position in Synchrony Financial by 93.9% in the first quarter. Coconut Grove Bank now owns 4,480 shares of the financial services provider’s stock worth $154,000 after buying an additional 2,170 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position in Synchrony Financial by 28.2% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 4,901 shares of the financial services provider’s stock worth $168,000 after buying an additional 1,077 shares during the last quarter. 89.61% of the stock is owned by hedge funds and other institutional investors.
Shares of Synchrony Financial (NYSE:SYF) opened at 30.25 on Thursday. Synchrony Financial has a 12-month low of $26.01 and a 12-month high of $38.06. The company has a market cap of $24.06 billion, a price-to-earnings ratio of 11.36 and a beta of 1.01. The company’s 50-day moving average price is $29.84 and its 200 day moving average price is $31.83.
Synchrony Financial (NYSE:SYF) last posted its earnings results on Friday, July 21st. The financial services provider reported $0.61 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.03. Synchrony Financial had a net margin of 13.84% and a return on equity of 15.30%. The firm had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter last year, the firm earned $0.58 EPS. Equities analysts predict that Synchrony Financial will post $2.60 earnings per share for the current year.
Synchrony Financial declared that its board has approved a stock buyback program on Thursday, May 18th that permits the company to buyback $1.64 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 17th. Shareholders of record on Monday, August 7th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, August 3rd. This represents a $0.60 annualized dividend and a dividend yield of 1.98%. 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%.
A number of research analysts have issued reports on SYF shares. TheStreet raised Synchrony Financial from a “c” rating to a “b” rating in a research note on Monday, July 31st. BTIG Research decreased their target price on Synchrony Financial from $42.00 to $36.00 and set a “buy” rating for the company in a research note on Monday, May 1st. Jefferies Group LLC decreased their target price on Synchrony Financial from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Monday, May 1st. DA Davidson reduced their price objective on Synchrony Financial from $45.00 to $41.00 and set a “buy” rating for the company in a research report on Monday, May 1st. Finally, Citigroup Inc. reduced their price objective on Synchrony Financial from $43.00 to $35.00 and set a “buy” rating for the company in a research report on Monday, May 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $37.46.
In other news, Director Paget Leonard Alves bought 2,000 shares of the company’s stock in a transaction on Monday, July 24th. The shares were purchased at an average price of $30.85 per share, with a total value of $61,700.00. Following the transaction, the director now directly owns 8,521 shares in the company, valued at $262,872.85. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 0.03% of the stock is owned by company insiders.
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.
Want to see what other hedge funds are holding SYF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Synchrony Financial (NYSE:SYF).
Receive News & Ratings for Synchrony Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synchrony Financial and related companies with MarketBeat.com's FREE daily email newsletter.