First Mercantile Trust Co. Boosts Position in Synchrony Financial (SYF)
First Mercantile Trust Co. raised its position in shares of Synchrony Financial (NYSE:SYF) by 10.6% during the second quarter, Holdings Channel reports. The fund owned 85,480 shares of the financial services provider’s stock after buying an additional 8,165 shares during the period. First Mercantile Trust Co.’s holdings in Synchrony Financial were worth $2,549,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. First Quadrant L P CA boosted its stake in shares of 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 period. Benjamin F. Edwards & Company Inc. boosted its stake in shares of 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 period. State of Alaska Department of Revenue bought a new stake in shares of Synchrony Financial during the first quarter worth approximately $152,000. Coconut Grove Bank boosted its stake in shares of 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 period. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of 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 period. Institutional investors own 89.61% of the company’s stock.
Synchrony Financial (NYSE SYF) opened at 29.32 on Friday. The stock’s 50 day moving average is $29.83 and its 200 day moving average is $31.82. The company has a market capitalization of $23.32 billion, a PE ratio of 11.01 and a beta of 1.01. Synchrony Financial has a 52 week low of $26.01 and a 52 week high of $38.06.
Synchrony Financial (NYSE:SYF) last announced its earnings results on Friday, July 21st. The financial services provider reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.03. The business had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.59 billion. Synchrony Financial had a return on equity of 15.30% and a net margin of 13.84%. During the same period in the prior year, the company earned $0.58 EPS. Analysts predict that Synchrony Financial will post $2.60 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 17th. Shareholders of record on Monday, August 7th will be paid a $0.15 dividend. 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 yield of 2.05%. The ex-dividend date of this dividend is Thursday, August 3rd. Synchrony Financial’s dividend payout ratio is currently 22.64%.
Synchrony Financial declared that its Board of Directors has authorized a share repurchase program on Thursday, May 18th that allows the company to repurchase $1.64 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
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A number of brokerages have recently commented on SYF. BidaskClub cut Synchrony Financial from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. TheStreet raised Synchrony Financial from a “c” rating to a “b” rating in a research note on Monday, July 31st. Morgan Stanley reaffirmed an “overweight” rating and issued a $35.00 price target (up from $33.00) on shares of Synchrony Financial in a research note on Tuesday, July 25th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Synchrony Financial in a research note on Saturday, July 22nd. Finally, BMO Capital Markets reaffirmed a “buy” rating on shares of Synchrony Financial in a research note on Friday, July 21st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $37.46.
In other Synchrony Financial news, Director Paget Leonard Alves bought 2,000 shares of the firm’s stock in a transaction on Monday, July 24th. The shares were acquired at an average cost of $30.85 per share, for a total transaction of $61,700.00. Following the purchase, the director now directly owns 8,521 shares of the company’s stock, valued at $262,872.85. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 0.03% of the stock is owned by corporate 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.
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