Synchrony Financial (NYSE:SYF) Position Cut by New Mexico Educational Retirement Board
New Mexico Educational Retirement Board cut its stake in shares of Synchrony Financial (NYSE:SYF) by 8.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 71,549 shares of the financial services provider’s stock after selling 6,500 shares during the period. New Mexico Educational Retirement Board’s holdings in Synchrony Financial were worth $2,169,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. First Quadrant L P CA raised 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 valued at $111,000 after buying an additional 1,328 shares during the period. Benjamin F. Edwards & Company Inc. raised 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 valued at $113,000 after buying an additional 965 shares during the period. State of Alaska Department of Revenue acquired a new position in Synchrony Financial during the first quarter valued at approximately $152,000. Coconut Grove Bank raised 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 valued at $154,000 after buying an additional 2,170 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised 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 valued at $168,000 after buying an additional 1,077 shares during the period. 89.61% of the stock is currently owned by hedge funds and other institutional investors.
Synchrony Financial (SYF) opened at 29.32 on Friday. Synchrony Financial has a one year low of $26.01 and a one year high of $38.06. The firm has a 50-day moving average of $29.83 and a 200-day moving average of $31.82. The stock has a market capitalization of $23.32 billion, a PE ratio of 11.01 and a beta of 1.01.
Synchrony Financial (NYSE:SYF) last issued its quarterly 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 company 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 prior year, the business posted $0.58 EPS. On average, equities research analysts forecast that Synchrony Financial will post $2.60 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 17th. Stockholders 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 dividend yield of 2.05%. The ex-dividend date is Thursday, August 3rd. Synchrony Financial’s dividend payout ratio is currently 22.64%.
Synchrony Financial announced that its Board of Directors has authorized a share repurchase program 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 shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
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Several equities analysts have issued reports on SYF shares. TheStreet downgraded shares of Synchrony Financial from a “b” rating to a “c+” rating in a research note on Wednesday, May 3rd. BidaskClub downgraded shares of Synchrony Financial from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Synchrony Financial in a research note on Sunday, April 30th. ValuEngine downgraded shares of Synchrony Financial from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Jefferies Group LLC restated a “buy” rating and issued a $40.00 price objective on shares of Synchrony Financial in a research note on Friday, June 9th. 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 given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $37.46.
In related news, Director Paget Leonard Alves purchased 2,000 shares of Synchrony Financial stock in a transaction dated Monday, July 24th. The stock was bought at an average cost of $30.85 per share, with a total value of $61,700.00. Following the purchase, the director now owns 8,521 shares in the company, valued at approximately $262,872.85. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.03% of the company’s stock.
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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