Synchrony Financial (NYSE:SYF) Shares Bought by Retirement Systems of Alabama
Retirement Systems of Alabama boosted its position in Synchrony Financial (NYSE:SYF) by 0.3% during the second quarter, Holdings Channel reports. The institutional investor owned 373,459 shares of the financial services provider’s stock after buying an additional 1,136 shares during the period. Retirement Systems of Alabama’s holdings in Synchrony Financial were worth $11,137,000 at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. Telemus Capital LLC boosted its stake in shares of Synchrony Financial by 8.6% in the second quarter. Telemus Capital LLC now owns 124,200 shares of the financial services provider’s stock worth $3,704,000 after buying an additional 9,785 shares in the last quarter. Barnett & Company Inc. boosted its stake in shares of Synchrony Financial by 84.4% in the second quarter. Barnett & Company Inc. now owns 16,225 shares of the financial services provider’s stock worth $484,000 after buying an additional 7,425 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its stake in shares of Synchrony Financial by 141.8% in the second quarter. State of New Jersey Common Pension Fund D now owns 2,557,648 shares of the financial services provider’s stock worth $76,269,000 after buying an additional 1,500,000 shares in the last quarter. Grove Bank & Trust boosted its stake in shares of Synchrony Financial by 138.1% in the second quarter. Grove Bank & Trust now owns 10,665 shares of the financial services provider’s stock worth $318,000 after buying an additional 6,185 shares in the last quarter. Finally, Bessemer Group Inc. boosted its stake in shares of Synchrony Financial by 31.1% in the second quarter. Bessemer Group Inc. now owns 4,097,046 shares of the financial services provider’s stock worth $122,172,000 after buying an additional 971,403 shares in the last quarter. Institutional investors own 89.61% of the company’s stock.
Synchrony Financial (NYSE SYF) opened at 29.32 on Friday. Synchrony Financial has a 12 month low of $26.01 and a 12 month high of $38.06. The firm’s 50-day moving average is $29.83 and its 200 day moving average is $31.82. The firm has a market capitalization of $23.32 billion, a P/E ratio of 11.01 and a beta of 1.01.
Synchrony Financial (NYSE:SYF) last announced its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.61 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $3.59 billion. During the same period last year, the firm earned $0.58 EPS. On average, analysts expect that Synchrony Financial will post $2.60 EPS for the current fiscal year.
Synchrony Financial declared that its Board of Directors has approved a stock buyback 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 shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 17th. Shareholders of record on Monday, August 7th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.05%. This is an increase from Synchrony Financial’s previous quarterly dividend of $0.13. The ex-dividend date is Thursday, August 3rd. Synchrony Financial’s dividend payout ratio (DPR) is presently 22.64%.
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A number of brokerages have recently issued reports on SYF. BidaskClub cut Synchrony Financial from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. TheStreet upgraded Synchrony Financial from a “c” rating to a “b” rating in a report on Monday, July 31st. Morgan Stanley restated an “overweight” rating and set a $35.00 price objective (up previously from $33.00) on shares of Synchrony Financial in a report on Tuesday, July 25th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Synchrony Financial in a report on Saturday, July 22nd. Finally, BMO Capital Markets restated a “buy” rating on shares of Synchrony Financial in a report on Friday, July 21st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $37.46.
In other news, Director Paget Leonard Alves purchased 2,000 shares of the business’s stock in a transaction on 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 acquisition, 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 is available through the SEC website. 0.03% of the stock is owned by company 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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