Westchester Capital Management Inc. Has $7.41 Million Position in Synchrony Financial (NYSE:SYF)
Westchester Capital Management Inc. boosted its position in shares of Synchrony Financial (NYSE:SYF) by 4.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 248,631 shares of the financial services provider’s stock after buying an additional 9,908 shares during the period. Synchrony Financial makes up approximately 3.4% of Westchester Capital Management Inc.’s portfolio, making the stock its 21st largest position. Westchester Capital Management Inc.’s holdings in Synchrony Financial were worth $7,414,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of the stock. First Quadrant L P CA increased its position 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 in the last quarter. Benjamin F. Edwards & Company Inc. increased 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 in the last quarter. State of Alaska Department of Revenue purchased a new position in Synchrony Financial during the first quarter worth approximately $152,000. Coconut Grove Bank increased 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 in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased 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 in the last quarter. 89.61% of the stock is owned by institutional investors.
Shares of Synchrony Financial (NYSE:SYF) opened at 29.20 on Friday. Synchrony Financial has a 52 week low of $26.01 and a 52 week high of $38.06. The stock has a 50 day moving average price of $29.83 and a 200-day moving average price of $31.77. The firm has a market capitalization of $23.22 billion, a price-to-earnings ratio of 10.97 and a beta of 1.01.
Synchrony Financial (NYSE:SYF) last released its earnings results on Friday, July 21st. The financial services provider reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.03. The firm had revenue of $3.64 billion during the quarter, compared to the consensus estimate 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 posted $0.58 EPS. On average, equities research analysts forecast that Synchrony Financial will post $2.60 earnings per share for the current year.
Synchrony Financial announced that its Board of Directors has authorized a stock repurchase program on Thursday, May 18th that allows the company to buyback $1.64 billion in shares. This buyback authorization allows the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
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 given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.05%. This is an increase from Synchrony Financial’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Thursday, August 3rd. Synchrony Financial’s dividend payout ratio is presently 22.64%.
A number of equities analysts recently commented on SYF shares. TheStreet upgraded Synchrony Financial from a “c” rating to a “b” rating in a report on Monday, July 31st. BTIG Research dropped their price objective on Synchrony Financial from $42.00 to $36.00 and set a “buy” rating on the stock in a report on Monday, May 1st. Jefferies Group LLC dropped their price objective on Synchrony Financial from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Monday, May 1st. DA Davidson dropped their price objective on Synchrony Financial from $45.00 to $41.00 and set a “buy” rating on the stock in a report on Monday, May 1st. Finally, Citigroup Inc. dropped their price objective on Synchrony Financial from $43.00 to $35.00 and set a “buy” rating on the stock in a report on Monday, May 1st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. Synchrony Financial presently has a consensus rating of “Buy” and an average target price of $37.46.
In other Synchrony Financial news, Director Paget Leonard Alves acquired 2,000 shares of the company’s stock in a transaction that occurred on Monday, July 24th. The stock was acquired at an average cost of $30.85 per share, for a total transaction of $61,700.00. Following the transaction, the director now directly owns 8,521 shares in the company, valued at $262,872.85. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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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