Synchrony Financial (NYSE:SYF) Position Cut by Mitsubishi UFJ Kokusai Asset Management Co. Ltd.
Mitsubishi UFJ Kokusai Asset Management Co. Ltd. reduced its position in shares of Synchrony Financial (NYSE:SYF) by 9.7% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 122,157 shares of the financial services provider’s stock after selling 13,098 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Synchrony Financial were worth $3,643,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Rehmann Capital Advisory Group raised its stake in shares of Synchrony Financial by 0.3% in the first quarter. Rehmann Capital Advisory Group now owns 8,749 shares of the financial services provider’s stock worth $300,000 after buying an additional 22 shares during the period. Bbva Compass Bancshares Inc. raised its stake in shares of Synchrony Financial by 0.3% in the second quarter. Bbva Compass Bancshares Inc. now owns 32,000 shares of the financial services provider’s stock worth $954,000 after buying an additional 94 shares during the period. ING Groep NV raised its stake in shares of Synchrony Financial by 0.4% in the second quarter. ING Groep NV now owns 39,434 shares of the financial services provider’s stock worth $1,176,000 after buying an additional 140 shares during the period. Patten Group Inc. raised its stake in shares of Synchrony Financial by 2.0% in the first quarter. Patten Group Inc. now owns 8,435 shares of the financial services provider’s stock worth $280,000 after buying an additional 165 shares during the period. Finally, IFP Advisors Inc raised its stake in shares of Synchrony Financial by 3.4% in the first quarter. IFP Advisors Inc now owns 6,216 shares of the financial services provider’s stock worth $213,000 after buying an additional 206 shares during the period. 89.61% of the stock is currently owned by institutional investors.
Synchrony Financial (SYF) opened at 29.20 on Friday. The company 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 P/E ratio of 10.97 and a beta of 1.01. Synchrony Financial has a one year low of $26.01 and a one year high of $38.06.
Synchrony Financial (NYSE:SYF) last posted its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.03. Synchrony Financial had a return on equity of 15.30% and a net margin of 13.84%. The company had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the previous year, the business earned $0.58 EPS. On average, equities research analysts anticipate that Synchrony Financial will post $2.60 EPS for the current year.
Synchrony Financial announced that its board has initiated a stock repurchase program on Thursday, May 18th that allows the company to buyback $1.64 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 17th. Shareholders of record on Monday, August 7th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, August 3rd. This is an increase from Synchrony Financial’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a yield of 2.05%. Synchrony Financial’s payout ratio is currently 22.64%.
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A number of brokerages have issued reports on SYF. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Synchrony Financial in a research note on Sunday, April 30th. TheStreet upgraded shares of Synchrony Financial from a “c” rating to a “b” rating in a research note on Monday, July 31st. BidaskClub lowered shares of Synchrony Financial from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. Morgan Stanley reiterated an “overweight” rating and set a $35.00 price target (up from $33.00) on shares of Synchrony Financial in a research note on Tuesday, July 25th. Finally, BTIG Research reiterated a “buy” rating and set a $36.00 price target on shares of Synchrony Financial in a research note on Wednesday, May 24th. 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 issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $37.46.
In other Synchrony Financial news, Director Paget Leonard Alves acquired 2,000 shares of the company’s stock in a transaction on Monday, July 24th. The shares were bought at an average cost of $30.85 per share, for a total transaction of $61,700.00. Following the acquisition, the director now directly owns 8,521 shares of the company’s stock, valued at $262,872.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.03% of the stock is owned by 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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