Synchrony Financial (NYSE:SYF) Stake Increased by HL Financial Services LLC
HL Financial Services LLC boosted its position in Synchrony Financial (NYSE:SYF) by 101.3% during the second quarter, Holdings Channel reports. The fund owned 17,968 shares of the financial services provider’s stock after buying an additional 9,043 shares during the period. HL Financial Services LLC’s holdings in Synchrony Financial were worth $536,000 as of its most recent filing with the SEC.
A number of other large investors have also recently added to or reduced their stakes in SYF. First Quadrant L P CA boosted its stake 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 worth $111,000 after buying an additional 1,328 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its stake 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 during the last quarter. State of Alaska Department of Revenue purchased a new stake in Synchrony Financial during the first quarter worth approximately $152,000. Coconut Grove Bank boosted its stake 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 during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its stake 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 during the last quarter. Institutional investors own 89.61% of the company’s stock.
Synchrony Financial (NYSE SYF) opened at 29.20 on Friday. Synchrony Financial has a 1-year low of $26.01 and a 1-year high of $38.06. The stock has a market capitalization of $23.22 billion, a price-to-earnings ratio of 10.97 and a beta of 1.01. The firm’s 50-day moving average is $29.83 and its 200 day moving average is $31.77.
Synchrony Financial (NYSE:SYF) last posted its quarterly earnings data 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 return on equity of 15.30% and a net margin of 13.84%. The firm had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the prior year, the company earned $0.58 EPS. Equities analysts anticipate that Synchrony Financial will post $2.60 EPS for the current fiscal year.
Synchrony Financial announced that its Board of Directors has initiated 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 a sign that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 17th. Investors of record on Monday, August 7th will be paid a $0.15 dividend. 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%. The ex-dividend date of this dividend is Thursday, August 3rd. Synchrony Financial’s dividend payout ratio is currently 22.64%.
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A number of equities research analysts have commented on the stock. Morgan Stanley restated an “overweight” rating and set a $35.00 target price (up previously from $33.00) on shares of Synchrony Financial in a research note on Tuesday, July 25th. Jefferies Group LLC reduced their price objective on shares of Synchrony Financial from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Monday, May 1st. JMP Securities reiterated an “outperform” rating and set a $35.00 price objective (down previously from $41.00) on shares of Synchrony Financial in a research report on Monday, May 1st. BTIG Research reduced their price objective on shares of Synchrony Financial from $42.00 to $36.00 and set a “buy” rating on the stock in a research report on Monday, May 1st. Finally, TheStreet upgraded shares of Synchrony Financial from a “c” rating to a “b” rating in a research report on Monday, July 31st. One 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 currently has an average rating of “Buy” and an average price target of $37.46.
In other news, Director Paget Leonard Alves acquired 2,000 shares of Synchrony Financial stock in a transaction that occurred 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 purchase, the director now owns 8,521 shares in the company, valued at $262,872.85. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.03% of the stock is currently 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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