Synchrony Financial (SYF) Receives $37.29 Average Target Price from Brokerages
Shares of Synchrony Financial (NYSE:SYF) have been assigned an average rating of “Buy” from the twenty-eight brokerages that are currently covering the stock, Marketbeat reports. Ten research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $37.29.
Several research firms recently weighed in on SYF. Morgan Stanley reiterated an “overweight” rating and set a $35.00 target price (up from $33.00) on shares of Synchrony Financial in a research report on Tuesday, July 25th. TheStreet upgraded Synchrony Financial from a “c” rating to a “b” rating in a research report on Monday, July 31st. BTIG Research reiterated a “buy” rating and set a $36.00 target price on shares of Synchrony Financial in a research report on Wednesday, May 24th. ValuEngine upgraded Synchrony Financial from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Finally, Zacks Investment Research upgraded Synchrony Financial from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 28th.
Shares of Synchrony Financial (NYSE:SYF) traded up 1.11% during mid-day trading on Tuesday, hitting $29.02. The company had a trading volume of 11,003,615 shares. Synchrony Financial has a 12 month low of $26.01 and a 12 month high of $38.06. The company has a market cap of $23.08 billion, a PE ratio of 10.90 and a beta of 1.01. The firm has a 50-day moving average of $29.97 and a 200-day moving average of $30.66.
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, topping 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 for the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the prior year, the business posted $0.58 earnings per share. On average, analysts expect that Synchrony Financial will post $2.60 EPS for the current year.
Synchrony Financial announced that its board has initiated a share repurchase plan on Thursday, May 18th that authorizes the company to repurchase $1.64 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Thursday, August 17th. Stockholders of record on Monday, August 7th were paid a $0.15 dividend. The ex-dividend date was Thursday, August 3rd. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.07%. This is a positive change from Synchrony Financial’s previous quarterly dividend of $0.13. Synchrony Financial’s dividend payout ratio (DPR) is 22.64%.
In related news, Director Paget Leonard Alves bought 2,000 shares of the stock in a transaction dated Monday, July 24th. The stock was acquired at an average price of $30.85 per share, for a total transaction of $61,700.00. Following the completion of the purchase, the director now owns 8,521 shares in the company, valued at $262,872.85. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.03% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Lord Abbett & CO. LLC grew its stake in Synchrony Financial by 26.6% during the 2nd quarter. Lord Abbett & CO. LLC now owns 491,800 shares of the financial services provider’s stock valued at $14,665,000 after purchasing an additional 103,300 shares in the last quarter. USA Financial Portformulas Corp acquired a new stake in Synchrony Financial during the 2nd quarter valued at approximately $433,000. Advisory Services Network LLC grew its stake in Synchrony Financial by 18.7% during the 2nd quarter. Advisory Services Network LLC now owns 12,571 shares of the financial services provider’s stock valued at $375,000 after purchasing an additional 1,977 shares in the last quarter. Afam Capital Inc. grew its stake in Synchrony Financial by 9.7% during the 2nd quarter. Afam Capital Inc. now owns 49,313 shares of the financial services provider’s stock valued at $1,471,000 after purchasing an additional 4,378 shares in the last quarter. Finally, BW Gestao de Investimentos Ltda. acquired a new stake in Synchrony Financial during the 2nd quarter valued at approximately $256,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.
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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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