Oppenheimer & Co. Inc. Trims Stock Holdings in Synchrony Financial (NYSE:SYF)
Oppenheimer & Co. Inc. lowered its holdings in Synchrony Financial (NYSE:SYF) by 29.4% in the second quarter, HoldingsChannel reports. The firm owned 14,360 shares of the financial services provider’s stock after selling 5,992 shares during the period. Oppenheimer & Co. Inc.’s holdings in Synchrony Financial were worth $498,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. Capital Investment Advisory Services LLC bought a new position in Synchrony Financial during the 2nd quarter worth approximately $30,000. Allstate Corp raised its position in shares of Synchrony Financial by 7.9% during the 1st quarter. Allstate Corp now owns 74,158 shares of the financial services provider’s stock valued at $2,366,000 after acquiring an additional 5,414 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Synchrony Financial by 65.2% during the 1st quarter. AQR Capital Management LLC now owns 10,848,426 shares of the financial services provider’s stock valued at $346,065,000 after acquiring an additional 4,281,422 shares in the last quarter. Intrust Bank NA lifted its stake in Synchrony Financial by 8.0% during the first quarter. Intrust Bank NA now owns 19,272 shares of the financial services provider’s stock worth $615,000 after purchasing an additional 1,430 shares during the last quarter. Finally, Grove Bank & Trust lifted its stake in Synchrony Financial by 5.4% during the second quarter. Grove Bank & Trust now owns 7,619 shares of the financial services provider’s stock worth $264,000 after purchasing an additional 390 shares during the last quarter. Hedge funds and other institutional investors own 86.62% of the company’s stock.
In other news, insider David P. Melito sold 3,204 shares of the stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $36.00, for a total value of $115,344.00. Following the completion of the transaction, the insider now owns 23,567 shares of the company’s stock, valued at $848,412. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Margaret M. Keane sold 125,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $33.82, for a total transaction of $4,227,500.00. Following the transaction, the insider now directly owns 648,901 shares in the company, valued at approximately $21,945,831.82. The disclosure for this sale can be found here. Insiders own 0.32% of the company’s stock.
Synchrony Financial (NYSE:SYF) last released its quarterly earnings results on Friday, July 19th. The financial services provider reported $0.97 EPS for the quarter, topping the consensus estimate of $0.96 by $0.01. Synchrony Financial had a net margin of 17.82% and a return on equity of 19.50%. The business had revenue of $4.16 billion during the quarter, compared to analyst estimates of $4.19 billion. During the same quarter in the prior year, the firm earned $0.92 earnings per share. On average, research analysts forecast that Synchrony Financial will post 4.21 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.61%. This is a positive change from Synchrony Financial’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend was Friday, August 2nd. Synchrony Financial’s payout ratio is presently 23.53%.
SYF has been the subject of several recent research reports. Nomura boosted their target price on shares of Synchrony Financial from $39.00 to $43.00 and gave the company a “buy” rating in a research note on Wednesday. ValuEngine cut shares of Synchrony Financial from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. BMO Capital Markets set a $43.00 price target on shares of Synchrony Financial and gave the stock a “buy” rating in a research report on Sunday, July 21st. Buckingham Research started coverage on shares of Synchrony Financial in a report on Monday, July 22nd. They issued a “buy” rating and a $42.00 price target for the company. Finally, BTIG Research reaffirmed a “buy” rating and issued a $42.00 price target on shares of Synchrony Financial in a report on Monday, July 22nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $38.71.
About Synchrony Financial
Synchrony Financial operates as a consumer financial services company in the United States. The company offers private label credit cards, dual cards, general purpose co-branded credit cards, and small and medium-sized business credit products; and promotional financing for consumer purchases, such as private label credit cards and installment loans.
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