25,131 Synchrony Financial $SYF Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA cut its stake in Synchrony Financial (NYSE:SYF) by 6.3% in the third quarter, Holdings Channel reports. The fund owned 376,063 shares of the financial services provider’s stock after selling 25,131 shares during the period. Pictet Asset Management Holding SA’s holdings in Synchrony Financial were worth $26,690,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Bank of America Corp DE purchased a new position in Synchrony Financial during the second quarter worth about $1,122,961,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Synchrony Financial in the 2nd quarter valued at about $22,798,000. Raiffeisen Bank International AG boosted its holdings in Synchrony Financial by 7,984.0% in the 2nd quarter. Raiffeisen Bank International AG now owns 23,282 shares of the financial services provider’s stock valued at $1,825,000 after purchasing an additional 22,994 shares during the last quarter. Basswood Capital Management L.L.C. acquired a new position in Synchrony Financial in the 2nd quarter valued at about $45,734,000. Finally, Munich Reinsurance Co Stock Corp in Munich grew its stake in shares of Synchrony Financial by 243.6% in the 2nd quarter. Munich Reinsurance Co Stock Corp in Munich now owns 258,224 shares of the financial services provider’s stock valued at $19,638,000 after buying an additional 183,076 shares during the period. Hedge funds and other institutional investors own 96.48% of the company’s stock.

Synchrony Financial Stock Up 0.2%

Shares of NYSE:SYF opened at $71.88 on Thursday. The company has a market capitalization of $22.38 billion, a price-to-earnings ratio of 7.38, a PEG ratio of 0.88 and a beta of 1.40. Synchrony Financial has a 12-month low of $63.08 and a 12-month high of $88.77. The business has a 50-day moving average price of $74.22 and a 200 day moving average price of $73.49. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.15.

Synchrony Financial (NYSE:SYF) last posted its earnings results on Tuesday, October 20th. The financial services provider reported $2.68 EPS for the quarter, beating analysts’ consensus estimates of $2.42 by $0.26. The company had revenue of $3.82 billion for the quarter, compared to analysts’ expectations of $3.81 billion. Synchrony Financial had a net margin of 14.59% and a return on equity of 22.26%. During the same quarter in the prior year, the company posted $2.86 earnings per share. Sell-side analysts expect that Synchrony Financial will post 9.61 EPS for the current year.

Synchrony Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Thursday, November 5th will be paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Thursday, November 5th. Synchrony Financial’s payout ratio is 14.20%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SYF. Jefferies Financial Group restated a “buy” rating and set a $103.00 price target on shares of Synchrony Financial in a report on Tuesday, October 20th. UBS Group reduced their price target on shares of Synchrony Financial from $81.00 to $80.00 and set a “neutral” rating on the stock in a research report on Monday, November 2nd. TD Cowen decreased their price objective on Synchrony Financial from $90.00 to $86.00 and set a “buy” rating on the stock in a report on Tuesday, October 6th. Weiss Ratings upgraded Synchrony Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. Finally, Morgan Stanley lowered their price objective on Synchrony Financial from $84.00 to $83.00 and set an “equal weight” rating for the company in a research report on Monday, October 12th. Ten research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $87.78.

About Synchrony Financial

Synchrony Financial is a consumer financial services company that provides credit products and related services through partnerships with retailers, healthcare providers and other businesses. Its offerings include private-label and co-branded credit cards, installment loans and promotional financing options. The company also provides consumer banking products, including savings accounts and certificates of deposit. Its financing solutions serve customers in areas such as retail, home improvement, automotive, health and wellness, and digital commerce, primarily in the United States.