CIBC World Markets Inc. raised its stake in Synchrony Financial (NYSE:SYF) by 436.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 73,501 shares of the financial services provider’s stock after buying an additional 59,811 shares during the quarter. CIBC World Markets Inc.’s holdings in Synchrony Financial were worth $2,192,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. First Quadrant L P CA grew its holdings in Synchrony Financial by 55.4% in the 2nd quarter. First Quadrant L P CA now owns 3,726 shares of the financial services provider’s stock valued at $111,000 after buying an additional 1,328 shares in the last quarter. Benjamin F. Edwards & Company Inc. grew its holdings in Synchrony Financial by 41.7% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 3,280 shares of the financial services provider’s stock valued at $113,000 after buying an additional 965 shares in the last quarter. State of Alaska Department of Revenue grew its holdings in Synchrony Financial by 19.7% in the 2nd quarter. State of Alaska Department of Revenue now owns 5,338 shares of the financial services provider’s stock valued at $159,000 after buying an additional 880 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in Synchrony Financial by 28.2% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 4,901 shares of the financial services provider’s stock valued at $168,000 after buying an additional 1,077 shares in the last quarter. Finally, Bronfman E.L. Rothschild L.P. grew its holdings in Synchrony Financial by 7.1% in the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 5,875 shares of the financial services provider’s stock valued at $202,000 after buying an additional 390 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.
Several analysts have issued reports on SYF shares. TheStreet upgraded Synchrony Financial from a “c” rating to a “b” rating in a report on Monday, July 31st. BTIG Research restated a “buy” rating and issued a $36.00 target price on shares of Synchrony Financial in a report on Wednesday, May 24th. BidaskClub upgraded Synchrony Financial from a “hold” rating to a “buy” rating in a report on Saturday, June 17th. ValuEngine upgraded Synchrony Financial from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Finally, Jefferies Group LLC restated a “buy” rating and issued a $40.00 target price on shares of Synchrony Financial in a report on Friday, June 9th. Ten investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. Synchrony Financial presently has an average rating of “Buy” and an average price target of $37.42.
Synchrony Financial (SYF) opened at 29.15 on Tuesday. The company’s 50-day moving average price is $30.18 and its 200 day moving average price is $30.80. Synchrony Financial has a 1-year low of $26.01 and a 1-year high of $38.06. The firm has a market cap of $23.18 billion, a price-to-earnings ratio of 10.95 and a beta of 1.01.
Synchrony Financial (NYSE:SYF) last posted its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating the Zacks’ 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 quarter in the previous year, the business earned $0.58 earnings per share. On average, equities analysts expect that Synchrony Financial will post $2.60 earnings per share for the current fiscal year.
Synchrony Financial announced that its Board of Directors has authorized a stock buyback 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 buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors 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 given a $0.15 dividend. This is an increase from Synchrony Financial’s previous quarterly dividend of $0.13. The ex-dividend date was Thursday, August 3rd. This represents a $0.60 annualized dividend and a dividend yield of 2.06%. Synchrony Financial’s dividend payout ratio is presently 22.64%.
In related news, Director Paget Leonard Alves bought 2,000 shares of the firm’s stock in a transaction dated Monday, July 24th. The stock was bought at an average price of $30.85 per share, with a total value of $61,700.00. Following the completion of the transaction, the director now directly owns 8,521 shares of the company’s stock, valued at $262,872.85. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.03% of the stock is owned by corporate insiders.
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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