Los Angeles Capital Management & Equity Research Inc. lessened its position in Synchrony Financial (NYSE:SYF) by 90.1% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 188,355 shares of the financial services provider’s stock after selling 1,721,529 shares during the period. Los Angeles Capital Management & Equity Research Inc.’s holdings in Synchrony Financial were worth $5,617,000 as of its most recent filing with the SEC.
Several other large investors have also recently modified their holdings of SYF. Strs Ohio boosted its stake in shares of Synchrony Financial by 6.2% in the 1st quarter. Strs Ohio now owns 25,341 shares of the financial services provider’s stock valued at $869,000 after purchasing an additional 1,490 shares in the last quarter. Xact Kapitalforvaltning AB boosted its stake in shares of Synchrony Financial by 4.2% in the 1st quarter. Xact Kapitalforvaltning AB now owns 137,341 shares of the financial services provider’s stock valued at $4,711,000 after purchasing an additional 5,541 shares in the last quarter. Pictet Asset Management Ltd. boosted its stake in shares of Synchrony Financial by 0.8% in the 1st quarter. Pictet Asset Management Ltd. now owns 425,681 shares of the financial services provider’s stock valued at $14,601,000 after purchasing an additional 3,500 shares in the last quarter. Busey Trust CO boosted its stake in shares of Synchrony Financial by 4.8% in the 1st quarter. Busey Trust CO now owns 207,847 shares of the financial services provider’s stock valued at $7,129,000 after purchasing an additional 9,612 shares in the last quarter. Finally, MUFG Americas Holdings Corp acquired a new stake in shares of Synchrony Financial in the 1st quarter valued at $261,000. Institutional investors own 87.18% of the company’s stock.
Several equities research analysts have recently commented on the stock. Morgan Stanley restated an “overweight” rating and issued a $35.00 target price (up previously from $33.00) on shares of Synchrony Financial in a research note on Tuesday, July 25th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Synchrony Financial in a research report on Saturday, July 22nd. BMO Capital Markets reiterated a “buy” rating on shares of Synchrony Financial in a research report on Friday, July 21st. BidaskClub upgraded shares of Synchrony Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 26th. Finally, TheStreet upgraded shares of Synchrony Financial from a “c” rating to a “b” rating in a research report on Monday, July 31st. Ten analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $37.42.
In other news, Director Paget Leonard Alves purchased 2,000 shares of the business’s stock in a transaction dated Monday, July 24th. The shares were purchased at an average cost of $30.85 per share, with a total value of $61,700.00. Following the completion of the purchase, the director now owns 8,521 shares of the company’s stock, valued at approximately $262,872.85. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.03% of the company’s stock.
Shares of Synchrony Financial (NYSE:SYF) opened at 29.15 on Tuesday. Synchrony Financial has a 52 week low of $26.01 and a 52 week high of $38.06. The company has a market capitalization of $23.18 billion, a PE ratio of 10.95 and a beta of 1.01. The stock has a 50 day moving average price of $30.18 and a 200-day moving average price of $30.80.
Synchrony Financial (NYSE:SYF) last announced its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.61 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 for the quarter, compared to analyst estimates of $3.59 billion. During the same period last year, the firm posted $0.58 earnings per share. Equities research analysts expect that Synchrony Financial will post $2.60 EPS for the current year.
Synchrony Financial declared that its Board of Directors has initiated a share buyback program on Thursday, May 18th that authorizes the company to buyback $1.64 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 17th. Stockholders of record on Monday, August 7th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.06%. This is a positive change from Synchrony Financial’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Thursday, August 3rd. Synchrony Financial’s dividend payout ratio (DPR) is presently 22.64%.
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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