CIBC Asset Management Inc cut its stake in Synchrony Financial (NYSE:SYF) by 2.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 229,464 shares of the financial services provider’s stock after selling 6,549 shares during the quarter. CIBC Asset Management Inc’s holdings in Synchrony Financial were worth $7,125,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Berkshire Hathaway Inc. bought a new stake in shares of Synchrony Financial during the second quarter worth $520,747,000. Raymond James Financial Services Advisors Inc. lifted its position in shares of Synchrony Financial by 15.7% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 409,428 shares of the financial services provider’s stock worth $12,209,000 after purchasing an additional 55,662 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of Synchrony Financial by 1,820.5% during the second quarter. Janus Henderson Group PLC now owns 10,934,573 shares of the financial services provider’s stock worth $326,070,000 after purchasing an additional 10,365,219 shares during the last quarter. Amalgamated Bank lifted its position in shares of Synchrony Financial by 57.1% during the second quarter. Amalgamated Bank now owns 91,027 shares of the financial services provider’s stock worth $2,714,000 after purchasing an additional 33,101 shares during the last quarter. Finally, Pinebridge Investments L.P. lifted its position in shares of Synchrony Financial by 2,700.9% during the second quarter. Pinebridge Investments L.P. now owns 219,057 shares of the financial services provider’s stock worth $6,532,000 after purchasing an additional 211,236 shares during the last quarter. Institutional investors own 88.32% of the company’s stock.
In other news, insider Jonathan S. Mothner sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $32.82, for a total transaction of $49,230.00. Following the completion of the transaction, the insider now directly owns 113,934 shares of the company’s stock, valued at approximately $3,739,313.88. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Jonathan S. Mothner sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $33.50, for a total value of $33,500.00. Following the transaction, the insider now directly owns 113,578 shares of the company’s stock, valued at $3,804,863. The disclosure for this sale can be found here. Insiders own 0.03% of the company’s stock.
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Synchrony Financial (NYSE:SYF) last announced its quarterly earnings results on Friday, October 20th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.06. Synchrony Financial had a return on equity of 14.84% and a net margin of 13.17%. The company had revenue of $3.88 billion during the quarter, compared to the consensus estimate of $3.78 billion. During the same period in the previous year, the company posted $0.73 earnings per share. analysts expect that Synchrony Financial will post 2.6 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 16th. Shareholders of record on Monday, November 6th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend is Friday, November 3rd. Synchrony Financial’s payout ratio is presently 22.90%.
Several research firms have recently weighed in on SYF. BidaskClub downgraded Synchrony Financial from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Synchrony Financial in a report on Saturday, July 22nd. BMO Capital Markets restated a “buy” rating on shares of Synchrony Financial in a report on Friday, July 21st. JMP Securities lifted their price objective on Synchrony Financial from $35.00 to $37.00 and gave the company a “market outperform” rating in a report on Monday, October 23rd. Finally, Barclays PLC set a $40.00 price objective on Synchrony Financial and gave the company a “buy” rating in a report on Monday, October 23rd. Twelve investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $36.77.
Synchrony Financial 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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