The Alaska State Department of Revenue reduced its stake in Synchrony Financial (NYSE: SYF – Get a rating) by 10.8% during the first quarter, Participation channel reports. The institutional investor held 267,723 shares of the financial services provider after selling 32,355 shares during the period. The Alaska State Department of Revenue’s holdings in Synchrony Financial were worth $9,318,000 when it was last filed with the SEC.
Other major investors have also changed their positions in the company. Wedge Capital Management LLP NC increased its stake in Synchrony Financial by 28.0% in the 1st quarter. Wedge Capital Management LLP NC now owns 848,402 shares of the financial services provider valued at $29,533,000 after purchasing an additional 185,837 shares in the last quarter. NuWave Investment Management LLC increased its holdings in Synchrony Financial by 65.0% in the first quarter. NuWave Investment Management LLC now owns 11,030 shares of the financial services provider worth $384,000 after purchasing an additional 4,344 shares during the period. Brookstone Capital Management acquired a new stake in Synchrony Financial in the first quarter worth $238,000. Insight Wealth Strategies LLC increased its holdings in Synchrony Financial by 23.9% in the first quarter. Insight Wealth Strategies LLC now owns 32,718 shares of the financial services provider worth $1,139,000 after purchasing an additional 6,308 shares during the period. Finally, Arden Trust Co increased its holdings of Synchrony Financial shares by 2.1% in the first quarter. Arden Trust Co now owns 16,615 shares of the financial services provider valued at $578,000 after buying 344 additional shares in the last quarter. Hedge funds and other institutional investors hold 98.26% of the company’s shares.
Synchrony Financial Action opened at $29.54 on Friday. The company has a current ratio of 1.24, a quick ratio of 1.18 and a debt ratio of 1.05. Synchrony Financial has a 12-month low of $27.40 and a 12-month high of $52.49. The stock’s 50-day simple moving average is $34.83 and its two-hundred-day simple moving average is $39.55. The company has a market capitalization of $14.81 billion, a PE ratio of 4.01, a P/E/G ratio of 0.22 and a beta of 1.43.
Synchrony Financial (NYSE: SYF – Get a rating) last released its quarterly earnings data on Monday, April 18. The financial services provider reported EPS of $1.73 for the quarter, beating the consensus estimate of $1.53 by $0.20. The company posted revenue of $3.79 billion in the quarter, versus a consensus estimate of $2.66 billion. Synchrony Financial had a return on equity of 29.99% and a net margin of 26.26%. During the same period of the previous year, the company achieved EPS of $1.73. On average, equity research analysts expect Synchrony Financial to post an EPS of 5.63 for the current year.
Synchrony Financial announced that its board authorized a share buyback program on Monday, April 18 that allows the company to repurchase $2.80 billion in outstanding stock. This repurchase authorization allows the financial services provider to repurchase up to 13.6% of its shares through purchases on the open market. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Thursday, May 12. Shareholders of record on Monday, May 2 received a dividend of $0.22 per share. This represents a dividend of $0.88 on an annualized basis and a dividend yield of 2.98%. The ex-dividend date was Friday, April 29. Synchrony Financial’s dividend payout ratio is currently 11.94%.
A number of research analysts have weighed in on SYF shares recently. Wolfe Research downgraded Synchrony Financial shares from a “peer performing” rating to an “underperforming” rating and set a price target of $22.00 for the stock. in a research report on Thursday, May 12. Piper Sandler upgraded Synchrony Financial shares from a ‘neutral’ to an ‘overweight’ rating and raised her price target for the company from $48.00 to $49.00 in a Wednesday research report April 6. Wells Fargo & Company cut its price target on Synchrony Financial shares from $52.00 to $45.00 and set an “overweight” rating for the company in a Wednesday, April 6 research note. StockNews.com upgraded Synchrony Financial shares from a “hold” rating to a “buy” rating in a Monday, June 20 research note. Finally, Bank of America lowered its price target on Synchrony Financial shares from $52.00 to $45.00 in a Thursday, March 17 report. One stock research analyst rated the stock with a sell rating, five gave the company a hold rating and thirteen gave the company’s stock a buy rating. According to data from MarketBeat, Synchrony Financial has an average rating of “Moderate Buy” and an average target price of $51.00.
About Synchrony Financial (Get a rating)
Synchrony Financial, together with its subsidiaries, operates as a consumer financial services company in the United States. It provides credit products, such as credit cards, commercial credit products and consumer installment loans. The company also offers private label credit cards, dual cards, co-branded and general purpose credit cards, short and long term installment loans and consumer banking products; and deposit products, including certificates of deposit, individual retirement accounts, money market accounts, and savings accounts for retail and commercial customers, as well as deposits through brokerage firms in third-party securities.
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