JPMorgan Chase & Co. Increases Synchrony Financial (NYSE:SYF) Price Target to $46.00

Synchrony Financial (NYSE:SYF) had its price objective upped by JPMorgan Chase & Co. from $42.00 to $46.00 in a research note published on Thursday, Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

Several other brokerages have also recently issued reports on SYF. Piper Sandler lifted their target price on shares of Synchrony Financial from $46.00 to $48.00 and gave the stock an overweight rating in a report on Wednesday, January 24th. BMO Capital Markets cut shares of Synchrony Financial from an outperform rating to a market perform rating and set a $40.00 price objective for the company. in a report on Wednesday, January 10th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Synchrony Financial in a report on Wednesday, January 10th. They set a buy rating and a $56.00 price objective for the company. Oppenheimer reissued a market perform rating on shares of Synchrony Financial in a report on Wednesday, March 6th. Finally, Evercore ISI boosted their price objective on shares of Synchrony Financial from $45.00 to $47.00 and gave the company an outperform rating in a report on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Hold and an average price target of $42.72.

Synchrony Financial Trading Down 0.8 %

NYSE:SYF opened at $44.66 on Thursday. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.24 and a quick ratio of 1.22. The firm has a market capitalization of $18.17 billion, a P/E ratio of 6.41, a PEG ratio of 1.11 and a beta of 1.61. Synchrony Financial has a one year low of $26.59 and a one year high of $45.33. The company’s 50-day simple moving average is $41.56 and its 200 day simple moving average is $36.76.

Synchrony Financial (NYSE:SYF) last issued its earnings results on Wednesday, April 24th. The financial services provider reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.37 by ($0.19). The firm had revenue of $5.57 billion during the quarter, compared to analysts’ expectations of $4.44 billion. Synchrony Financial had a return on equity of 16.01% and a net margin of 13.49%. During the same period last year, the firm posted $1.35 earnings per share. As a group, analysts forecast that Synchrony Financial will post 5.57 EPS for the current fiscal year.

Synchrony Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, May 6th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date is Friday, May 3rd. Synchrony Financial’s payout ratio is 14.35%.

Synchrony Financial announced that its board has initiated a share buyback plan on Wednesday, April 24th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 5.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Synchrony Financial

In other news, insider David P. Melito sold 7,283 shares of the stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $38.99, for a total value of $283,964.17. Following the sale, the insider now owns 14,183 shares of the company’s stock, valued at $552,995.17. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Curtis Howse sold 6,179 shares of the stock in a transaction on Friday, March 15th. The shares were sold at an average price of $42.82, for a total value of $264,584.78. Following the sale, the insider now owns 152,604 shares of the company’s stock, valued at $6,534,503.28. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider David P. Melito sold 7,283 shares of the stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $38.99, for a total transaction of $283,964.17. Following the completion of the sale, the insider now directly owns 14,183 shares in the company, valued at approximately $552,995.17. The disclosure for this sale can be found here. Insiders have sold a total of 148,158 shares of company stock valued at $6,106,106 over the last 90 days. 0.65% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Exchange Traded Concepts LLC purchased a new position in Synchrony Financial in the 3rd quarter worth about $35,000. Massmutual Trust Co. FSB ADV grew its holdings in Synchrony Financial by 44.1% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 1,274 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 390 shares in the last quarter. Future Financial Wealth Managment LLC bought a new position in Synchrony Financial during the 1st quarter worth about $60,000. Brown Brothers Harriman & Co. grew its holdings in Synchrony Financial by 56.6% during the 4th quarter. Brown Brothers Harriman & Co. now owns 1,445 shares of the financial services provider’s stock worth $55,000 after acquiring an additional 522 shares in the last quarter. Finally, Wetzel Investment Advisors Inc. bought a new position in Synchrony Financial during the 4th quarter worth about $55,000. Hedge funds and other institutional investors own 96.48% of the company’s stock.

About Synchrony Financial

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 co-brand 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, and sweep and affinity deposits, as well as accepts deposits through third-party securities brokerage firms.