Cambridge Investment Research Advisors Inc. grew its holdings in shares of Synchrony Financial (NYSE:SYF) by 124.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 15,359 shares of the financial services provider’s stock after purchasing an additional 8,525 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Synchrony Financial were worth $458,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of SYF. BlackRock Inc. lifted its stake in shares of Synchrony Financial by 2,275.1% during the 1st quarter. BlackRock Inc. now owns 48,272,035 shares of the financial services provider’s stock worth $1,655,730,000 after purchasing an additional 46,239,640 shares during the period. Boston Partners lifted its stake in shares of Synchrony Financial by 39.3% during the 2nd quarter. Boston Partners now owns 12,891,959 shares of the financial services provider’s stock worth $384,439,000 after purchasing an additional 3,637,487 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Synchrony Financial by 46.7% during the 1st quarter. JPMorgan Chase & Co. now owns 10,529,375 shares of the financial services provider’s stock worth $361,158,000 after purchasing an additional 3,354,021 shares during the period. Renaissance Technologies LLC purchased a new position in shares of Synchrony Financial during the 1st quarter worth $106,320,000. Finally, Morgan Stanley lifted its stake in shares of Synchrony Financial by 66.3% during the 1st quarter. Morgan Stanley now owns 7,059,204 shares of the financial services provider’s stock worth $242,130,000 after purchasing an additional 2,814,215 shares during the period. 87.18% of the stock is currently owned by institutional investors.
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A number of brokerages have weighed in on SYF. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Synchrony Financial in a research note on Saturday, July 22nd. BidaskClub lowered Synchrony Financial from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. ValuEngine raised Synchrony Financial from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Jefferies Group LLC reissued a “buy” rating and set a $40.00 price target on shares of Synchrony Financial in a research note on Friday, June 9th. Finally, BMO Capital Markets reissued a “buy” rating on shares of Synchrony Financial in a research note on Friday, July 21st. Ten analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $37.42.
In other Synchrony Financial news, Director Paget Leonard Alves acquired 2,000 shares of Synchrony Financial stock in a transaction that occurred on Monday, July 24th. The stock was acquired at an average price of $30.85 per share, with a total value of $61,700.00. Following the purchase, the director now owns 8,521 shares in the company, valued at $262,872.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.03% of the stock is currently owned by insiders.
Shares of Synchrony Financial (NYSE SYF) opened at 29.19 on Wednesday. Synchrony Financial has a one year low of $26.01 and a one year high of $38.06. The company has a 50-day moving average price of $30.15 and a 200 day moving average price of $30.79. The firm has a market capitalization of $23.22 billion, a P/E ratio of 10.96 and a beta of 1.01.
Synchrony Financial (NYSE:SYF) last released its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.03. Synchrony Financial had a net margin of 13.84% and a return on equity of 15.30%. The business had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the previous year, the business earned $0.58 EPS. Analysts expect that Synchrony Financial will post $2.60 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 17th. Investors of record on Monday, August 7th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.06%. The ex-dividend date was Thursday, August 3rd. This is a positive change from Synchrony Financial’s previous quarterly dividend of $0.13. Synchrony Financial’s payout ratio is presently 22.64%.
Synchrony Financial declared that its Board of Directors has approved a stock repurchase program on Thursday, May 18th that permits the company to repurchase $1.64 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
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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