Evercore ISI Initiates Coverage on Synchrony Financial (NYSE:SYF)


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Evercore ISI assumed coverage on shares of Synchrony Financial (NYSE:SYF) in a research note issued to investors on Thursday, The Fly reports. The brokerage set an “outperform” rating on the financial services provider’s stock.

SYF has been the topic of a number of other reports. Wells Fargo & Company raised their price objective on shares of Synchrony Financial from $41.00 to $48.00 and gave the stock an “overweight” rating in a report on Monday, March 22nd. TheStreet raised Synchrony Financial from a “c+” rating to a “b” rating in a research report on Friday, February 12th. Compass Point boosted their target price on Synchrony Financial from $33.00 to $44.00 in a research note on Wednesday, December 23rd. Zacks Investment Research raised shares of Synchrony Financial from a “hold” rating to a “buy” rating and set a $41.00 price target for the company in a research note on Thursday, February 4th. Finally, JPMorgan Chase & Co. raised shares of Synchrony Financial from a “neutral” rating to an “overweight” rating and set a $46.00 price objective on the stock in a research report on Tuesday, January 19th. Three equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Synchrony Financial has a consensus rating of “Buy” and an average price target of $36.18.

Shares of Synchrony Financial stock traded down $0.24 during trading hours on Thursday, hitting $42.25. The company’s stock had a trading volume of 298,548 shares, compared to its average volume of 6,806,235. The company has a market capitalization of $24.67 billion, a PE ratio of 19.40, a price-to-earnings-growth ratio of 1.92 and a beta of 1.79. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.21 and a quick ratio of 1.21. The stock has a 50 day moving average of $40.40 and a 200 day moving average of $33.95. Synchrony Financial has a 12 month low of $14.02 and a 12 month high of $43.61.

Synchrony Financial (NYSE:SYF) last issued its quarterly earnings data on Thursday, January 28th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.33. Synchrony Financial had a return on equity of 12.73% and a net margin of 8.16%. The business had revenue of $3.66 billion during the quarter, compared to analyst estimates of $2.72 billion. During the same period in the previous year, the firm earned $1.10 EPS. Equities analysts expect that Synchrony Financial will post 2.47 EPS for the current year.

Synchrony Financial declared that its board has approved a stock repurchase plan on Tuesday, January 26th that permits the company to repurchase $1.60 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

In other Synchrony Financial news, insider David P. Melito sold 4,737 shares of the business’s stock in a transaction that occurred on Thursday, January 28th. The shares were sold at an average price of $34.83, for a total transaction of $164,989.71. Following the sale, the insider now directly owns 26,812 shares of the company’s stock, valued at approximately $933,861.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Whynott sold 20,480 shares of Synchrony Financial stock in a transaction dated Tuesday, March 2nd. The stock was sold at an average price of $39.76, for a total value of $814,284.80. In the last quarter, insiders have sold 27,422 shares of company stock worth $1,072,237. 0.45% of the stock is owned by corporate insiders.

Several hedge funds have recently bought and sold shares of SYF. DB Wealth Management Group LLC bought a new stake in shares of Synchrony Financial during the 4th quarter valued at about $31,000. Harvest Fund Management Co. Ltd bought a new position in shares of Synchrony Financial during the 4th quarter worth approximately $33,000. Sage Private Wealth Group LLC acquired a new stake in shares of Synchrony Financial during the 4th quarter worth approximately $38,000. Penserra Capital Management LLC increased its stake in shares of Synchrony Financial by 30.1% in the 4th quarter. Penserra Capital Management LLC now owns 1,194 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 276 shares in the last quarter. Finally, Avion Wealth acquired a new position in shares of Synchrony Financial during the 4th quarter valued at $43,000. 91.13% of the stock is owned by hedge funds and other institutional investors.

About Synchrony Financial

Synchrony Financial operates as a consumer financial services company in the United States. It provides a range of specialized financing programs and consumer banking products to digital, retail, home, auto, travel, health, and pet industries. The company also offers private label credit cards, dual cards, general purpose co-branded credit cards, and small and medium-sized business credit products; and promotional financing for consumer purchases, such as private label credit cards, dual cards, and installment loans.

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Analyst Recommendations for Synchrony Financial (NYSE:SYF)

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