Hartford Investment Management Co. removed its position in shares of Synchrony Financial (NYSE: SYF – Get a rating) by 14.0% in the 1st quarter, HoldingsChannel reports. The fund held 63,577 shares of the financial services provider after purchasing an additional 7,807 shares during the period. Hartford Investment Management Co.’s holdings in Synchrony Financial were worth $2,213,000 at the end of the most recent period.
Several other hedge funds and other institutional investors have also recently increased or reduced their stakes in SYF. Baird Financial Group Inc. increased its stake in Synchrony Financial shares by 0.9% during the 4th quarter. Baird Financial Group Inc. now owns 25,965 shares of the financial services provider worth $1,205,000 after purchasing an additional 235 shares during the period. Geneos Wealth Management Inc. increased its stake in Synchrony Financial shares by 17.8% during the 4th quarter. Geneos Wealth Management Inc. now owns 1,588 shares of the financial services provider worth $73,000 after purchasing an additional 240 shares during the period. Venture Visionary Partners LLC increased its stake in Synchrony Financial shares by 2.1% during the 4th quarter. Venture Visionary Partners LLC now owns 12,615 shares of the financial services provider worth $585,000 after purchasing an additional 255 shares during the period. Camden Capital LLC increased its stake in Synchrony Financial shares by 4.7% during the 4th quarter. Camden Capital LLC now owns 6,108 shares of the financial services provider worth $283,000 after purchasing an additional 274 shares during the period. Finally, Maverick Capital Ltd. increased its stake in Synchrony Financial shares by 11.6% during the 4th quarter. Maverick Capital Ltd. now owns 2,820 shares of the financial services provider worth $131,000 after purchasing an additional 294 shares during the period. 98.26% of the shares are currently held by institutional investors.
Shares of NYSE SYF opened at $28.59 on Monday. Synchrony Financial has a 12-month low of $27.22 and a 12-month high of $52.49. The company has a current ratio of 1.24, a quick ratio of 1.18 and a debt ratio of 1.05. The company has a market capitalization of $14.34 billion, a price/earnings ratio of 3.88, a PEG ratio of 0.22 and a beta of 1.52. The company has a 50-day moving average of $33.71 and a 200-day moving average of $38.84.
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. Synchrony Financial had a return on equity of 29.99% and a net margin of 26.26%. The company posted revenue of $3.79 billion in the quarter, versus analyst estimates of $2.66 billion. In the same quarter a year earlier, the company earned earnings per share of $1.73. On average, analysts predict that Synchrony Financial will post 5.63 earnings per share for the current year.
Synchrony Financial said its board approved a stock repurchase plan on Monday, April 18 that allows the company to repurchase $2.80 billion of 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 repurchase plans often indicate that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 12. Shareholders of record on Monday, May 2 received a dividend of $0.22. The ex-dividend date was Friday, April 29. This represents a dividend of $0.88 on an annualized basis and a dividend yield of 3.08%. Synchrony Financial’s payout ratio is 11.94%.
A number of equity research analysts have recently commented on the company. Stephens lowered his target price on Synchrony Financial from $54.00 to $47.00 and set an “equal weight” rating on the stock in a Tuesday, April 19 research note. BMO Capital Markets raised its price target on Synchrony Financial from $49.00 to $52.00 and gave the stock an “outperform” rating in a Tuesday, April 19 report. Goldman Sachs Group raised its price target on Synchrony Financial from $40.00 to $45.00 and gave the stock a “buy” rating in a Tuesday, April 19 report. Piper Sandler cut her price target on Synchrony Financial from $49.00 to $42.00 and set an “overweight” rating for the company in a Wednesday, June 29 report. Finally, Wells Fargo & Company reduced its price target on Synchrony Financial from $52.00 to $45.00 and set an “overweight” rating for the company in a Wednesday, April 6 report. One research analyst rated the stock with a sell rating, six gave the company’s shares a hold rating and twelve issued a buy rating. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $50.61.
Synchrony Financial Company Profile (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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