Maryland State Retirement & Pension System lowered its position in shares of Synchrony Financial (NYSE:SYF – Get Rating) by 4.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 40,222 shares of the financial services provider’s stock after selling 1,677 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Synchrony Financial were worth $1,400,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. CVA Family Office LLC acquired a new position in Synchrony Financial during the fourth quarter valued at approximately $30,000. Blue Bell Private Wealth Management LLC acquired a new position in shares of Synchrony Financial in the fourth quarter valued at approximately $30,000. Spire Wealth Management boosted its holdings in shares of Synchrony Financial by 1,219.7% in the fourth quarter. Spire Wealth Management now owns 871 shares of the financial services provider’s stock valued at $40,000 after buying an additional 805 shares during the period. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Synchrony Financial by 115.7% in the fourth quarter. Massmutual Trust Co. FSB ADV now owns 964 shares of the financial services provider’s stock valued at $45,000 after buying an additional 517 shares during the period. Finally, Andrew Hill Investment Advisors Inc. acquired a new position in shares of Synchrony Financial in the fourth quarter valued at approximately $46,000. Hedge funds and other institutional investors own 98.26% of the company’s stock.
A number of brokerages have recently commented on SYF. Wolfe Research lowered shares of Synchrony Financial from a “peer perform” rating to an “underperform” rating and set a $22.00 price objective on the stock. in a research report on Thursday, May 12th. Piper Sandler raised shares of Synchrony Financial from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $48.00 to $49.00 in a research report on Wednesday, April 6th. StockNews.com raised shares of Synchrony Financial from a “hold” rating to a “buy” rating in a research report on Monday. The Goldman Sachs Group upped their price target on shares of Synchrony Financial from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, April 19th. Finally, Wells Fargo & Company dropped their price target on shares of Synchrony Financial from $52.00 to $45.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 6th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $51.00.
Synchrony Financial (NYSE:SYF – Get Rating) last posted its earnings results on Monday, April 18th. The financial services provider reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of $1.53 by $0.20. The firm had revenue of $3.79 billion during the quarter, compared to analysts’ expectations of $2.66 billion. Synchrony Financial had a net margin of 26.26% and a return on equity of 29.99%. During the same quarter in the prior year, the business earned $1.73 earnings per share. On average, sell-side analysts expect that Synchrony Financial will post 5.63 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, May 12th. Stockholders of record on Monday, May 2nd were issued a $0.22 dividend. The ex-dividend date was Friday, April 29th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.03%. Synchrony Financial’s dividend payout ratio (DPR) is currently 11.94%.
Synchrony Financial declared that its Board of Directors has initiated a share repurchase plan on Monday, April 18th that allows the company to repurchase $2.80 billion in shares. This repurchase authorization allows the financial services provider to buy up to 13.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.
About Synchrony Financial (Get 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-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 to retail and commercial customers, as well as accepts deposits through third-party securities brokerage firms.
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