New York State Common Retirement Fund cut its position in Synchrony Financial (NYSE:SYF – Free Report) by 7.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 451,644 shares of the financial services provider’s stock after selling 35,363 shares during the period. New York State Common Retirement Fund owned approximately 0.11% of Synchrony Financial worth $13,134,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of SYF. First Trust Advisors LP increased its holdings in shares of Synchrony Financial by 853.5% in the first quarter. First Trust Advisors LP now owns 6,218,641 shares of the financial services provider’s stock valued at $216,471,000 after purchasing an additional 5,566,481 shares during the period. Norges Bank acquired a new stake in Synchrony Financial during the fourth quarter worth about $151,220,000. AQR Capital Management LLC grew its holdings in Synchrony Financial by 151.8% during the first quarter. AQR Capital Management LLC now owns 4,764,164 shares of the financial services provider’s stock worth $135,016,000 after acquiring an additional 2,872,160 shares during the period. Renaissance Technologies LLC acquired a new stake in Synchrony Financial during the first quarter worth about $61,172,000. Finally, Ruffer LLP grew its holdings in Synchrony Financial by 223.4% during the fourth quarter. Ruffer LLP now owns 2,024,500 shares of the financial services provider’s stock worth $66,743,000 after acquiring an additional 1,398,500 shares during the period. 94.72% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other Synchrony Financial news, insider David P. Melito sold 15,015 shares of the firm’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $35.00, for a total transaction of $525,525.00. Following the completion of the sale, the insider now owns 13,960 shares of the company’s stock, valued at $488,600. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Brian D. Doubles sold 36,610 shares of Synchrony Financial stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $34.50, for a total value of $1,263,045.00. Following the completion of the sale, the insider now directly owns 565,240 shares of the company’s stock, valued at $19,500,780. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider David P. Melito sold 15,015 shares of Synchrony Financial stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $35.00, for a total value of $525,525.00. Following the completion of the sale, the insider now directly owns 13,960 shares of the company’s stock, valued at $488,600. The disclosure for this sale can be found here. 0.65% of the stock is owned by insiders.
Synchrony Financial Price Performance
Synchrony Financial (NYSE:SYF – Get Free Report) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.32 EPS for the quarter, beating the consensus estimate of $1.25 by $0.07. Synchrony Financial had a return on equity of 19.79% and a net margin of 12.90%. The firm had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $4.10 billion. During the same quarter last year, the firm earned $1.60 earnings per share. Equities research analysts expect that Synchrony Financial will post 5.04 EPS for the current fiscal year.
Synchrony Financial Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, August 10th. Investors of record on Monday, July 31st were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.14%. The ex-dividend date of this dividend was Friday, July 28th. This is a boost from Synchrony Financial’s previous quarterly dividend of $0.23. Synchrony Financial’s dividend payout ratio (DPR) is currently 18.52%.
Wall Street Analyst Weigh In
Several analysts recently commented on the company. Morgan Stanley reaffirmed an “underweight” rating and set a $29.00 target price (up from $28.00) on shares of Synchrony Financial in a report on Wednesday, July 19th. Oppenheimer downgraded Synchrony Financial from an “outperform” rating to a “market perform” rating in a research report on Friday, July 14th. Citigroup lowered their price target on Synchrony Financial from $44.00 to $43.00 in a research report on Friday, June 2nd. JMP Securities reiterated a “market outperform” rating and set a $42.00 price target on shares of Synchrony Financial in a research report on Friday, July 14th. Finally, UBS Group increased their price target on Synchrony Financial from $35.00 to $37.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 19th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company. According to MarketBeat, Synchrony Financial has a consensus rating of “Hold” and a consensus price target of $37.00.
Synchrony Financial Profile
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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