Synchrony Financial (NYSE:SYF) Forecasted to Post Q2 2024 Earnings of $1.51 Per Share

Synchrony Financial (NYSE:SYF) – Investment analysts at Seaport Res Ptn increased their Q2 2024 earnings per share (EPS) estimates for Synchrony Financial in a report released on Thursday, April 25th. Seaport Res Ptn analyst W. Ryan now anticipates that the financial services provider will earn $1.51 per share for the quarter, up from their previous forecast of $1.49. The consensus estimate for Synchrony Financial’s current full-year earnings is $5.57 per share. Seaport Res Ptn also issued estimates for Synchrony Financial’s Q3 2024 earnings at $1.88 EPS and FY2025 earnings at $4.45 EPS.

SYF has been the topic of several other reports. Wolfe Research upgraded shares of Synchrony Financial from an “underperform” rating to an “outperform” rating and lifted their price target for the company from $36.00 to $50.00 in a research note on Thursday, April 4th. JMP Securities upped their target price on Synchrony Financial from $35.00 to $42.00 and gave the stock a “market outperform” rating in a report on Friday, January 12th. Deutsche Bank Aktiengesellschaft initiated coverage on Synchrony Financial in a research note on Wednesday, January 10th. They issued a “buy” rating and a $56.00 price target for the company. Stephens upped their price objective on Synchrony Financial from $40.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 24th. Finally, Evercore ISI increased their price objective on Synchrony Financial from $45.00 to $47.00 and gave the company an “outperform” rating in a report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Synchrony Financial has a consensus rating of “Hold” and an average price target of $42.72.

Synchrony Financial Stock Performance

Shares of SYF stock opened at $44.67 on Friday. The firm has a market cap of $18.17 billion, a PE ratio of 6.41, a P/E/G ratio of 1.11 and a beta of 1.61. Synchrony Financial has a 12 month low of $26.59 and a 12 month high of $45.46. The company’s fifty day simple moving average is $41.67 and its 200-day simple moving average is $36.86. The company has a quick ratio of 1.22, a current ratio of 1.24 and a debt-to-equity ratio of 1.15.

Synchrony Financial (NYSE:SYF) last released its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $1.18 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.19). Synchrony Financial had a return on equity of 16.01% and a net margin of 13.49%. The firm had revenue of $5.57 billion for the quarter, compared to analyst estimates of $4.44 billion. During the same period last year, the company earned $1.35 EPS.

Synchrony Financial declared that its board has approved a share repurchase program on Wednesday, April 24th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 5.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Synchrony Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, May 6th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.24%. Synchrony Financial’s payout ratio is presently 14.35%.

Insider Transactions at Synchrony Financial

In other news, insider David P. Melito sold 7,283 shares of Synchrony Financial stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $38.99, for a total value of $283,964.17. Following the completion of the sale, the insider now directly owns 14,183 shares in the company, valued at $552,995.17. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, insider Brian D. Doubles sold 134,696 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $41.26, for a total transaction of $5,557,556.96. Following the sale, the insider now directly owns 660,353 shares of the company’s stock, valued at approximately $27,246,164.78. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider David P. Melito sold 7,283 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $38.99, for a total value of $283,964.17. Following the completion of the transaction, the insider now owns 14,183 shares in the company, valued at approximately $552,995.17. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 148,158 shares of company stock valued at $6,106,106. 0.65% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Synchrony Financial

Large investors have recently bought and sold shares of the company. SYSTM Wealth Solutions LLC raised its position in shares of Synchrony Financial by 4.2% in the 1st quarter. SYSTM Wealth Solutions LLC now owns 10,861 shares of the financial services provider’s stock valued at $468,000 after buying an additional 438 shares in the last quarter. LifePro Asset Management acquired a new position in Synchrony Financial during the first quarter valued at approximately $661,000. Verdence Capital Advisors LLC raised its position in Synchrony Financial by 2.2% during the first quarter. Verdence Capital Advisors LLC now owns 28,658 shares of the financial services provider’s stock valued at $1,236,000 after purchasing an additional 614 shares in the last quarter. New York State Teachers Retirement System lifted its stake in Synchrony Financial by 1.3% during the first quarter. New York State Teachers Retirement System now owns 500,227 shares of the financial services provider’s stock worth $21,570,000 after purchasing an additional 6,475 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Synchrony Financial by 4.9% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 518,913 shares of the financial services provider’s stock valued at $22,376,000 after purchasing an additional 24,318 shares in the last quarter. 96.48% of the stock is currently owned by institutional investors and hedge funds.

Synchrony Financial Company 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 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, and sweep and affinity deposits, as well as accepts deposits through third-party securities brokerage firms.