13,090 Shares in Synchrony Financial $SYF Purchased by Allstate Corp

Allstate Corp purchased a new stake in shares of Synchrony Financial (NYSE:SYF) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 13,090 shares of the financial services provider’s stock, valued at approximately $930,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. NorthCrest Asset Manangement LLC raised its stake in shares of Synchrony Financial by 16.0% in the third quarter. NorthCrest Asset Manangement LLC now owns 4,215 shares of the financial services provider’s stock valued at $299,000 after acquiring an additional 580 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Synchrony Financial by 17.6% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 47,644 shares of the financial services provider’s stock worth $3,378,000 after acquiring an additional 7,139 shares during the last quarter. Donoghue Forlines LLC acquired a new stake in Synchrony Financial during the 3rd quarter valued at $2,064,000. Sequoia Financial Advisors LLC increased its holdings in Synchrony Financial by 19.1% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 10,729 shares of the financial services provider’s stock valued at $762,000 after purchasing an additional 1,720 shares in the last quarter. Finally, Maryland State Retirement & Pension System raised its position in Synchrony Financial by 3.4% in the 3rd quarter. Maryland State Retirement & Pension System now owns 18,789 shares of the financial services provider’s stock valued at $1,335,000 after purchasing an additional 616 shares during the last quarter. 96.48% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SYF has been the topic of several research analyst reports. Hsbc Global Res upgraded Synchrony Financial from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 9th. Evercore ISI upped their price target on shares of Synchrony Financial from $83.00 to $84.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. BTIG Research reissued a “buy” rating and set a $100.00 price objective on shares of Synchrony Financial in a report on Thursday, October 16th. Weiss Ratings restated a “buy (b-)” rating on shares of Synchrony Financial in a research report on Wednesday, October 8th. Finally, Barclays boosted their target price on shares of Synchrony Financial from $86.00 to $101.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 6th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, Synchrony Financial presently has an average rating of “Moderate Buy” and a consensus price target of $86.47.

Insider Buying and Selling

In related news, insider Darrell Owens sold 2,989 shares of the stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $74.02, for a total value of $221,245.78. Following the sale, the insider directly owned 16,096 shares in the company, valued at $1,191,425.92. This trade represents a 15.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jonathan S. Mothner sold 32,000 shares of Synchrony Financial stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $72.80, for a total transaction of $2,329,600.00. Following the transaction, the insider directly owned 127,100 shares in the company, valued at $9,252,880. The trade was a 20.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 55,075 shares of company stock worth $4,036,892. Corporate insiders own 0.32% of the company’s stock.

Synchrony Financial Stock Performance

SYF stock opened at $77.11 on Thursday. Synchrony Financial has a twelve month low of $40.54 and a twelve month high of $88.77. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.91. The company has a market cap of $27.77 billion, a P/E ratio of 8.42, a price-to-earnings-growth ratio of 0.52 and a beta of 1.43. The business’s fifty day moving average is $80.63 and its 200-day moving average is $75.45.

Synchrony Financial announced that its board has authorized a stock buyback program on Wednesday, October 15th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 3.7% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

About Synchrony Financial

Synchrony Financial (NYSE: SYF) is a consumer financial services company that specializes in providing point-of-sale financing and private-label, co-branded and branded credit card programs. The company serves as a payments and lending partner to retailers, digital merchants and service providers, offering consumer financing solutions designed to drive customer engagement and sales. Synchrony also operates a direct bank that offers deposit products, including savings accounts and certificates of deposit, which support its funding and customer-facing product suite.

Its core product set includes private-label and co-branded credit cards, general-purpose credit cards, installment loan programs and promotional financing options that are integrated into merchants’ checkout experiences.