APG Asset Management N.V. boosted its position in shares of Synchrony Financial (NYSE:SYF) by 43.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,574,514 shares of the financial services provider’s stock after buying an additional 1,080,200 shares during the period. APG Asset Management N.V. owned 0.44% of Synchrony Financial worth $106,592,000 as of its most recent filing with the SEC.
Other institutional investors have also recently modified their holdings of the company. National Pension Service raised its position in shares of Synchrony Financial by 1.8% in the first quarter. National Pension Service now owns 669,224 shares of the financial services provider’s stock worth $23,041,000 after buying an additional 11,797 shares during the last quarter. Augustine Asset Management Inc. raised its position in shares of Synchrony Financial by 11.2% in the first quarter. Augustine Asset Management Inc. now owns 72,988 shares of the financial services provider’s stock worth $2,503,000 after buying an additional 7,338 shares during the last quarter. Gulf International Bank UK Ltd raised its position in shares of Synchrony Financial by 1.2% in the first quarter. Gulf International Bank UK Ltd now owns 253,645 shares of the financial services provider’s stock worth $8,700,000 after buying an additional 3,100 shares during the last quarter. Creative Planning raised its position in shares of Synchrony Financial by 4.3% in the first quarter. Creative Planning now owns 5,863 shares of the financial services provider’s stock worth $201,000 after buying an additional 240 shares during the last quarter. Finally, Raymond James Trust N.A. raised its position in shares of Synchrony Financial by 4.3% in the first quarter. Raymond James Trust N.A. now owns 6,625 shares of the financial services provider’s stock worth $227,000 after buying an additional 274 shares during the last quarter. 89.61% of the stock is owned by hedge funds and other institutional investors.
Shares of Synchrony Financial (NYSE SYF) traded down 0.41% during mid-day trading on Friday, hitting $29.20. The company had a trading volume of 6,667,952 shares. The firm’s 50-day moving average price is $29.83 and its 200 day moving average price is $31.77. The company has a market capitalization of $23.22 billion, a P/E ratio of 10.97 and a beta of 1.01. Synchrony Financial has a one year low of $26.01 and a one year high of $38.06.
Synchrony Financial (NYSE:SYF) last announced its earnings results on Friday, July 21st. The financial services provider reported $0.61 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.03. The firm had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.59 billion. Synchrony Financial had a net margin of 13.84% and a return on equity of 15.30%. During the same period in the prior year, the business earned $0.58 EPS. Analysts predict that Synchrony Financial will post $2.60 earnings per share for the current fiscal year.
Synchrony Financial announced that its Board of Directors has approved a stock repurchase program on Thursday, May 18th that allows the company to buyback $1.64 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 17th. Investors of record on Monday, August 7th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Thursday, August 3rd. This is a positive change from Synchrony Financial’s previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a yield of 2.05%. Synchrony Financial’s dividend payout ratio is presently 22.64%.
A number of equities analysts have issued reports on the company. Morgan Stanley reaffirmed an “overweight” rating and set a $35.00 price target (up from $33.00) on shares of Synchrony Financial in a research note on Tuesday, July 25th. BMO Capital Markets reissued a “buy” rating on shares of Synchrony Financial in a research note on Friday, July 21st. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Synchrony Financial in a research note on Saturday, July 22nd. BidaskClub lowered Synchrony Financial from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Finally, TheStreet raised Synchrony Financial from a “c” rating to a “b” rating in a research note on Monday, July 31st. One research analyst has rated the stock with a sell rating, eight have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $37.46.
In related news, Director Paget Leonard Alves bought 2,000 shares of Synchrony Financial stock in a transaction that occurred on Monday, July 24th. The stock was purchased at an average cost of $30.85 per share, with a total value of $61,700.00. Following the purchase, the director now owns 8,521 shares in the company, valued at $262,872.85. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.03% of the stock is currently owned by corporate insiders.
Synchrony Financial Company Profile
Synchrony Financial is a consumer financial services company. The Company provides a range of credit products through programs it has established with a group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers. The Company’s revenue activities are managed through three sales platforms: Retail Card, Payment Solutions and CareCredit.
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