Wealthfront Inc. boosted its position in shares of Synchrony Financial (NYSE:SYF) by 41.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,414 shares of the financial services provider’s stock after buying an additional 5,101 shares during the period. Wealthfront Inc.’s holdings in Synchrony Financial were worth $519,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in the business. California Public Employees Retirement System grew its stake in Synchrony Financial by 35.1% during the second quarter. California Public Employees Retirement System now owns 3,771,119 shares of the financial services provider’s stock worth $112,455,000 after buying an additional 980,500 shares in the last quarter. ETRADE Capital Management LLC grew its stake in Synchrony Financial by 17.8% during the second quarter. ETRADE Capital Management LLC now owns 37,474 shares of the financial services provider’s stock worth $1,118,000 after buying an additional 5,649 shares in the last quarter. FMR LLC grew its stake in Synchrony Financial by 27.1% during the second quarter. FMR LLC now owns 36,964,054 shares of the financial services provider’s stock worth $1,102,267,000 after buying an additional 7,874,689 shares in the last quarter. Vanguard Group Inc. grew its stake in Synchrony Financial by 1.9% during the second quarter. Vanguard Group Inc. now owns 52,233,692 shares of the financial services provider’s stock worth $1,557,609,000 after buying an additional 956,331 shares in the last quarter. Finally, Gluskin Sheff & Assoc Inc. acquired a new stake in Synchrony Financial during the second quarter worth about $20,980,000. Hedge funds and other institutional investors own 87.05% of the company’s stock.
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Shares of Synchrony Financial (SYF) traded up 0.7106% on Friday, reaching $29.0953. 719,699 shares of the company were exchanged. The stock’s 50-day moving average is $29.92 and its 200 day moving average is $30.47. The firm has a market capitalization of $23.14 billion, a PE ratio of 10.9258 and a beta of 1.01. Synchrony Financial has a 12-month low of $26.01 and a 12-month high of $38.06.
Synchrony Financial (NYSE:SYF) last issued its earnings results on Friday, July 21st. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.03. The business had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.59 billion. Synchrony Financial had a return on equity of 13.87% and a net margin of 13.43%. During the same quarter in the prior year, the firm earned $0.58 earnings per share. On average, analysts forecast that Synchrony Financial will post $2.60 EPS for the current year.
In other news, Director Paget Leonard Alves bought 2,000 shares of the business’s stock in a transaction on Monday, July 24th. The stock was acquired at an average price of $30.85 per share, with a total value of $61,700.00. Following the completion of the purchase, the director now directly owns 8,521 shares in the company, valued at $262,872.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.03% of the stock is owned by corporate insiders.
A number of equities research analysts have issued reports on the stock. Morgan Stanley reiterated an “overweight” rating and set a $35.00 price objective (up from $33.00) on shares of Synchrony Financial in a research note on Tuesday, July 25th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Synchrony Financial in a research note on Saturday, July 22nd. BMO Capital Markets reiterated a “buy” rating on shares of Synchrony Financial in a research note on Friday, July 21st. BidaskClub upgraded shares of Synchrony Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 26th. Finally, TheStreet upgraded shares of Synchrony Financial from a “c” rating to a “b” rating in a research note on Monday, July 31st. Ten equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $37.42.
Synchrony Financial 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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