SouthState Corp Has $145,000 Stock Holdings in Synchrony Financial $SYF

SouthState Corp lifted its holdings in Synchrony Financial (NYSE:SYF) by 71.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,176 shares of the financial services provider’s stock after buying an additional 910 shares during the quarter. SouthState Corp’s holdings in Synchrony Financial were worth $145,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Synchrony Financial by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 48,420,051 shares of the financial services provider’s stock valued at $2,563,358,000 after acquiring an additional 281,383 shares in the last quarter. Allianz Asset Management GmbH lifted its position in shares of Synchrony Financial by 6.5% during the first quarter. Allianz Asset Management GmbH now owns 5,868,022 shares of the financial services provider’s stock worth $310,653,000 after purchasing an additional 358,708 shares in the last quarter. Invesco Ltd. grew its stake in shares of Synchrony Financial by 13.7% during the first quarter. Invesco Ltd. now owns 5,858,422 shares of the financial services provider’s stock valued at $310,145,000 after purchasing an additional 706,212 shares during the last quarter. Southpoint Capital Advisors LP increased its holdings in shares of Synchrony Financial by 25.0% in the first quarter. Southpoint Capital Advisors LP now owns 5,000,000 shares of the financial services provider’s stock valued at $264,700,000 after purchasing an additional 1,000,000 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its position in Synchrony Financial by 36.0% in the 1st quarter. Ameriprise Financial Inc. now owns 4,900,281 shares of the financial services provider’s stock worth $259,421,000 after purchasing an additional 1,297,859 shares during the last quarter. Institutional investors own 96.48% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Redburn Atlantic upgraded Synchrony Financial to a “hold” rating in a research report on Friday, August 1st. Bank of America raised their price target on Synchrony Financial from $75.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, September 11th. Royal Bank Of Canada boosted their price objective on Synchrony Financial from $75.00 to $78.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 23rd. Morgan Stanley raised their target price on shares of Synchrony Financial from $72.00 to $82.00 and gave the company an “equal weight” rating in a research note on Monday, September 29th. Finally, Rothschild & Co Redburn began coverage on shares of Synchrony Financial in a research report on Friday, August 1st. They set a “neutral” rating and a $72.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $81.38.

Insider Activity at Synchrony Financial

In related news, insider Curtis Howse sold 12,086 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $74.02, for a total value of $894,605.72. Following the completion of the transaction, the insider directly owned 108,271 shares in the company, valued at approximately $8,014,219.42. The trade was a 10.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Arthur W. Coviello, Jr. sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $73.93, for a total transaction of $591,440.00. Following the completion of the transaction, the director owned 35,769 shares of the company’s stock, valued at $2,644,402.17. This trade represents a 18.28% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 23,075 shares of company stock worth $1,707,292 in the last quarter. Corporate insiders own 0.32% of the company’s stock.

Synchrony Financial Price Performance

Synchrony Financial stock opened at $73.17 on Friday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $26.35 billion, a P/E ratio of 7.99, a PEG ratio of 0.73 and a beta of 1.51. The business has a 50-day moving average of $73.63 and a 200-day moving average of $67.57. Synchrony Financial has a 1 year low of $40.54 and a 1 year high of $77.41.

Synchrony Financial (NYSE:SYF) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $2.86 earnings per share for the quarter, beating analysts’ consensus estimates of $2.22 by $0.64. The business had revenue of $3.82 billion for the quarter, compared to the consensus estimate of $3.79 billion. Synchrony Financial had a net margin of 15.84% and a return on equity of 22.96%. Synchrony Financial’s revenue for the quarter was up .2% on a year-over-year basis. During the same period last year, the company posted $1.94 EPS. Synchrony Financial has set its FY 2025 guidance at EPS. On average, equities analysts anticipate that Synchrony Financial will post 7.67 EPS for the current year.

Synchrony Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Stockholders of record on Wednesday, November 5th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, November 5th. This represents a $1.20 annualized dividend and a dividend yield of 1.6%. Synchrony Financial’s payout ratio is 13.10%.

Synchrony Financial announced that its board has initiated a stock buyback plan 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 reacquire up to 3.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

About Synchrony Financial

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.