Quantitative Investment Management LLC purchased a new stake in Synchrony Financial (NYSE:SYF – Free Report) during the second quarter, Holdings Channel.com reports. The institutional investor purchased 10,930 shares of the financial services provider’s stock, valued at approximately $831,000.
Several other institutional investors and hedge funds also recently made changes to their positions in SYF. BlackRock Inc. bought a new position in shares of Synchrony Financial during the second quarter worth about $2,349,452,000. Bank of America Corp DE bought a new stake in Synchrony Financial in the second quarter valued at approximately $1,122,961,000. Norges Bank bought a new stake in Synchrony Financial in the fourth quarter valued at approximately $383,231,000. Legal & General Group Plc acquired a new stake in Synchrony Financial during the 2nd quarter valued at approximately $209,305,000. Finally, Bank of New York Mellon Corp acquired a new stake in Synchrony Financial during the 2nd quarter valued at approximately $193,684,000. Institutional investors and hedge funds own 96.48% of the company’s stock.
Synchrony Financial Stock Down 0.6%
Shares of NYSE SYF opened at $76.63 on Wednesday. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 1.08. The firm has a market cap of $24.93 billion, a PE ratio of 7.85, a P/E/G ratio of 0.71 and a beta of 1.32. The company’s fifty day simple moving average is $76.70 and its 200 day simple moving average is $73.16. Synchrony Financial has a 12-month low of $63.08 and a 12-month high of $88.77.
Synchrony Financial Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Wednesday, August 5th were paid a $0.34 dividend. The ex-dividend date was Wednesday, August 5th. This represents a $1.36 annualized dividend and a dividend yield of 1.8%. This is a boost from Synchrony Financial’s previous quarterly dividend of $0.30. Synchrony Financial’s dividend payout ratio (DPR) is 13.93%.
Wall Street Analyst Weigh In
SYF has been the topic of a number of recent analyst reports. Wolfe Research boosted their price target on shares of Synchrony Financial from $85.00 to $90.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 25th. UBS Group upped their price target on shares of Synchrony Financial from $84.00 to $87.00 and gave the company a “neutral” rating in a research report on Monday, August 3rd. Weiss Ratings reissued a “buy (b-)” rating on shares of Synchrony Financial in a research report on Friday, July 17th. HSBC upped their target price on Synchrony Financial from $93.00 to $97.00 and gave the company a “buy” rating in a research report on Monday, July 13th. Finally, Wells Fargo & Company decreased their target price on Synchrony Financial from $95.00 to $88.00 and set an “overweight” rating for the company in a research note on Wednesday, July 22nd. Twelve research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $87.78.
Get Our Latest Report on Synchrony Financial
Synchrony Financial Profile
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.
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