Convergence Investment Partners LLC lowered its holdings in shares of Synchrony Financial (NYSE:SYF – Free Report) by 32.9% in the first quarter, Holdings Channel.com reports. The fund owned 36,606 shares of the financial services provider’s stock after selling 17,922 shares during the quarter. Convergence Investment Partners LLC’s holdings in Synchrony Financial were worth $2,490,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. FWL Investment Management LLC purchased a new stake in Synchrony Financial in the third quarter worth $26,000. Fideuram Asset Management Ireland dac bought a new stake in shares of Synchrony Financial during the fourth quarter worth $29,000. Advisors Asset Management Inc. purchased a new stake in shares of Synchrony Financial during the fourth quarter valued at $29,000. Palisade Asset Management LLC purchased a new stake in shares of Synchrony Financial during the third quarter valued at $29,000. Finally, Reflection Asset Management purchased a new stake in shares of Synchrony Financial during the fourth quarter valued at $31,000. Institutional investors own 96.48% of the company’s stock.
Wall Street Analyst Weigh In
Several research analysts recently commented on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Synchrony Financial in a research note on Friday. Loop Capital initiated coverage on shares of Synchrony Financial in a research report on Friday, May 22nd. They issued a “hold” rating and a $81.00 price objective for the company. UBS Group upped their target price on shares of Synchrony Financial from $77.00 to $84.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 7th. Barclays raised their target price on shares of Synchrony Financial from $82.00 to $93.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 22nd. Finally, HSBC lifted their price target on shares of Synchrony Financial from $93.00 to $97.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Twelve equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Synchrony Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.32.
Insider Activity at Synchrony Financial
In other news, insider Jonathan S. Mothner sold 51,258 shares of the business’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $71.23, for a total value of $3,651,107.34. Following the completion of the sale, the insider owned 132,664 shares in the company, valued at approximately $9,449,656.72. The trade was a 27.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.36% of the company’s stock.
Synchrony Financial Stock Performance
SYF stock opened at $73.48 on Tuesday. Synchrony Financial has a 1-year low of $63.08 and a 1-year high of $88.77. The business has a 50-day moving average price of $73.17 and a 200 day moving average price of $73.30. The company has a market capitalization of $24.72 billion, a P/E ratio of 7.60, a PEG ratio of 0.69 and a beta of 1.32. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.24 and a quick ratio of 1.24.
Synchrony Financial (NYSE:SYF – Get Free Report) last issued its earnings results on Tuesday, April 21st. The financial services provider reported $2.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.14 by $0.13. The company had revenue of $3.70 billion for the quarter, compared to analysts’ expectations of $3.81 billion. Synchrony Financial had a net margin of 15.80% and a return on equity of 23.41%. The firm’s quarterly revenue was down 7.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.89 EPS. As a group, equities research analysts forecast that Synchrony Financial will post 9.34 EPS for the current fiscal year.
Synchrony Financial declared that its Board of Directors has approved a share repurchase program on Tuesday, April 21st that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
Synchrony Financial Company 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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