New Jersey Better Educational Savings Trust Buys New Stake in Synchrony Financial (SYF)
New Jersey Better Educational Savings Trust bought a new stake in Synchrony Financial (NYSE:SYF) during the second quarter, Holdings Channel reports. The institutional investor bought 17,000 shares of the financial services provider’s stock, valued at approximately $507,000.
Other institutional investors have also bought and sold shares of the company. State of Alaska Department of Revenue acquired a new position in Synchrony Financial during the first quarter valued at approximately $152,000. Bank of The West increased its position in Synchrony Financial by 184.8% in the first quarter. Bank of The West now owns 66,043 shares of the financial services provider’s stock valued at $2,265,000 after buying an additional 42,851 shares during the last quarter. Telemus Capital LLC increased its position in Synchrony Financial by 13.5% in the first quarter. Telemus Capital LLC now owns 114,415 shares of the financial services provider’s stock valued at $3,924,000 after buying an additional 13,581 shares during the last quarter. Farmers & Merchants Investments Inc. increased its position in Synchrony Financial by 0.6% in the first quarter. Farmers & Merchants Investments Inc. now owns 54,826 shares of the financial services provider’s stock valued at $1,881,000 after buying an additional 339 shares during the last quarter. Finally, Reliance Trust Co. of Delaware increased its position in Synchrony Financial by 54.3% in the first quarter. Reliance Trust Co. of Delaware now owns 35,327 shares of the financial services provider’s stock valued at $1,211,000 after buying an additional 12,436 shares during the last quarter. 89.61% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Synchrony Financial (SYF) opened at 30.25 on Thursday. Synchrony Financial has a 52-week low of $26.01 and a 52-week high of $38.06. The firm has a market capitalization of $24.06 billion, a P/E ratio of 11.36 and a beta of 1.01. The company’s 50-day moving average price is $29.84 and its 200-day moving average price is $31.83.
Synchrony Financial (NYSE:SYF) last announced its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.61 EPS for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.03. Synchrony Financial had a net margin of 13.84% and a return on equity of 15.30%. The business had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the prior year, the business earned $0.58 EPS. On average, equities research analysts expect that Synchrony Financial will post $2.60 EPS for the current fiscal year.
Synchrony Financial declared that its Board of Directors has approved a share buyback plan on Thursday, May 18th that authorizes the company to repurchase $1.64 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.
The business also recently declared 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 represents a $0.60 dividend on an annualized basis and a yield of 1.98%. This is a positive change from Synchrony Financial’s previous quarterly dividend of $0.13. Synchrony Financial’s dividend payout ratio is 22.64%.
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Several equities analysts have commented on the stock. Morgan Stanley reissued an “overweight” rating and set a $35.00 target price (up from $33.00) on shares of Synchrony Financial in a research report on Tuesday, July 25th. BMO Capital Markets reissued a “buy” rating on shares of Synchrony Financial in a research report on Friday, July 21st. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Synchrony Financial in a research report on Saturday, July 22nd. BidaskClub downgraded shares of Synchrony Financial from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Finally, TheStreet raised shares of Synchrony Financial from a “c” rating to a “b” rating in a research report on Monday, July 31st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $37.46.
In related news, Director Paget Leonard Alves purchased 2,000 shares of the firm’s stock in a transaction that occurred on Monday, July 24th. The shares were acquired at an average price of $30.85 per share, for a total transaction of $61,700.00. Following the purchase, the director now owns 8,521 shares in the company, valued at $262,872.85. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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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