Analysts at Evercore ISI assumed coverage on shares of Synchrony Financial (NYSE:SYF) in a research note issued to investors on Thursday, The Fly reports. The brokerage set an “outperform” rating on the financial services provider’s stock.
A number of other brokerages have also commented on SYF. JMP Securities raised their price target on Synchrony Financial from $36.00 to $43.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 26th. Morgan Stanley raised their target price on shares of Synchrony Financial from $53.00 to $54.00 and gave the stock an “overweight” rating in a research report on Thursday, April 1st. JPMorgan Chase & Co. upgraded shares of Synchrony Financial from a “neutral” rating to an “overweight” rating and set a $46.00 price target on the stock in a research report on Tuesday, January 19th. Wells Fargo & Company lifted their price objective on Synchrony Financial from $41.00 to $48.00 and gave the company an “overweight” rating in a research report on Monday, March 22nd. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Synchrony Financial from $51.00 to $54.00 and gave the stock a “buy” rating in a research report on Monday, February 1st. Three analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Synchrony Financial currently has a consensus rating of “Buy” and a consensus price target of $36.18.
Shares of NYSE:SYF traded down $0.24 during midday trading on Thursday, hitting $42.25. 298,548 shares of the stock traded hands, compared to its average volume of 6,806,235. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 1.39. The business’s 50 day moving average is $40.40 and its two-hundred day moving average is $33.95. The stock has a market capitalization of $24.67 billion, a PE ratio of 19.40, a P/E/G ratio of 1.92 and a beta of 1.79. Synchrony Financial has a one year low of $14.02 and a one year high of $43.61.
Synchrony Financial declared that its Board of Directors has initiated a share repurchase plan on Tuesday, January 26th that allows the company to buyback $1.60 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.
In other news, insider Paul Whynott sold 20,480 shares of the company’s stock in a transaction dated Tuesday, March 2nd. The shares were sold at an average price of $39.76, for a total transaction of $814,284.80. Also, insider David P. Melito sold 4,737 shares of the firm’s stock in a transaction that occurred on Thursday, January 28th. The stock was sold at an average price of $34.83, for a total transaction of $164,989.71. Following the completion of the transaction, the insider now directly owns 26,812 shares in the company, valued at approximately $933,861.96. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,422 shares of company stock worth $1,072,237. Corporate insiders own 0.45% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Public Sector Pension Investment Board lifted its position in Synchrony Financial by 25.5% during the third quarter. Public Sector Pension Investment Board now owns 64,997 shares of the financial services provider’s stock valued at $1,701,000 after purchasing an additional 13,200 shares in the last quarter. Engineers Gate Manager LP grew its stake in shares of Synchrony Financial by 22.1% during the 3rd quarter. Engineers Gate Manager LP now owns 34,190 shares of the financial services provider’s stock valued at $895,000 after acquiring an additional 6,180 shares during the period. Azora Capital LP purchased a new stake in Synchrony Financial in the 3rd quarter worth approximately $1,771,000. ExodusPoint Capital Management LP purchased a new position in Synchrony Financial during the third quarter valued at approximately $1,302,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of Synchrony Financial in the third quarter worth $806,000. 91.13% of the stock is owned by hedge funds and other institutional investors.
About Synchrony Financial
Synchrony Financial operates as a consumer financial services company in the United States. It provides a range of specialized financing programs and consumer banking products to digital, retail, home, auto, travel, health, and pet industries. The company also offers private label credit cards, dual cards, general purpose co-branded credit cards, and small and medium-sized business credit products; and promotional financing for consumer purchases, such as private label credit cards, dual cards, and installment loans.
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