Synchrony Financial (NYSE:SYF) Position Reduced by Candriam Luxembourg S.C.A.
Candriam Luxembourg S.C.A. decreased its stake in shares of Synchrony Financial (NYSE:SYF) by 60.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,785 shares of the financial services provider’s stock after selling 77,603 shares during the period. Candriam Luxembourg S.C.A.’s holdings in Synchrony Financial were worth $1,514,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in SYF. BlackRock Inc. raised its position in shares of Synchrony Financial by 2,275.1% in the first quarter. BlackRock Inc. now owns 48,272,035 shares of the financial services provider’s stock valued at $1,655,730,000 after buying an additional 46,239,640 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Synchrony Financial by 46.7% in the first quarter. JPMorgan Chase & Co. now owns 10,529,375 shares of the financial services provider’s stock valued at $361,158,000 after buying an additional 3,354,021 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Synchrony Financial during the first quarter valued at about $106,320,000. Morgan Stanley raised its position in shares of Synchrony Financial by 66.3% in the first quarter. Morgan Stanley now owns 7,059,204 shares of the financial services provider’s stock valued at $242,130,000 after buying an additional 2,814,215 shares in the last quarter. Finally, Schroder Investment Management Group raised its position in shares of Synchrony Financial by 76.8% in the first quarter. Schroder Investment Management Group now owns 4,168,036 shares of the financial services provider’s stock valued at $143,504,000 after buying an additional 1,811,089 shares in the last quarter. 89.61% of the stock is currently owned by institutional investors.
Synchrony Financial (SYF) opened at 29.20 on Friday. Synchrony Financial has a 52-week low of $26.01 and a 52-week high of $38.06. The stock has a market cap of $23.22 billion, a P/E ratio of 10.97 and a beta of 1.01. The stock has a 50 day moving average price of $29.83 and a 200 day moving average price of $31.77.
Synchrony Financial (NYSE:SYF) last announced its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.03. Synchrony Financial had a return on equity of 15.30% and a net margin of 13.84%. The firm had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the prior year, the firm earned $0.58 EPS. On average, equities research analysts forecast that Synchrony Financial will post $2.60 EPS for the current year.
Synchrony Financial announced that its Board of Directors has initiated a stock repurchase plan on Thursday, May 18th that authorizes the company to repurchase $1.64 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management 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 issued a $0.15 dividend. This is an increase from Synchrony Financial’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a yield of 2.05%. The ex-dividend date of this dividend is Thursday, August 3rd. Synchrony Financial’s dividend payout ratio is currently 22.64%.
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SYF has been the topic of several recent analyst reports. Barclays PLC upped their target price on Synchrony Financial from $36.00 to $47.00 and gave the company an “overweight” rating in a research report on Monday, May 1st. BTIG Research cut their price objective on Synchrony Financial from $42.00 to $36.00 and set a “buy” rating on the stock in a report on Monday, May 1st. Goldman Sachs Group, Inc. (The) lowered Synchrony Financial from a “conviction-buy” rating to a “neutral” rating and cut their price objective for the company from $44.00 to $33.00 in a report on Friday, April 28th. Stephens lowered Synchrony Financial from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $44.00 to $29.00 in a report on Monday, May 1st. Finally, TheStreet lowered Synchrony Financial from a “b” rating to a “c+” rating in a report on Wednesday, May 3rd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $37.46.
In related news, Director Paget Leonard Alves purchased 2,000 shares of the stock in a transaction that occurred on Monday, July 24th. The stock was purchased at an average cost of $30.85 per share, for a total transaction of $61,700.00. Following the acquisition, the director now owns 8,521 shares in the company, valued at $262,872.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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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