Teacher Retirement System of Texas Has $30.87 Million Position in Synchrony Financial (SYF)
Teacher Retirement System of Texas increased its position in shares of Synchrony Financial (NYSE:SYF) by 111.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 967,699 shares of the financial services provider’s stock after acquiring an additional 510,043 shares during the period. Teacher Retirement System of Texas’ holdings in Synchrony Financial were worth $30,870,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently bought and sold shares of SYF. Enlightenment Research LLC bought a new stake in Synchrony Financial during the 4th quarter worth approximately $28,000. JOYN Advisors Inc. increased its holdings in shares of Synchrony Financial by 33.7% in the 4th quarter. JOYN Advisors Inc. now owns 1,349 shares of the financial services provider’s stock worth $32,000 after buying an additional 340 shares during the last quarter. Taylor Hoffman Wealth Management bought a new position in shares of Synchrony Financial in the 4th quarter worth $39,000. Dubuque Bank & Trust Co. bought a new position in shares of Synchrony Financial in the 4th quarter worth $43,000. Finally, Huntington National Bank increased its holdings in shares of Synchrony Financial by 47.6% in the 4th quarter. Huntington National Bank now owns 1,908 shares of the financial services provider’s stock worth $45,000 after buying an additional 615 shares during the last quarter. 89.46% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have recently commented on SYF. Zacks Investment Research lowered shares of Synchrony Financial from a “buy” rating to a “hold” rating in a report on Wednesday, March 27th. ValuEngine raised shares of Synchrony Financial from a “sell” rating to a “hold” rating in a report on Thursday, April 25th. Royal Bank of Canada reissued an “outperform” rating and issued a $39.00 price target on shares of Synchrony Financial in a report on Friday, May 3rd. Nomura increased their price target on shares of Synchrony Financial from $35.00 to $39.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Finally, Wells Fargo & Co reissued a “buy” rating on shares of Synchrony Financial in a report on Wednesday, March 13th. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Synchrony Financial has an average rating of “Buy” and an average target price of $37.47.
Synchrony Financial (NYSE:SYF) last released its earnings results on Thursday, April 18th. The financial services provider reported $1.00 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.88 by $0.12. Synchrony Financial had a net margin of 17.52% and a return on equity of 19.79%. The company had revenue of $4.23 billion for the quarter, compared to analyst estimates of $4.29 billion. During the same quarter last year, the firm earned $0.83 EPS. Research analysts expect that Synchrony Financial will post 4.28 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Monday, May 6th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend is Friday, May 3rd. Synchrony Financial’s dividend payout ratio is currently 22.46%.
In other Synchrony Financial news, insider David P. Melito sold 6,014 shares of the stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $34.25, for a total transaction of $205,979.50. Following the completion of the sale, the insider now owns 29,476 shares of the company’s stock, valued at approximately $1,009,553. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider David P. Melito sold 3,204 shares of the stock in a transaction on Wednesday, February 20th. The shares were sold at an average price of $32.00, for a total transaction of $102,528.00. The disclosure for this sale can be found here. Insiders have sold a total of 62,422 shares of company stock valued at $2,067,444 in the last three months. 0.32% of the stock is currently owned by corporate insiders.
About Synchrony Financial
Synchrony Financial operates as a consumer financial services company in the United States. The company 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 and installment loans.
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