American Assets Investment Management LLC increased its stake in shares of Synchrony Financial (NYSE:SYF) by 83.0% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 36,600 shares of the financial services provider’s stock after buying an additional 16,600 shares during the period. American Assets Investment Management LLC’s holdings in Synchrony Financial were worth $1,091,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. First Quadrant L P CA boosted its stake in Synchrony Financial by 55.4% in the second quarter. First Quadrant L P CA now owns 3,726 shares of the financial services provider’s stock valued at $111,000 after buying an additional 1,328 shares during the period. Benjamin F. Edwards & Company Inc. boosted its stake in Synchrony Financial by 41.7% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 3,280 shares of the financial services provider’s stock valued at $113,000 after buying an additional 965 shares during the period. State of Alaska Department of Revenue bought a new stake in Synchrony Financial during the first quarter valued at $152,000. Coconut Grove Bank boosted its stake in Synchrony Financial by 93.9% in the first quarter. Coconut Grove Bank now owns 4,480 shares of the financial services provider’s stock valued at $154,000 after buying an additional 2,170 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in Synchrony Financial by 28.2% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 4,901 shares of the financial services provider’s stock valued at $168,000 after buying an additional 1,077 shares during the period. Institutional investors and hedge funds own 89.63% of the company’s stock.
Synchrony Financial (SYF) opened at 30.87 on Thursday. The stock has a 50 day moving average price of $29.92 and a 200 day moving average price of $31.61. The stock has a market cap of $24.55 billion, a price-to-earnings ratio of 11.59 and a beta of 1.01. Synchrony Financial has a 52-week low of $26.01 and a 52-week high of $38.06.
Synchrony Financial (NYSE:SYF) last issued its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.03. Synchrony Financial had a return on equity of 15.30% and a net margin of 13.84%. The company had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter last year, the company earned $0.58 earnings per share. Analysts expect that Synchrony Financial will post $2.60 EPS for the current fiscal year.
Synchrony Financial announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 18th that authorizes the company to buyback $1.64 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 17th. Investors of record on Monday, August 7th will be given a dividend of $0.15 per share. 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 1.94%. This is an increase from Synchrony Financial’s previous quarterly dividend of $0.13. Synchrony Financial’s dividend payout ratio (DPR) is presently 22.64%.
SYF has been the topic of several recent analyst reports. TheStreet upgraded shares of Synchrony Financial from a “c” rating to a “b” rating in a report on Monday, July 31st. BTIG Research cut their price target on shares of Synchrony Financial from $42.00 to $36.00 and set a “buy” rating on the stock in a report on Monday, May 1st. Jefferies Group LLC cut their price target on shares of Synchrony Financial from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Monday, May 1st. DA Davidson cut their price target on shares of Synchrony Financial from $45.00 to $41.00 and set a “buy” rating on the stock in a report on Monday, May 1st. Finally, Citigroup Inc. cut their price target on shares of Synchrony Financial from $43.00 to $35.00 and set a “buy” rating on the stock in a report on Monday, May 1st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $37.46.
In related news, Director Paget Leonard Alves acquired 2,000 shares of the company’s stock in a transaction that occurred on Monday, July 24th. The shares were bought at an average price of $30.85 per share, with a total value of $61,700.00. Following the completion of the transaction, the director now directly owns 8,521 shares in the company, valued at $262,872.85. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.03% of the stock is owned by company 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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