OppenheimerFunds Inc. decreased its stake in shares of Synchrony Financial (NYSE:SYF) by 6.9% in the fourth quarter, Holdings Channel reports. The fund owned 2,599,717 shares of the financial services provider’s stock after selling 193,832 shares during the period. OppenheimerFunds Inc.’s holdings in Synchrony Financial were worth $100,375,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the stock. Brown Advisory Inc. bought a new position in shares of Synchrony Financial during the fourth quarter worth $348,000. First Republic Investment Management Inc. boosted its position in shares of Synchrony Financial by 372.7% during the fourth quarter. First Republic Investment Management Inc. now owns 173,375 shares of the financial services provider’s stock worth $6,694,000 after acquiring an additional 136,701 shares during the last quarter. Timber Hill LLC bought a new position in Synchrony Financial during the fourth quarter valued at $2,570,000. Baird Financial Group Inc. lifted its position in Synchrony Financial by 73.2% during the fourth quarter. Baird Financial Group Inc. now owns 117,325 shares of the financial services provider’s stock valued at $4,530,000 after purchasing an additional 49,572 shares during the last quarter. Finally, Norinchukin Bank The lifted its position in Synchrony Financial by 69.9% during the fourth quarter. Norinchukin Bank The now owns 56,547 shares of the financial services provider’s stock valued at $2,183,000 after purchasing an additional 23,274 shares during the last quarter. Hedge funds and other institutional investors own 87.58% of the company’s stock.
In other news, insider David P. Melito sold 1,881 shares of the stock in a transaction on Monday, December 4th. The shares were sold at an average price of $38.00, for a total value of $71,478.00. Following the sale, the insider now owns 43,140 shares of the company’s stock, valued at $1,639,320. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider David P. Melito sold 2,580 shares of the stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $35.00, for a total transaction of $90,300.00. The disclosure for this sale can be found here. In the last three months, insiders sold 30,311 shares of company stock worth $1,117,394. Insiders own 0.03% of the company’s stock.
SYF has been the subject of several research reports. Bank of America upgraded shares of Synchrony Financial from a “neutral” rating to a “buy” rating in a research report on Monday, December 18th. BTIG Research reiterated a “buy” rating and set a $44.00 price objective on shares of Synchrony Financial in a research report on Sunday, December 17th. Barclays set a $53.00 price objective on shares of Synchrony Financial and gave the company a “buy” rating in a research report on Monday, January 22nd. Wells Fargo & Co upgraded shares of Synchrony Financial from a “market perform” rating to an “outperform” rating and set a $35.00 price objective for the company in a research report on Tuesday, January 9th. Finally, Oppenheimer reiterated a “hold” rating on shares of Synchrony Financial in a research report on Monday, January 22nd. Nine investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $38.30.
Shares of Synchrony Financial (NYSE:SYF) opened at $37.15 on Friday. Synchrony Financial has a 12 month low of $26.01 and a 12 month high of $40.59. The firm has a market cap of $27,618.68, a price-to-earnings ratio of 13.87, a PEG ratio of 1.40 and a beta of 1.01. The company has a quick ratio of 1.47, a current ratio of 1.45 and a debt-to-equity ratio of 1.46.
Synchrony Financial (NYSE:SYF) last announced its earnings results on Friday, January 19th. The financial services provider reported $0.70 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.07. Synchrony Financial had a net margin of 11.75% and a return on equity of 14.62%. The business had revenue of $3.98 billion for the quarter, compared to the consensus estimate of $3.96 billion. During the same quarter in the prior year, the firm posted $0.70 earnings per share. sell-side analysts expect that Synchrony Financial will post 3.38 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, February 15th. Stockholders of record on Monday, February 5th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend was Friday, February 2nd. Synchrony Financial’s dividend payout ratio is currently 24.90%.
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About Synchrony Financial
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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