Sumitomo Mitsui Asset Management Company LTD lessened its stake in shares of Synchrony Financial (NYSE:SYF) by 7.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 44,752 shares of the financial services provider’s stock after selling 3,504 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Synchrony Financial were worth $1,427,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Enlightenment Research LLC bought a new position in Synchrony Financial in the 4th quarter valued at $28,000. JOYN Advisors Inc. grew its position in Synchrony Financial by 33.7% in the 4th quarter. JOYN Advisors Inc. now owns 1,349 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 340 shares during the last quarter. Taylor Hoffman Wealth Management bought a new position in Synchrony Financial in the 4th quarter valued at $39,000. Huntington National Bank grew its position in Synchrony Financial by 47.6% in the 4th quarter. Huntington National Bank now owns 1,908 shares of the financial services provider’s stock valued at $45,000 after acquiring an additional 615 shares during the last quarter. Finally, Parallel Advisors LLC grew its position in Synchrony Financial by 195.0% in the 1st quarter. Parallel Advisors LLC now owns 1,894 shares of the financial services provider’s stock valued at $60,000 after acquiring an additional 1,252 shares during the last quarter. Institutional investors own 89.46% of the company’s stock.
In other news, insider David P. Melito sold 6,014 shares of the stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $34.25, for a total transaction of $205,979.50. Following the transaction, the insider now owns 29,476 shares of the company’s stock, valued at approximately $1,009,553. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Henry F. Greig sold 50,000 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $33.00, for a total value of $1,650,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 62,422 shares of company stock worth $2,067,444 in the last three months. Corporate insiders own 0.32% of the company’s stock.
Shares of SYF traded up $0.28 during midday trading on Tuesday, reaching $35.28. 62,796 shares of the stock were exchanged, compared to its average volume of 6,504,950. Synchrony Financial has a 52 week low of $21.77 and a 52 week high of $36.32. The company has a current ratio of 1.39, a quick ratio of 1.27 and a debt-to-equity ratio of 1.49. The company has a market capitalization of $24.43 billion, a price-to-earnings ratio of 9.43, a PEG ratio of 1.07 and a beta of 1.30.
Synchrony Financial (NYSE:SYF) last posted its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.12. Synchrony Financial had a return on equity of 19.79% and a net margin of 17.52%. The business had revenue of $4.23 billion for the quarter, compared to the consensus estimate of $4.29 billion. During the same quarter in the prior year, the company earned $0.83 EPS. On average, equities research analysts predict that Synchrony Financial will post 4.28 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 6th were given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date was Friday, May 3rd. Synchrony Financial’s payout ratio is 22.46%.
Several equities analysts have commented on the company. Nomura upped their price objective on Synchrony Financial from $35.00 to $39.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $39.00 price objective on shares of Synchrony Financial in a research report on Friday, May 3rd. ValuEngine raised Synchrony Financial from a “sell” rating to a “hold” rating in a research report on Thursday, April 25th. Morgan Stanley upped their price objective on Synchrony Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Monday, April 22nd. Finally, Zacks Investment Research downgraded Synchrony Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, March 27th. Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $37.47.
Synchrony Financial Company Profile
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.
Further Reading: Technical Analysis
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