Sit Investment Associates Inc. raised its holdings in Synchrony Financial (NYSE:SYF) by 160.3% in the first quarter, Holdings Channel reports. The fund owned 323,450 shares of the financial services provider’s stock after buying an additional 199,200 shares during the period. Sit Investment Associates Inc.’s holdings in Synchrony Financial were worth $10,318,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. Wilsey Asset Management Inc. raised its stake in Synchrony Financial by 9.1% during the 1st quarter. Wilsey Asset Management Inc. now owns 417,539 shares of the financial services provider’s stock worth $13,392,000 after acquiring an additional 34,936 shares in the last quarter. Kentucky Retirement Systems acquired a new stake in Synchrony Financial during the 4th quarter worth $675,000. Norges Bank acquired a new stake in Synchrony Financial during the 4th quarter worth $168,722,000. Piedmont Investment Advisors Inc. raised its stake in Synchrony Financial by 0.6% during the 1st quarter. Piedmont Investment Advisors Inc. now owns 113,612 shares of the financial services provider’s stock worth $3,624,000 after acquiring an additional 623 shares in the last quarter. Finally, Kinneret Advisory LLC acquired a new stake in Synchrony Financial during the 4th quarter worth $88,000. Institutional investors own 85.10% of the company’s stock.
SYF has been the topic of several research analyst reports. Goldman Sachs Group upgraded shares of Synchrony Financial from a “neutral” rating to a “buy” rating and set a $38.00 price target on the stock in a research note on Thursday, February 14th. ValuEngine upgraded shares of Synchrony Financial from a “sell” rating to a “hold” rating in a research note on Thursday, March 14th. Zacks Investment Research lowered shares of Synchrony Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, March 5th. Nomura lifted their price objective on shares of Synchrony Financial from $35.00 to $39.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. Finally, Morgan Stanley lifted their price objective on shares of Synchrony Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Monday, April 22nd. Eight analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $37.47.
Shares of SYF traded down $0.34 during trading hours on Friday, reaching $33.64. 56,024 shares of the company traded hands, compared to its average volume of 6,580,541. Synchrony Financial has a 12-month low of $21.77 and a 12-month high of $35.50. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.39 and a quick ratio of 1.27. The firm has a market capitalization of $23.29 billion, a PE ratio of 9.00, a price-to-earnings-growth ratio of 1.03 and a beta of 1.23.
Synchrony Financial (NYSE:SYF) last announced its earnings results on Thursday, April 18th. The financial services provider reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.12. The business had revenue of $4.23 billion during the quarter, compared to the consensus estimate of $4.29 billion. Synchrony Financial had a net margin of 17.52% and a return on equity of 19.79%. During the same period in the prior year, the firm earned $0.83 earnings per share. As a group, research analysts anticipate that Synchrony Financial will post 4.28 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 6th were paid a $0.21 dividend. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $0.84 annualized dividend and a dividend yield of 2.50%. Synchrony Financial’s dividend payout ratio (DPR) is presently 22.46%.
In related news, insider David P. Melito sold 3,204 shares of the company’s stock in a transaction on Friday, April 26th. The shares were sold at an average price of $34.00, for a total value of $108,936.00. Following the sale, the insider now directly owns 29,476 shares of the company’s stock, valued at $1,002,184. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider David P. Melito sold 6,014 shares of the company’s 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 directly owns 29,476 shares in the company, valued at $1,009,553. The disclosure for this sale can be found here. 0.32% of the stock is currently owned by corporate insiders.
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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.
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