CIBC Asset Management Inc increased its holdings in shares of Synchrony Financial (NYSE:SYF) by 3.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 85,952 shares of the financial services provider’s stock after acquiring an additional 2,812 shares during the quarter. CIBC Asset Management Inc’s holdings in Synchrony Financial were worth $1,905,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of SYF. Capital World Investors acquired a new position in shares of Synchrony Financial during the 1st quarter worth approximately $424,440,000. Altshuler Shaham Ltd grew its holdings in Synchrony Financial by 3,478,129.7% in the 1st quarter. Altshuler Shaham Ltd now owns 3,860,835 shares of the financial services provider’s stock valued at $62,120,000 after buying an additional 3,860,724 shares in the last quarter. Ruffer LLP grew its holdings in Synchrony Financial by 172.9% in the 1st quarter. Ruffer LLP now owns 3,708,452 shares of the financial services provider’s stock valued at $59,687,000 after buying an additional 2,349,717 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec grew its holdings in Synchrony Financial by 37.6% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 8,157,035 shares of the financial services provider’s stock valued at $131,247,000 after buying an additional 2,228,721 shares in the last quarter. Finally, Par Capital Management Inc. grew its holdings in Synchrony Financial by 78.9% in the 1st quarter. Par Capital Management Inc. now owns 5,000,000 shares of the financial services provider’s stock valued at $80,450,000 after buying an additional 2,205,000 shares in the last quarter. 87.85% of the stock is currently owned by institutional investors and hedge funds.
Shares of SYF stock opened at $22.13 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 1.44. Synchrony Financial has a twelve month low of $12.15 and a twelve month high of $38.18. The company has a market cap of $12.92 billion, a P/E ratio of 6.79, a P/E/G ratio of 2.79 and a beta of 1.67. The business has a fifty day simple moving average of $22.92 and a 200 day simple moving average of $23.66.
Synchrony Financial (NYSE:SYF) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.02. Synchrony Financial had a return on equity of 14.73% and a net margin of 11.79%. The business had revenue of $950.00 million during the quarter, compared to the consensus estimate of $2.90 billion. During the same period in the prior year, the company earned $0.97 EPS. Synchrony Financial’s revenue for the quarter was down 54.7% on a year-over-year basis. As a group, equities research analysts anticipate that Synchrony Financial will post 1.51 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 13th. Investors of record on Monday, August 3rd will be given a dividend of $0.22 per share. The ex-dividend date is Friday, July 31st. This represents a $0.88 annualized dividend and a dividend yield of 3.98%. Synchrony Financial’s dividend payout ratio is currently 20.51%.
SYF has been the topic of a number of research reports. Stephens upped their price objective on Synchrony Financial from $25.00 to $33.00 and gave the company an “overweight” rating in a report on Monday, June 8th. Morgan Stanley upped their price objective on Synchrony Financial from $19.00 to $20.00 and gave the company an “equal weight” rating in a report on Wednesday, July 22nd. JPMorgan Chase & Co. lowered Synchrony Financial from an “overweight” rating to a “neutral” rating and set a $24.00 price objective on the stock. in a report on Wednesday, July 15th. They noted that the move was a valuation call. Oppenheimer reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Synchrony Financial in a report on Tuesday, April 21st. Finally, BTIG Research cut their target price on Synchrony Financial from $42.00 to $23.00 in a research report on Tuesday, April 28th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $24.59.
In other news, Director P.W. Parker bought 10,000 shares of the company’s stock in a transaction on Tuesday, July 28th. The stock was purchased at an average cost of $23.32 per share, for a total transaction of $233,200.00. Following the completion of the transaction, the director now owns 10,000 shares of the company’s stock, valued at $233,200. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Will W. Graylin sold 7,500 shares of the stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $21.77, for a total value of $163,275.00. Following the completion of the transaction, the director now owns 58,942 shares of the company’s stock, valued at $1,283,167.34. The disclosure for this sale can be found here. 0.45% of the stock is owned by corporate insiders.
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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