Synchrony Financial (NYSE:SYF) Shares Sold by Southpoint Capital Advisors LP

Southpoint Capital Advisors LP cut its stake in shares of Synchrony Financial (NYSE:SYF) by 41.2% in the 1st quarter, Holdings Channel reports. The institutional investor owned 5,883,403 shares of the financial services provider’s stock after selling 4,116,597 shares during the quarter. Synchrony Financial makes up 4.0% of Southpoint Capital Advisors LP’s holdings, making the stock its 6th biggest holding. Southpoint Capital Advisors LP’s holdings in Synchrony Financial were worth $239,219,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in SYF. Sandy Spring Bank purchased a new stake in shares of Synchrony Financial during the 1st quarter valued at $30,000. Harbour Investments Inc. purchased a new position in Synchrony Financial in the 1st quarter valued at about $33,000. Ellevest Inc. boosted its position in Synchrony Financial by 1,564.0% in the 1st quarter. Ellevest Inc. now owns 832 shares of the financial services provider’s stock valued at $34,000 after buying an additional 782 shares during the last quarter. Sage Private Wealth Group LLC purchased a new position in Synchrony Financial in the 4th quarter valued at about $38,000. Finally, E Fund Management Co. Ltd. purchased a new position in Synchrony Financial in the 1st quarter valued at about $39,000. 90.81% of the stock is owned by institutional investors.

In related news, insider Carol Juel sold 8,708 shares of the company’s stock in a transaction that occurred on Monday, June 28th. The shares were sold at an average price of $49.63, for a total value of $432,178.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.45% of the stock is currently owned by corporate insiders.

Shares of Synchrony Financial stock traded down $1.54 on Thursday, hitting $45.60. The company had a trading volume of 175,060 shares, compared to its average volume of 5,108,914. The business has a 50-day simple moving average of $47.97. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 1.00. The stock has a market cap of $26.52 billion, a P/E ratio of 7.92, a PEG ratio of 0.36 and a beta of 1.82. Synchrony Financial has a 52 week low of $21.90 and a 52 week high of $50.96.

Synchrony Financial (NYSE:SYF) last issued its quarterly earnings results on Monday, July 19th. The financial services provider reported $2.12 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.47 by $0.65. Synchrony Financial had a net margin of 21.76% and a return on equity of 27.59%. During the same period in the prior year, the firm posted $0.06 earnings per share. On average, equities analysts expect that Synchrony Financial will post 6.01 EPS for the current year.

Synchrony Financial announced that its board has initiated a share repurchase program on Tuesday, May 25th that authorizes the company to repurchase $2.90 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 10.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

SYF has been the subject of a number of analyst reports. initiated coverage on shares of Synchrony Financial in a research report on Friday, July 9th. They issued a “neutral” rating and a $51.00 price objective for the company. Credit Suisse Group upped their price objective on shares of Synchrony Financial from $53.00 to $59.00 and gave the company an “outperform” rating in a research report on Friday, July 2nd. initiated coverage on shares of Synchrony Financial in a research report on Friday, July 9th. They issued a “hold” rating and a $51.00 price objective for the company. Morgan Stanley restated a “buy” rating and issued a $56.00 target price on shares of Synchrony Financial in a research note on Wednesday, June 2nd. Finally, Evercore ISI initiated coverage on shares of Synchrony Financial in a research note on Tuesday, June 15th. They issued a “buy” rating on the stock. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Synchrony Financial currently has an average rating of “Buy” and a consensus target price of $52.57.

Synchrony Financial Company Profile

Synchrony Financial operates as a consumer financial services company in the United States. It provides a range of specialized financing programs and consumer banking products to digital, retail, home, auto, travel, health, and pet industries. The company also 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, dual cards, and installment loans.

Read More: Cost of equity and a company’s balance sheet

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Institutional Ownership by Quarter for Synchrony Financial (NYSE:SYF)

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