ProShare Advisors LLC has raised its stake in the shares of Synchrony Financial (NYSE: SYF – Get a rating) by 9.4% during the first quarter, according to the company in its latest filing with the Securities & Exchange Commission. The company held 186,718 shares of the financial services provider after purchasing an additional 16,028 shares during the quarter. ProShare Advisors LLC’s holdings in Synchrony Financial were worth $6,499,000 at the end of the last quarter.
A number of other institutional investors and hedge funds also changed their positions in SYF. Qube Research & Technologies Ltd increased its stake in Synchrony Financial shares by 88.4% during the 4th quarter. Qube Research & Technologies Ltd now owns 294,194 shares of the financial services provider worth $13,648,000 after buying an additional 138,064 shares during the period. Victory Capital Management Inc. increased its position in Synchrony Financial shares by 26.2% in the fourth quarter. Victory Capital Management Inc. now owns 1,265,805 shares of the financial services provider worth $58,721,000 after buying an additional 262,431 shares last quarter. Keybank National Association OH increased its position in Synchrony Financial shares by 6.7% in the 4th quarter. Keybank National Association OH now owns 4,892 shares of the financial services provider worth $227,000 after buying 309 additional shares last quarter. Savant Capital LLC increased its position in Synchrony Financial shares by 7.1% in the 4th quarter. Savant Capital LLC now owns 5,847 shares of the financial services provider worth $271,000 after buying 386 additional shares last quarter. Finally, Profund Advisors LLC increased its position in Synchrony Financial shares by 6.6% in the 4th quarter. Profund Advisors LLC now owns 8,445 shares of the financial services provider worth $392,000 after buying an additional 525 shares in the last quarter. 98.26% of the shares are held by institutional investors and hedge funds.
A Wall Street analyst gives his opinion
Several equity research analysts have recently commented on the stock. Piper Sandler set a price target of $41.00 on Synchrony Financial shares in a Tuesday, July 19 research report. Wolfe Research downgraded Synchrony Financial shares from a “peer performing” rating to an “underperforming” rating and set a target price of $22.00 for the stock. in a report on Thursday, May 12. Wells Fargo & Company downgraded shares of Synchrony Financial from an “overweight” rating to an “equal weight” rating and lowered its target price for the company from $45.00 to $32.00 in a Wednesday 13 report. July. StockNews.com upgraded Synchrony Financial shares from a “hold” to a “buy” rating in a Monday, July 25 report. Finally, Credit Suisse Group raised its price target on Synchrony Financial shares from $46.00 to $47.00 and gave the company an “outperform” rating in a Tuesday, July 19 report. One investment analyst gave the stock a sell rating, four gave the company a hold rating and twelve gave the company a buy rating. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $45.76.
Synchrony Financial Stock down 2.7%
SYF opened at $33.38 on Tuesday. The company has a 50-day moving average price of $31.71 and a 200-day moving average price of $35.48. The company has a market cap of $16.08 billion, a PE ratio of 4.87, a price-to-earnings growth ratio of 0.26, and a beta of 1.57. Synchrony Financial has a 1-year minimum of $27.22 and a 1-year maximum of $52.49. The company has a debt ratio of 0.96, a quick ratio of 1.21 and a current ratio of 1.21.
Synchrony Financial (NYSE: SYF – Get a rating) last released its results on Monday, July 18. The financial services provider reported earnings per share (EPS) of $1.60 for the quarter, beating analyst consensus estimates of $1.43 by $0.17. The company posted revenue of $3.80 billion in the quarter, versus a consensus estimate of $2.74 billion. Synchrony Financial had a net margin of 22.76% and a return on equity of 27.06%. In the same quarter of the previous year, the company achieved EPS of $2.12. Sell-side analysts expect Synchrony Financial to post earnings per share of 5.79 for the current year.
Synchrony Financial increases its dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, August 11. Investors of record on Monday August 1 received a dividend of $0.23 per share. This represents a dividend of $0.92 on an annualized basis and a yield of 2.76%. The ex-dividend date was Friday, July 29. This is an increase from Synchrony Financial’s previous quarterly dividend of $0.22. Synchrony Financial’s dividend payout ratio is 13.43%.
About Synchrony Financial
Synchrony Financial, together with its subsidiaries, operates as a consumer financial services company in the United States. It provides credit products, such as credit cards, commercial credit products and consumer installment loans. The company also offers private label credit cards, dual cards, co-branded and general purpose credit cards, short and long term installment loans and consumer banking products; and deposit products, including certificates of deposit, individual retirement accounts, money market accounts, and savings accounts for retail and commercial customers, as well as deposits through brokerage firms in third-party securities.
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