Pacer Advisors Inc. raised its stake in shares of Synchrony Financial (NYSE:SYF) by 3.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,840 shares of the financial services provider’s stock after buying an additional 530 shares during the period. Pacer Advisors Inc.’s holdings in Synchrony Financial were worth $578,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Paradigm Asset Management Co. LLC acquired a new position in Synchrony Financial during the fourth quarter valued at approximately $5,912,000. Norges Bank acquired a new position in Synchrony Financial during the fourth quarter valued at approximately $289,634,000. TCW Group Inc. raised its position in Synchrony Financial by 18.5% in the fourth quarter. TCW Group Inc. now owns 2,559,571 shares of the financial services provider’s stock valued at $92,836,000 after buying an additional 399,533 shares during the period. Bain Capital Public Equity Management LLC acquired a new position in Synchrony Financial during the fourth quarter valued at approximately $4,889,000. Finally, Baupost Group LLC MA raised its position in Synchrony Financial by 17.6% in the fourth quarter. Baupost Group LLC MA now owns 20,665,000 shares of the financial services provider’s stock valued at $749,520,000 after buying an additional 3,100,000 shares during the period. Institutional investors and hedge funds own 89.10% of the company’s stock.
Synchrony Financial (NYSE:SYF) last posted its earnings results on Friday, April 28th. The financial services provider reported $0.61 EPS for the quarter, missing the Zacks’ consensus estimate of $0.74 by $0.13. Synchrony Financial had a net margin of 15.15% and a return on equity of 16.34%. The company had revenue of $3.59 billion during the quarter, compared to analyst estimates of $3.54 billion. During the same period in the previous year, the company earned $0.70 EPS.
The business also recently announced a quarterly dividend, which was paid on Thursday, May 18th. Shareholders of record on Monday, May 8th were given a $0.13 dividend. The ex-dividend date was Thursday, May 4th. This represents a $0.52 dividend on an annualized basis and a yield of 1.90%. Synchrony Financial’s payout ratio is currently 19.19%.
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SYF has been the subject of several research reports. Vetr upgraded shares of Synchrony Financial from a “buy” rating to a “strong-buy” rating and set a $41.66 price objective for the company in a research report on Tuesday, March 7th. Goldman Sachs Group Inc lowered shares of Synchrony Financial from a “conviction-buy” rating to a “neutral” rating and lowered their price objective for the company from $44.00 to $33.00 in a research report on Friday, April 28th. Guggenheim lowered shares of Synchrony Financial from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $38.00 to $32.00 in a research report on Wednesday, May 3rd. Barclays PLC increased their price objective on shares of Synchrony Financial from $36.00 to $47.00 and gave the company an “overweight” rating in a research report on Monday, May 1st. Finally, Oppenheimer Holdings Inc. started coverage on shares of Synchrony Financial in a report on Tuesday, April 11th. They issued a “market perform” rating for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Synchrony Financial presently has an average rating of “Buy” and a consensus target price of $37.71.
In other Synchrony Financial news, insider David P. Melito sold 748 shares of the company’s stock in a transaction dated Wednesday, April 5th. The shares were sold at an average price of $34.24, for a total value of $25,611.52. Following the transaction, the insider now owns 43,390 shares of the company’s stock, valued at $1,485,673.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Will W. Graylin bought 18,000 shares of the firm’s stock in a transaction on Monday, May 1st. The stock was bought at an average cost of $27.80 per share, for a total transaction of $500,400.00. Following the transaction, the director now directly owns 55,389 shares of the company’s stock, valued at $1,539,814.20. The disclosure for this purchase can be found here. Corporate insiders own 0.02% of the company’s stock.
About Synchrony Financial
Synchrony Financial is a consumer financial services company. The Company provides a range of credit products through programs it has established with a group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers. The Company’s revenue activities are managed through three sales platforms: Retail Card, Payment Solutions and CareCredit.
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