Hanson & Doremus Investment Management increased its stake in shares of Synchrony Financial (NYSE:SYF) by 15.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,584 shares of the financial services provider’s stock after buying an additional 3,966 shares during the period. Hanson & Doremus Investment Management’s holdings in Synchrony Financial were worth $882,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of the stock. First Quadrant L P CA raised its position in Synchrony Financial by 55.4% in the second quarter. First Quadrant L P CA now owns 3,726 shares of the financial services provider’s stock worth $111,000 after buying an additional 1,328 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its position in Synchrony Financial by 41.7% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 3,280 shares of the financial services provider’s stock worth $113,000 after buying an additional 965 shares during the last quarter. State of Alaska Department of Revenue acquired a new position in Synchrony Financial during the first quarter worth approximately $152,000. Coconut Grove Bank raised its position in Synchrony Financial by 93.9% in the first quarter. Coconut Grove Bank now owns 4,480 shares of the financial services provider’s stock worth $154,000 after buying an additional 2,170 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its position in Synchrony Financial by 28.2% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 4,901 shares of the financial services provider’s stock worth $168,000 after buying an additional 1,077 shares during the last quarter. Institutional investors own 89.63% of the company’s stock.
Synchrony Financial (SYF) opened at 30.07 on Friday. The company has a 50-day moving average of $29.95 and a 200-day moving average of $31.55. The firm has a market capitalization of $23.92 billion, a price-to-earnings ratio of 11.29 and a beta of 1.01. Synchrony Financial has a 52 week low of $26.01 and a 52 week high of $38.06.
Synchrony Financial (NYSE:SYF) last released its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.03. Synchrony Financial had a net margin of 13.84% and a return on equity of 15.30%. The business had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same period in the previous year, the company earned $0.58 earnings per share. On average, equities analysts forecast that Synchrony Financial will post $2.60 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, August 17th. Shareholders of record on Monday, August 7th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.00%. This is a boost from Synchrony Financial’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Thursday, August 3rd. Synchrony Financial’s payout ratio is presently 22.64%.
Synchrony Financial announced that its board has authorized a share buyback program on Thursday, May 18th that permits the company to buyback $1.64 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
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SYF has been the topic of a number of recent analyst reports. TheStreet upgraded Synchrony Financial from a “c” rating to a “b” rating in a research note on Monday, July 31st. BTIG Research dropped their price objective on Synchrony Financial from $42.00 to $36.00 and set a “buy” rating on the stock in a research note on Monday, May 1st. Jefferies Group LLC lowered their price target on Synchrony Financial from $45.00 to $40.00 and set a “buy” rating on the stock in a research note on Monday, May 1st. DA Davidson lowered their price target on Synchrony Financial from $45.00 to $41.00 and set a “buy” rating on the stock in a research note on Monday, May 1st. Finally, Citigroup Inc. lowered their price target on Synchrony Financial from $43.00 to $35.00 and set a “buy” rating on the stock in a research note on Monday, May 1st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Synchrony Financial presently has an average rating of “Buy” and a consensus target price of $37.46.
In related news, Director Paget Leonard Alves bought 2,000 shares of the company’s stock in a transaction on Monday, July 24th. The shares were purchased at an average cost of $30.85 per share, for a total transaction of $61,700.00. Following the completion of the purchase, the director now directly owns 8,521 shares in the company, valued at $262,872.85. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 0.03% of the stock is owned by insiders.
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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