Hartford Investment Management Co. Sells 30,041 Shares of Synchrony Financial (NYSE:SYF)

Posted by Defense World Staff on Apr 1st, 2023

Hartford Investment Management Co. cut its stake in Synchrony Financial (NYSE:SYF – Get Rating) by 47.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,791 shares of the financial services provider’s stock after selling 30,041 shares during the quarter. Hartford Investment Management Co.’s holdings in Synchrony Financial were worth $1,110,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. grew its stake in shares of Synchrony Financial by 8.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 16,251 shares of the financial services provider’s stock worth $566,000 after acquiring an additional 1,205 shares during the period. Panagora Asset Management Inc. raised its stake in Synchrony Financial by 30.3% during the first quarter. Panagora Asset Management Inc. now owns 33,337 shares of the financial services provider’s stock valued at $1,160,000 after purchasing an additional 7,753 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Synchrony Financial by 1.5% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 69,748 shares of the financial services provider’s stock valued at $2,428,000 after acquiring an additional 1,057 shares during the last quarter. Yousif Capital Management LLC grew its holdings in shares of Synchrony Financial by 2.3% in the first quarter. Yousif Capital Management LLC now owns 101,114 shares of the financial services provider’s stock worth $3,520,000 after purchasing an additional 2,310 shares during the last quarter. Finally, National Pension Service grew its holdings in shares of Synchrony Financial by 0.9% in the first quarter. National Pension Service now owns 962,162 shares of the financial services provider’s stock worth $33,493,000 after purchasing an additional 8,110 shares during the last quarter. 95.97% of the stock is currently owned by institutional investors.

Insider Activity at Synchrony Financial

In other Synchrony Financial news, insider Alberto Casellas sold 39,460 shares of the company’s stock in a transaction on Monday, February 27th. The shares were sold at an average price of $36.14, for a total transaction of $1,426,084.40. Following the transaction, the insider now owns 70,040 shares in the company, valued at $2,531,245.60. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Alberto Casellas sold 39,460 shares of the stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $36.14, for a total value of $1,426,084.40. Following the sale, the insider now directly owns 70,040 shares of the company’s stock, valued at $2,531,245.60. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Bart Schaller sold 11,071 shares of Synchrony Financial stock in a transaction that occurred on Friday, March 3rd. The stock was sold at an average price of $36.25, for a total transaction of $401,323.75. Following the transaction, the insider now directly owns 71,664 shares in the company, valued at $2,597,820. The disclosure for this sale can be found here. 0.55% of the stock is currently owned by insiders.

Synchrony Financial Price Performance

SYF opened at $29.08 on Friday. Synchrony Financial has a one year low of $27.15 and a one year high of $41.88. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.20 and a quick ratio of 1.20. The company’s 50 day simple moving average is $33.74 and its 200-day simple moving average is $33.59. The stock has a market capitalization of $12.71 billion, a P/E ratio of 4.77, a price-to-earnings-growth ratio of 1.35 and a beta of 1.62.

Synchrony Financial (NYSE:SYF – Get Rating) last posted its earnings results on Monday, January 23rd. The financial services provider reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.14. Synchrony Financial had a net margin of 17.51% and a return on equity of 24.07%. The company had revenue of $4.74 billion for the quarter, compared to analyst estimates of $4.04 billion. During the same period last year, the business posted $1.48 earnings per share. Sell-side analysts anticipate that Synchrony Financial will post 4.98 earnings per share for the current fiscal year.

Synchrony Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 17th. Investors of record on Monday, February 6th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.16%. The ex-dividend date was Friday, February 3rd. Synchrony Financial’s dividend payout ratio (DPR) is presently 15.08%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Bank of America lowered Synchrony Financial from a “buy” rating to a “neutral” rating in a research note on Tuesday, December 13th. Barclays lowered Synchrony Financial from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $41.00 to $38.00 in a report on Friday, January 6th. Oppenheimer raised Synchrony Financial from a “market perform” rating to an “outperform” rating and set a $35.00 price target for the company in a report on Friday, March 17th. Keefe, Bruyette & Woods cut Synchrony Financial from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $46.00 to $32.00 in a research report on Thursday, March 16th. Finally, JPMorgan Chase & Co. dropped their price target on Synchrony Financial from $39.00 to $36.00 in a research report on Tuesday, January 10th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $37.75.

Synchrony Financial Profile

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Synchrony Financial engages in the provision of consumer financial services. The firm is also involved in managing credit products through the following sales platforms: Home and Auto, Digital, Diversified and Value, Health and Wellness, and Lifestyle. The company was founded on September 12, 2003 and is headquartered in Stamford, CT.