American International Group Inc. reduced its position in Synchrony Financial (NYSE:SYF – Get Rating) by 9.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 121,941 shares of the financial services provider’s stock after selling 12,223 shares during the quarter. American International Group Inc.’s holdings in Synchrony Financial were worth $4,007,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Envestnet Asset Management Inc. boosted its stake in Synchrony Financial by 6.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 211,497 shares of the financial services provider’s stock worth $6,950,000 after purchasing an additional 13,571 shares during the period. Brinker Capital Investments LLC boosted its stake in shares of Synchrony Financial by 9.3% during the fourth quarter. Brinker Capital Investments LLC now owns 44,060 shares of the financial services provider’s stock worth $1,448,000 after buying an additional 3,747 shares during the period. Janney Montgomery Scott LLC purchased a new position in shares of Synchrony Financial during the fourth quarter worth about $241,000. Aviva PLC increased its position in Synchrony Financial by 63.5% in the 4th quarter. Aviva PLC now owns 157,284 shares of the financial services provider’s stock valued at $13,929,000 after acquiring an additional 61,089 shares during the period. Finally, Toronto Dominion Bank raised its stake in Synchrony Financial by 18.6% during the 4th quarter. Toronto Dominion Bank now owns 256,621 shares of the financial services provider’s stock valued at $8,428,000 after acquiring an additional 40,313 shares during the last quarter. 95.97% of the stock is currently owned by hedge funds and other institutional investors.
Synchrony Financial Trading Up 4.7 %
NYSE:SYF opened at $33.04 on Friday. Synchrony Financial has a 52-week low of $26.59 and a 52-week high of $40.88. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 1.20. The stock has a fifty day simple moving average of $29.22 and a 200-day simple moving average of $32.50. The company has a market capitalization of $14.16 billion, a PE ratio of 5.82, a price-to-earnings-growth ratio of 1.56 and a beta of 1.58.
Synchrony Financial declared that its board has authorized a share buyback program on Tuesday, April 25th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
Synchrony Financial Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, May 12th. Investors of record on Tuesday, May 2nd were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date of this dividend was Monday, May 1st. Synchrony Financial’s payout ratio is currently 16.20%.
Wall Street Analyst Weigh In
SYF has been the topic of several analyst reports. Oppenheimer upgraded Synchrony Financial from a “market perform” rating to an “outperform” rating and set a $35.00 target price on the stock in a research note on Friday, March 17th. Keefe, Bruyette & Woods cut shares of Synchrony Financial from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $46.00 to $32.00 in a research note on Thursday, March 16th. StockNews.com lowered shares of Synchrony Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, May 23rd. JPMorgan Chase & Co. reduced their price objective on shares of Synchrony Financial from $37.00 to $30.00 and set a “neutral” rating for the company in a research report on Monday, April 17th. Finally, Morgan Stanley dropped their target price on Synchrony Financial from $31.00 to $26.00 and set an “underweight” rating on the stock in a research report on Wednesday, April 5th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $37.47.
Synchrony Financial Profile
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.
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