Cerity Partners LLC Has $847,000 Stock Position in Synchrony Financial (NYSE:SYF)

Posted by on Sep 4th, 2023

Cerity Partners LLC cut its stake in shares of Synchrony Financial (NYSE:SYF – Free Report) by 4.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 29,122 shares of the financial services provider’s stock after selling 1,218 shares during the period. Cerity Partners LLC’s holdings in Synchrony Financial were worth $847,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of SYF. Envestnet Asset Management Inc. boosted its holdings in shares of Synchrony Financial by 636.1% in the 1st quarter. Envestnet Asset Management Inc. now owns 1,556,856 shares of the financial services provider’s stock valued at $5,528,000 after buying an additional 1,345,359 shares during the last quarter. M&G Investment Management Ltd. acquired a new stake in Synchrony Financial in the 1st quarter valued at about $5,118,000. Industrial Alliance Investment Management Inc. grew its holdings in Synchrony Financial by 5,342.9% during the first quarter. Industrial Alliance Investment Management Inc. now owns 59,328 shares of the financial services provider’s stock worth $1,725,000 after purchasing an additional 58,238 shares during the period. Cambria Investment Management L.P. grew its holdings in Synchrony Financial by 10.8% during the first quarter. Cambria Investment Management L.P. now owns 158,464 shares of the financial services provider’s stock worth $4,608,000 after purchasing an additional 15,475 shares during the period. Finally, Highland Capital Management LLC increased its holdings in shares of Synchrony Financial by 1.1% during the 1st quarter. Highland Capital Management LLC now owns 158,086 shares of the financial services provider’s stock worth $4,597,000 after acquiring an additional 1,724 shares during the last quarter. 94.72% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Synchrony Financial

In other news, insider Brian D. Doubles sold 36,610 shares of the stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $34.50, for a total value of $1,263,045.00. Following the completion of the transaction, the insider now directly owns 565,240 shares in the company, valued at approximately $19,500,780. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Synchrony Financial news, insider David P. Melito sold 15,015 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $35.00, for a total value of $525,525.00. Following the completion of the transaction, the insider now directly owns 13,960 shares in the company, valued at approximately $488,600. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Brian D. Doubles sold 36,610 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $34.50, for a total transaction of $1,263,045.00. Following the completion of the sale, the insider now directly owns 565,240 shares in the company, valued at approximately $19,500,780. The disclosure for this sale can be found here. Company insiders own 0.65% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Oppenheimer downgraded Synchrony Financial from an “outperform” rating to a “market perform” rating in a report on Friday, July 14th. Bank of America raised their target price on shares of Synchrony Financial from $37.00 to $38.00 in a research note on Monday, June 12th. Morgan Stanley reiterated an “underweight” rating and issued a $29.00 price target (up previously from $28.00) on shares of Synchrony Financial in a research note on Wednesday, July 19th. Citigroup cut their price objective on shares of Synchrony Financial from $44.00 to $43.00 in a research report on Friday, June 2nd. Finally, UBS Group increased their target price on Synchrony Financial from $35.00 to $37.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 19th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Synchrony Financial currently has an average rating of “Hold” and an average target price of $37.00.

View Our Latest Analysis on SYF

Synchrony Financial Trading Up 1.2 %

Shares of SYF stock opened at $32.66 on Monday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.20 and a current ratio of 1.20. Synchrony Financial has a fifty-two week low of $26.59 and a fifty-two week high of $40.88. The company has a market cap of $13.66 billion, a PE ratio of 6.05, a P/E/G ratio of 1.46 and a beta of 1.60. The stock’s fifty day moving average price is $33.97 and its two-hundred day moving average price is $32.02.

Synchrony Financial (NYSE:SYF – Get Free Report) last released its earnings results on Tuesday, July 18th. The financial services provider reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.07. The firm had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $4.10 billion. Synchrony Financial had a return on equity of 19.79% and a net margin of 12.90%. During the same quarter in the previous year, the business posted $1.60 earnings per share. Equities analysts predict that Synchrony Financial will post 5.04 EPS for the current fiscal year.

Synchrony Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 10th. Investors of record on Monday, July 31st were paid a $0.25 dividend. This is an increase from Synchrony Financial’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Friday, July 28th. This represents a $1.00 annualized dividend and a yield of 3.06%. Synchrony Financial’s dividend payout ratio is presently 18.52%.

Synchrony Financial Company Profile

(Free Report)

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-brand 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 to retail and commercial customers, as well as accepts deposits through third-party securities brokerage firms.

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Institutional Ownership by Quarter for Synchrony Financial (NYSE:SYF)

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