DnB Asset Management AS lessened its stake in Synchrony Financial (NYSE:SYF – Free Report) by 43.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 128,605 shares of the financial services provider’s stock after selling 97,461 shares during the period. DnB Asset Management AS’s holdings in Synchrony Financial were worth $4,362,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in SYF. Live Oak Investment Partners bought a new stake in shares of Synchrony Financial during the 4th quarter valued at $27,000. Covestor Ltd grew its position in shares of Synchrony Financial by 138.8% during the 1st quarter. Covestor Ltd now owns 1,108 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 644 shares during the period. Zions Bancorporation N.A. grew its position in shares of Synchrony Financial by 230.5% during the 1st quarter. Zions Bancorporation N.A. now owns 1,226 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 855 shares during the period. Parkside Financial Bank & Trust grew its position in shares of Synchrony Financial by 76.2% during the 1st quarter. Parkside Financial Bank & Trust now owns 1,325 shares of the financial services provider’s stock valued at $46,000 after acquiring an additional 573 shares during the period. Finally, Ameritas Advisory Services LLC bought a new stake in shares of Synchrony Financial during the 1st quarter valued at $39,000. Institutional investors own 94.72% of the company’s stock.
Analyst Ratings Changes
SYF has been the subject of a number of recent research reports. Morgan Stanley reissued an “underweight” rating and set a $29.00 price objective (up previously from $28.00) on shares of Synchrony Financial in a research report on Wednesday, July 19th. Oppenheimer downgraded shares of Synchrony Financial from an “outperform” rating to a “market perform” rating in a report on Friday, July 14th. StockNews.com downgraded shares of Synchrony Financial from a “buy” rating to a “hold” rating in a report on Tuesday, September 5th. JMP Securities reaffirmed a “market outperform” rating and issued a $42.00 target price on shares of Synchrony Financial in a report on Friday, July 14th. Finally, UBS Group upped their target price on shares of Synchrony Financial from $35.00 to $37.00 and gave the stock a “neutral” rating in a report on Wednesday, July 19th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $37.00.
Insider Activity at Synchrony Financial
In related news, insider David P. Melito sold 15,015 shares of the stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $35.00, for a total transaction of $525,525.00. Following the completion of the sale, the insider now owns 13,960 shares of the company’s stock, valued at $488,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Brian D. Doubles sold 36,610 shares of the stock in a transaction that occurred on Tuesday, August 1st. The shares were 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 owns 565,240 shares of the company’s stock, valued at $19,500,780. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider David P. Melito sold 15,015 shares of the firm’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $35.00, for a total transaction of $525,525.00. Following the completion of the transaction, the insider now directly owns 13,960 shares of the company’s stock, valued at approximately $488,600. The disclosure for this sale can be found here. 0.65% of the stock is currently owned by corporate insiders.
Synchrony Financial Price Performance
NYSE SYF opened at $32.52 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. The firm’s 50 day moving average price is $33.60 and its 200-day moving average price is $31.76. Synchrony Financial has a 52-week low of $26.59 and a 52-week high of $40.88. The company has a market cap of $13.60 billion, a PE ratio of 6.02, a P/E/G ratio of 1.44 and a beta of 1.60.
Synchrony Financial (NYSE:SYF – Get Free Report) last released its quarterly earnings data 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. Synchrony Financial had a net margin of 12.90% and a return on equity of 19.79%. The firm had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $4.10 billion. During the same period last year, the firm earned $1.60 earnings per share. Sell-side analysts forecast that Synchrony Financial will post 5.05 EPS for the current fiscal year.
Synchrony Financial Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, August 10th. Investors of record on Monday, July 31st were given a dividend of $0.25 per share. This is a boost from Synchrony Financial’s previous quarterly dividend of $0.23. The ex-dividend date was Friday, July 28th. This represents a $1.00 dividend on an annualized basis and a yield of 3.08%. Synchrony Financial’s dividend payout ratio is presently 18.52%.
Synchrony Financial Company Profile
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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