Creative Planning Boosts Position in Synchrony Financial (NYSE:SYF)

Posted by Defense World Staff on Oct 14th, 2023

Creative Planning lifted its stake in shares of Synchrony Financial (NYSE:SYF – Free Report) by 83.2% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 40,999 shares of the financial services provider’s stock after acquiring an additional 18,614 shares during the period. Creative Planning’s holdings in Synchrony Financial were worth $1,391,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Asahi Life Asset Management CO. LTD. raised its holdings in shares of Synchrony Financial by 4.7% during the 2nd quarter. Asahi Life Asset Management CO. LTD. now owns 9,160 shares of the financial services provider’s stock worth $311,000 after acquiring an additional 410 shares during the period. International Assets Investment Management LLC purchased a new position in shares of Synchrony Financial during the 2nd quarter worth $411,000. Salem Investment Counselors Inc. raised its holdings in shares of Synchrony Financial by 181.2% during the 2nd quarter. Salem Investment Counselors Inc. now owns 824 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 531 shares during the period. Teacher Retirement System of Texas raised its holdings in shares of Synchrony Financial by 40.0% during the 2nd quarter. Teacher Retirement System of Texas now owns 512,332 shares of the financial services provider’s stock worth $17,378,000 after acquiring an additional 146,508 shares during the period. Finally, Allworth Financial LP increased its position in shares of Synchrony Financial by 158.9% during the 2nd quarter. Allworth Financial LP now owns 945 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 580 shares during the last quarter. Hedge funds and other institutional investors own 94.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SYF. HSBC began coverage on Synchrony Financial in a research report on Friday. They set a “hold” rating and a $32.00 price objective for the company. Oppenheimer downgraded Synchrony Financial from an “outperform” rating to a “market perform” rating in a research report on Friday, July 14th. Morgan Stanley cut their price objective on Synchrony Financial from $29.00 to $28.00 and set an “underweight” rating for the company in a research report on Tuesday, October 3rd. The Goldman Sachs Group cut their price objective on Synchrony Financial from $40.00 to $37.00 in a research report on Monday, October 2nd. Finally, JMP Securities reissued a “market outperform” rating and set a $42.00 price objective on shares of Synchrony Financial in a research report on Friday, July 14th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $36.13.

Check Out Our Latest Report on SYF

Insider Buying and Selling

In related news, insider David P. Melito sold 15,015 shares of the business’s stock in a transaction that occurred 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 sale, the insider now owns 13,960 shares in the company, valued at $488,600. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider David P. Melito sold 15,015 shares of the business’s stock in a transaction that occurred 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 sale, the insider now owns 13,960 shares in the company, valued at $488,600. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Brian D. Doubles sold 36,610 shares of the business’s stock in a transaction that occurred 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 sale, the insider now owns 565,240 shares of the company’s stock, valued at approximately $19,500,780. The disclosure for this sale can be found here. 0.65% of the stock is owned by company insiders.

Synchrony Financial Stock Performance

Shares of Synchrony Financial stock opened at $28.87 on Friday. Synchrony Financial has a one year low of $26.59 and a one year high of $40.88. The company has a market cap of $12.07 billion, a PE ratio of 5.35, a P/E/G ratio of 1.31 and a beta of 1.59. 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 business has a 50-day simple moving average of $31.78 and a 200-day simple moving average of $31.65.

Synchrony Financial (NYSE:SYF – Get Free Report) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.07. Synchrony Financial had a return on equity of 19.79% and a net margin of 12.90%. The business had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $4.10 billion. During the same period in the previous year, the company posted $1.60 earnings per share. On average, equities research analysts forecast that Synchrony Financial will post 5.06 EPS for the current fiscal year.

Synchrony Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 10th. Investors of record on Monday, July 31st were paid 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 annualized dividend and a yield of 3.46%. Synchrony Financial’s payout ratio is presently 18.52%.

About Synchrony Financial

(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.