Assetmark Inc. Purchases 1,721,891 Shares of Synchrony Financial (NYSE:SYF)

Key Points

• Assetmark Inc. increased its stake in Synchrony Financial by 129.5% in Q1, now owning approximately 3.05 million shares valued at $161.5 million.
• The company reported an earnings per share (EPS) of $2.50 for the last quarter, significantly beating analysts' expectations of $1.72.
• Synchrony Financial announced a quarterly dividend of $0.30 per share, representing an annualized yield of 1.65% with a dividend payout ratio of 14.56%.

Assetmark Inc. boosted its holdings in Synchrony Financial (NYSE:SYF - Free Report) by 129.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,051,160 shares of the financial services provider's stock after purchasing an additional 1,721,891 shares during the period. Assetmark Inc. owned about 0.80% of Synchrony Financial worth $161,528,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. CVA Family Office LLC grew its position in Synchrony Financial by 355.9% in the first quarter. CVA Family Office LLC now owns 693 shares of the financial services provider's stock valued at $37,000 after purchasing an additional 541 shares in the last quarter. Accredited Wealth Management LLC acquired a new stake in Synchrony Financial in the fourth quarter valued at $38,000. Rothschild Investment LLC lifted its stake in Synchrony Financial by 55.6% in the first quarter. Rothschild Investment LLC now owns 862 shares of the financial services provider's stock valued at $46,000 after acquiring an additional 308 shares during the last quarter. Golden State Wealth Management LLC lifted its stake in Synchrony Financial by 503.7% in the first quarter. Golden State Wealth Management LLC now owns 972 shares of the financial services provider's stock valued at $51,000 after acquiring an additional 811 shares during the last quarter. Finally, Global Financial Private Client LLC lifted its stake in Synchrony Financial by 1,107.4% in the first quarter. Global Financial Private Client LLC now owns 978 shares of the financial services provider's stock valued at $52,000 after acquiring an additional 897 shares during the last quarter. Institutional investors own 96.48% of the company's stock.

Synchrony Financial Price Performance

SYF stock traded up $1.09 during midday trading on Friday, hitting $72.90. The company's stock had a trading volume of 3,237,556 shares, compared to its average volume of 3,310,771. Synchrony Financial has a 12 month low of $40.54 and a 12 month high of $73.42. The company has a quick ratio of 1.25, a current ratio of 1.24 and a debt-to-equity ratio of 1.02. The firm has a market capitalization of $27.12 billion, a price-to-earnings ratio of 8.85, a price-to-earnings-growth ratio of 0.72 and a beta of 1.46. The company has a 50 day moving average of $64.24 and a two-hundred day moving average of $60.04.

Synchrony Financial (NYSE:SYF - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The financial services provider reported $2.50 EPS for the quarter, beating analysts' consensus estimates of $1.72 by $0.78. The firm had revenue of $3.65 billion during the quarter, compared to the consensus estimate of $3.71 billion. Synchrony Financial had a return on equity of 21.34% and a net margin of 14.43%. The company's quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.55 EPS. On average, analysts expect that Synchrony Financial will post 7.67 EPS for the current year.

Synchrony Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, August 5th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.65%. Synchrony Financial's dividend payout ratio is currently 14.56%.

Analyst Upgrades and Downgrades

SYF has been the subject of a number of recent analyst reports. JMP Securities increased their price target on shares of Synchrony Financial from $68.00 to $77.00 and gave the company a "market outperform" rating in a research note on Thursday, July 17th. Wall Street Zen upgraded shares of Synchrony Financial from a "hold" rating to a "buy" rating in a research note on Tuesday, May 20th. Evercore ISI cut their target price on shares of Synchrony Financial from $64.00 to $56.00 and set an "outperform" rating for the company in a research note on Wednesday, April 23rd. Cfra Research upgraded shares of Synchrony Financial to a "hold" rating in a research note on Tuesday, April 22nd. Finally, Truist Financial raised their target price on shares of Synchrony Financial from $68.00 to $76.00 and gave the stock a "hold" rating in a research note on Thursday. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $74.17.

Insiders Place Their Bets

In other Synchrony Financial news, insider Jonathan S. Mothner sold 40,639 shares of the stock in a transaction on Monday, May 19th. The stock was sold at an average price of $60.07, for a total value of $2,441,184.73. Following the sale, the insider owned 146,628 shares in the company, valued at $8,807,943.96. This trade represents a 21.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Curtis Howse sold 11,380 shares of the stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $65.00, for a total value of $739,700.00. Following the completion of the sale, the insider owned 108,062 shares in the company, valued at approximately $7,024,030. The trade was a 9.53% decrease in their position. The disclosure for this sale can be found here. 0.32% of the stock is owned by company insiders.

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 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, and sweep and affinity deposits, as well as accepts deposits through third-party securities brokerage firms.