Bank of New York Mellon Corp Sells 53,442 Shares of Synchrony Financial (NYSE:SYF)

Bank of New York Mellon Corp decreased its position in shares of Synchrony Financial (NYSE:SYF - Free Report) by 1.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,074,876 shares of the financial services provider's stock after selling 53,442 shares during the period. Bank of New York Mellon Corp owned approximately 0.79% of Synchrony Financial worth $162,784,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. World Investment Advisors increased its position in Synchrony Financial by 525.2% during the 1st quarter. World Investment Advisors now owns 34,646 shares of the financial services provider's stock worth $1,834,000 after buying an additional 29,104 shares during the period. Wayfinding Financial LLC bought a new position in Synchrony Financial during the 1st quarter worth $71,000. IFM Investors Pty Ltd increased its position in Synchrony Financial by 11.4% during the 1st quarter. IFM Investors Pty Ltd now owns 114,297 shares of the financial services provider's stock worth $5,701,000 after buying an additional 11,658 shares during the period. OneDigital Investment Advisors LLC increased its position in Synchrony Financial by 40.5% during the 1st quarter. OneDigital Investment Advisors LLC now owns 7,495 shares of the financial services provider's stock worth $397,000 after buying an additional 2,162 shares during the period. Finally, 44 Wealth Management LLC bought a new position in shares of Synchrony Financial in the first quarter worth $1,309,000. Institutional investors own 96.48% of the company's stock.

Synchrony Financial Stock Performance

Synchrony Financial stock opened at $69.69 on Tuesday. Synchrony Financial has a 12-month low of $40.55 and a 12-month high of $70.93. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 1.11. The business's 50-day moving average price is $60.24 and its two-hundred day moving average price is $59.51. The stock has a market cap of $26.53 billion, a PE ratio of 9.56, a P/E/G ratio of 0.73 and a beta of 1.46.

Synchrony Financial (NYSE:SYF - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.63 by $0.26. The company had revenue of $3.72 billion for the quarter, compared to analysts' expectations of $3.80 billion. Synchrony Financial had a return on equity of 19.68% and a net margin of 13.00%. As a group, analysts expect that Synchrony Financial will post 7.67 earnings per share for the current fiscal year.

Synchrony Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 5th were issued a dividend of $0.30 per share. This is a boost from Synchrony Financial's previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a dividend yield of 1.72%. The ex-dividend date of this dividend was Monday, May 5th. Synchrony Financial's payout ratio is 16.46%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Morgan Stanley restated an "equal weight" rating and issued a $44.00 price target (down previously from $82.00) on shares of Synchrony Financial in a research report on Monday, April 7th. Wells Fargo & Company raised their price target on Synchrony Financial from $65.00 to $75.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Evercore ISI decreased their price target on Synchrony Financial from $64.00 to $56.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 23rd. Truist Financial raised their price target on Synchrony Financial from $63.00 to $68.00 and gave the stock a "hold" rating in a research report on Friday, June 13th. Finally, Cfra Research upgraded Synchrony Financial to a "hold" rating in a research report on Tuesday, April 22nd. Eight analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat, Synchrony Financial currently has a consensus rating of "Moderate Buy" and an average target price of $65.78.

Insider Activity

In other news, insider Curtis Howse sold 11,380 shares of the business's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $65.00, for a total transaction of $739,700.00. Following the sale, the insider directly owned 108,062 shares in the company, valued at approximately $7,024,030. The trade was a 9.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jonathan S. Mothner sold 40,639 shares of the business's stock in a transaction dated 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 approximately $8,807,943.96. This trade represents a 21.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.33% of the company's stock.

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.

Want to see what other hedge funds are holding SYF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Synchrony Financial (NYSE:SYF - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.