Bank of Nova Scotia Has $2.15 Million Stock Holdings in Synchrony Financial (NYSE:SYF)

Bank of Nova Scotia trimmed its position in Synchrony Financial (NYSE:SYF - Free Report) by 22.1% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 40,602 shares of the financial services provider's stock after selling 11,540 shares during the period. Bank of Nova Scotia's holdings in Synchrony Financial were worth $2,149,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SYF. Covestor Ltd lifted its holdings in shares of Synchrony Financial by 6.0% in the fourth quarter. Covestor Ltd now owns 3,085 shares of the financial services provider's stock valued at $200,000 after buying an additional 174 shares during the period. Gotham Asset Management LLC grew its holdings in Synchrony Financial by 2.0% during the fourth quarter. Gotham Asset Management LLC now owns 11,505 shares of the financial services provider's stock worth $748,000 after acquiring an additional 226 shares during the period. Invst LLC raised its position in Synchrony Financial by 1.2% in the fourth quarter. Invst LLC now owns 20,560 shares of the financial services provider's stock worth $1,336,000 after acquiring an additional 239 shares in the last quarter. MetLife Investment Management LLC lifted its holdings in Synchrony Financial by 0.3% in the 4th quarter. MetLife Investment Management LLC now owns 103,038 shares of the financial services provider's stock valued at $6,697,000 after acquiring an additional 283 shares during the last quarter. Finally, Perkins Coie Trust Co boosted its position in shares of Synchrony Financial by 12.0% during the 1st quarter. Perkins Coie Trust Co now owns 2,800 shares of the financial services provider's stock valued at $148,000 after purchasing an additional 300 shares in the last quarter. 96.48% of the stock is owned by institutional investors.

Synchrony Financial Stock Up 1.3%

SYF traded up $0.91 during trading on Friday, reaching $69.36. 2,890,325 shares of the stock traded hands, compared to its average volume of 4,129,756. The stock's 50-day simple moving average is $66.34 and its two-hundred day simple moving average is $60.24. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.24 and a quick ratio of 1.24. Synchrony Financial has a fifty-two week low of $40.54 and a fifty-two week high of $73.76. The stock has a market cap of $25.81 billion, a price-to-earnings ratio of 8.42, a price-to-earnings-growth ratio of 0.71 and a beta of 1.49.

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

Synchrony Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, August 5th will be issued a $0.30 dividend. The ex-dividend date is Tuesday, August 5th. This represents a $1.20 dividend on an annualized basis and a yield of 1.7%. Synchrony Financial's dividend payout ratio is currently 14.56%.

Analyst Upgrades and Downgrades

SYF has been the topic of a number of research reports. Rothschild & Co Redburn started coverage on shares of Synchrony Financial in a report on Friday, August 1st. They issued a "neutral" rating and a $72.00 target price on the stock. Redburn Atlantic raised Synchrony Financial to a "hold" rating in a report on Friday, August 1st. Truist Financial increased their price objective on Synchrony Financial from $68.00 to $76.00 and gave the company a "hold" rating in a research report on Thursday, July 24th. The Goldman Sachs Group raised their price objective on Synchrony Financial from $70.00 to $78.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Finally, BTIG Research raised Synchrony Financial from a "neutral" rating to a "buy" rating and set a $100.00 target price on the stock in a research report on Monday, July 14th. Eight equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Synchrony Financial presently has an average rating of "Moderate Buy" and a consensus target price of $74.05.

Insider Buying and Selling at Synchrony Financial

In related news, insider Jonathan S. Mothner sold 40,639 shares of the firm's stock in a transaction that occurred 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 transaction, the insider directly owned 146,628 shares of the company's stock, valued at approximately $8,807,943.96. This trade represents a 21.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Brian J. Sr. Wenzel sold 8,514 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $70.00, for a total value of $595,980.00. Following the sale, the insider directly owned 68,588 shares of the company's stock, valued at $4,801,160. The trade was a 11.04% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 61,133 shares of company stock valued at $3,817,635. Company insiders own 0.32% 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.