Synchrony Financial (NYSE:SYF) Shares Purchased by Citigroup Inc.

Key Points

• Citigroup Inc. increased its ownership in Synchrony Financial by 45.8% in the first quarter, holding 462,293 shares valued at approximately $24.47 million at quarter's end.
• Shares of Synchrony Financial opened at $72.34, marking a significant increase and contributing to a market capitalization of $26.91 billion.
• The company's quarterly earnings reported an EPS of $2.50, surpassing estimates, although revenue was down 1.8% year-over-year.

Citigroup Inc. raised its holdings in shares of Synchrony Financial (NYSE:SYF - Free Report) by 45.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 462,293 shares of the financial services provider's stock after purchasing an additional 145,123 shares during the period. Citigroup Inc. owned approximately 0.12% of Synchrony Financial worth $24,474,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of SYF. Headlands Technologies LLC purchased a new position in shares of Synchrony Financial in the 1st quarter worth $34,000. CVA Family Office LLC boosted its stake in shares of Synchrony Financial by 355.9% in the 1st quarter. CVA Family Office LLC now owns 693 shares of the financial services provider's stock worth $37,000 after buying an additional 541 shares during the last quarter. Accredited Wealth Management LLC bought a new stake in shares of Synchrony Financial during the 4th quarter valued at $38,000. TCTC Holdings LLC grew its position in shares of Synchrony Financial by 89.0% during the 1st quarter. TCTC Holdings LLC now owns 788 shares of the financial services provider's stock valued at $42,000 after acquiring an additional 371 shares during the period. Finally, Rothschild Investment LLC grew its position in shares of Synchrony Financial by 55.6% during the 1st 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 period. 96.48% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Evercore ISI lowered their target price 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. Rothschild & Co Redburn assumed coverage on Synchrony Financial in a research report on Friday, August 1st. They set a "neutral" rating and a $72.00 target price on the stock. JMP Securities lifted their target price on Synchrony Financial from $68.00 to $77.00 and gave the company a "market outperform" rating in a research report on Thursday, July 17th. Truist Financial boosted 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. Finally, Wall Street Zen upgraded Synchrony Financial from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Eight investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $74.05.

Insider Buying and Selling

In other news, insider Curtis Howse sold 11,380 shares of the business's 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 transaction, the insider directly owned 108,062 shares of the company's stock, valued at approximately $7,024,030. The trade was a 9.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jonathan S. Mothner sold 40,639 shares of the stock in a transaction on Monday, May 19th. The shares were 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 of the company's stock, valued at approximately $8,807,943.96. This represents a 21.70% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 61,133 shares of company stock valued at $3,817,635. 0.32% of the stock is currently owned by insiders.

Synchrony Financial Trading Up 0.4%

Shares of SYF traded up $0.29 during mid-day trading on Thursday, reaching $72.88. 2,589,738 shares of the company's stock traded hands, compared to its average volume of 3,801,135. Synchrony Financial has a 12 month low of $40.54 and a 12 month high of $73.76. The stock has a market cap of $27.11 billion, a P/E ratio of 8.84, a P/E/G ratio of 0.74 and a beta of 1.49. The stock's 50-day moving average is $67.36 and its two-hundred day moving average is $60.26. 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 (NYSE:SYF - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.78. The company had revenue of $3.65 billion for the quarter, compared to analysts' expectations of $3.71 billion. Synchrony Financial had a return on equity of 21.34% and a net margin of 14.43%. Synchrony Financial's revenue was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.55 earnings per share. Research analysts forecast that Synchrony Financial will post 7.67 earnings per share for the current fiscal year.

Synchrony Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Tuesday, August 5th. Synchrony Financial's payout ratio is presently 14.56%.

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.