Janney Montgomery Scott LLC raised its position in Synchrony Financial (NYSE:SYF - Free Report) by 99.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,128 shares of the financial services provider's stock after purchasing an additional 20,040 shares during the period. Janney Montgomery Scott LLC's holdings in Synchrony Financial were worth $2,124,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its holdings in Synchrony Financial by 155.2% in the 1st quarter. Brighton Jones LLC now owns 21,074 shares of the financial services provider's stock valued at $1,116,000 after purchasing an additional 12,816 shares in the last quarter. Exchange Traded Concepts LLC increased its stake in shares of Synchrony Financial by 68.7% during the 1st quarter. Exchange Traded Concepts LLC now owns 20,247 shares of the financial services provider's stock valued at $1,072,000 after acquiring an additional 8,242 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its stake in shares of Synchrony Financial by 303.8% during the 1st quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 135,766 shares of the financial services provider's stock valued at $7,187,000 after acquiring an additional 102,147 shares during the last quarter. Ritholtz Wealth Management increased its stake in shares of Synchrony Financial by 28.1% during the 1st quarter. Ritholtz Wealth Management now owns 41,557 shares of the financial services provider's stock valued at $2,200,000 after acquiring an additional 9,121 shares during the last quarter. Finally, Hennessy Advisors Inc. increased its stake in shares of Synchrony Financial by 12.5% during the 1st quarter. Hennessy Advisors Inc. now owns 18,000 shares of the financial services provider's stock valued at $953,000 after acquiring an additional 2,000 shares during the last quarter. 96.48% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on the stock. Truist Financial upped their price objective on shares of Synchrony Financial from $63.00 to $68.00 and gave the company a "hold" rating in a research note on Friday, June 13th. Wall Street Zen raised shares of Synchrony Financial from a "hold" rating to a "buy" rating in a research note on Tuesday, May 20th. Morgan Stanley reissued an "equal weight" rating and set a $44.00 target price (down previously from $82.00) on shares of Synchrony Financial in a research report on Monday, April 7th. Evercore ISI dropped 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 report on Wednesday, April 23rd. Finally, Wells Fargo & Company dropped their target price on shares of Synchrony Financial from $70.00 to $65.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Eight investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $64.78.
Read Our Latest Analysis on Synchrony Financial
Synchrony Financial Stock Up 0.6%
NYSE:SYF traded up $0.37 during trading hours on Friday, hitting $66.20. The stock had a trading volume of 3,960,706 shares, compared to its average volume of 3,883,030. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 1.11. Synchrony Financial has a 1-year low of $40.55 and a 1-year high of $70.93. The business has a 50 day simple moving average of $57.98 and a two-hundred day simple moving average of $59.39. The company has a market cap of $25.20 billion, a PE ratio of 9.08, a price-to-earnings-growth ratio of 0.68 and a beta of 1.44.
Synchrony Financial (NYSE:SYF - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.63 by $0.26. Synchrony Financial had a net margin of 13.00% and a return on equity of 19.68%. The company had revenue of $3.72 billion during the quarter, compared to the consensus estimate of $3.80 billion. Analysts predict that Synchrony Financial will post 7.67 EPS for the current year.
Synchrony Financial Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 5th were given a $0.30 dividend. This is an increase from Synchrony Financial's previous quarterly dividend of $0.25. The ex-dividend date was Monday, May 5th. This represents a $1.20 annualized dividend and a yield of 1.81%. Synchrony Financial's dividend payout ratio (DPR) is 16.46%.
Insider Buying and Selling at Synchrony Financial
In other news, insider Jonathan S. Mothner sold 40,639 shares of the stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $60.07, for a total transaction of $2,441,184.73. Following the completion of the transaction, the insider now directly owns 146,628 shares in the company, valued at approximately $8,807,943.96. This represents a 21.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Curtis Howse sold 11,380 shares of the stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $65.00, for a total value of $739,700.00. Following the transaction, the insider now owns 108,062 shares of the company's stock, valued at approximately $7,024,030. This trade represents a 9.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.33% of the stock is owned by corporate insiders.
Synchrony Financial Profile
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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 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.
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