Mackenzie Financial Corp Has $29.12 Million Stake in Synchrony Financial (NYSE:SYF)

Mackenzie Financial Corp lessened its holdings in Synchrony Financial (NYSE:SYF - Free Report) by 22.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 448,048 shares of the financial services provider's stock after selling 126,180 shares during the period. Mackenzie Financial Corp owned approximately 0.12% of Synchrony Financial worth $29,123,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in SYF. Apollon Wealth Management LLC grew its stake in shares of Synchrony Financial by 2.3% in the 4th quarter. Apollon Wealth Management LLC now owns 7,094 shares of the financial services provider's stock valued at $461,000 after purchasing an additional 160 shares during the period. Covestor Ltd boosted its stake in Synchrony Financial by 6.0% in the 4th 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 in the last quarter. Gladstone Institutional Advisory LLC boosted its stake in Synchrony Financial by 1.9% in the 4th quarter. Gladstone Institutional Advisory LLC now owns 9,290 shares of the financial services provider's stock valued at $604,000 after buying an additional 176 shares in the last quarter. Smithfield Trust Co grew its position in Synchrony Financial by 19.7% in the fourth quarter. Smithfield Trust Co now owns 1,099 shares of the financial services provider's stock valued at $69,000 after acquiring an additional 181 shares during the period. Finally, CX Institutional raised its stake in Synchrony Financial by 4.0% during the fourth quarter. CX Institutional now owns 5,755 shares of the financial services provider's stock worth $374,000 after acquiring an additional 222 shares in the last quarter. Institutional investors and hedge funds own 96.48% of the company's stock.

Insider Activity

In related news, insider Jonathan S. Mothner sold 40,639 shares of the company's 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 completion of the sale, the insider now owns 146,628 shares in the company, valued at $8,807,943.96. This represents a 21.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.33% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on SYF. Wall Street Zen upgraded shares of Synchrony Financial from a "hold" rating to a "buy" rating in a research report on Tuesday, May 20th. The Goldman Sachs Group dropped their price objective on shares of Synchrony Financial from $82.00 to $70.00 and set a "buy" rating for the company in a report on Tuesday, March 18th. Morgan Stanley reiterated an "equal weight" rating and issued a $44.00 target price (down previously from $82.00) on shares of Synchrony Financial in a research note on Monday, April 7th. Bank of America increased their price target on Synchrony Financial from $82.00 to $85.00 and gave the stock a "buy" rating in a research report on Tuesday, January 28th. Finally, Truist Financial reduced their price objective on Synchrony Financial from $65.00 to $57.00 and set a "hold" rating on the stock in a research note on Friday, April 25th. Eight analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $63.95.

Synchrony Financial Trading Down 1.2%

SYF traded down $0.73 during trading on Wednesday, reaching $58.29. 2,398,023 shares of the company's stock were exchanged, compared to its average volume of 3,924,280. The company's fifty day moving average price is $52.77 and its 200-day moving average price is $60.30. The firm has a market capitalization of $22.19 billion, a PE ratio of 6.83, a P/E/G ratio of 0.71 and a beta of 1.42. Synchrony Financial has a fifty-two week low of $40.55 and a fifty-two week high of $70.93. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.24 and a current ratio of 1.24.

Synchrony Financial (NYSE:SYF - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.63 by $0.26. The business had revenue of $3.72 billion for the quarter, compared to analyst estimates of $3.80 billion. Synchrony Financial had a return on equity of 18.30% and a net margin of 15.36%. As a group, equities analysts forecast that Synchrony Financial will post 7.67 EPS for the current year.

Synchrony Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 5th were given a dividend of $0.30 per share. This is a positive change from Synchrony Financial's previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a dividend yield of 2.06%. The ex-dividend date was Monday, May 5th. Synchrony Financial's payout ratio is presently 16.46%.

About Synchrony Financial

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.