Principal Financial Group Inc. Boosts Holdings in Synchrony Financial (NYSE:SYF)

Principal Financial Group Inc. grew its holdings in shares of Synchrony Financial (NYSE:SYF - Free Report) by 11.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 507,396 shares of the financial services provider's stock after purchasing an additional 50,385 shares during the period. Principal Financial Group Inc. owned approximately 0.13% of Synchrony Financial worth $26,862,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. SBI Securities Co. Ltd. purchased a new stake in shares of Synchrony Financial during the fourth quarter valued at approximately $57,000. Atria Investments Inc grew its position in Synchrony Financial by 15.0% in the 4th quarter. Atria Investments Inc now owns 7,655 shares of the financial services provider's stock worth $498,000 after purchasing an additional 996 shares during the period. Proficio Capital Partners LLC purchased a new position in shares of Synchrony Financial during the 4th quarter worth $10,530,000. Callan Family Office LLC purchased a new position in shares of Synchrony Financial during the 4th quarter worth $269,000. Finally, Edgestream Partners L.P. purchased a new position in shares of Synchrony Financial during the 4th quarter worth $1,121,000. 96.48% of the stock is owned by institutional investors.

Synchrony Financial Stock Up 1.5%

NYSE:SYF traded up $1.07 during midday trading on Thursday, reaching $71.23. 3,244,049 shares of the stock traded hands, compared to its average volume of 3,873,564. Synchrony Financial has a 12-month low of $40.55 and a 12-month high of $71.88. The business has a 50-day moving average of $60.95 and a two-hundred day moving average of $59.66. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.25 and a current ratio of 1.25. The stock has a market capitalization of $27.11 billion, a PE ratio of 9.77, a price-to-earnings-growth ratio of 0.73 and a beta of 1.46.

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 analysts' consensus estimates of $1.63 by $0.26. The business had revenue of $3.72 billion during the quarter, compared to analysts' expectations of $3.80 billion. Synchrony Financial had a net margin of 13.00% and a return on equity of 19.68%. On average, equities analysts forecast that Synchrony Financial will post 7.67 earnings per share for the current fiscal year.

Synchrony Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 5th were paid a $0.30 dividend. The ex-dividend date was Monday, May 5th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.68%. This is a positive change from Synchrony Financial's previous quarterly dividend of $0.25. Synchrony Financial's dividend payout ratio is presently 16.46%.

Insiders Place Their Bets

In other news, insider Jonathan S. Mothner sold 40,639 shares of Synchrony Financial stock in a transaction dated 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 in the company, valued at $8,807,943.96. This trade represents a 21.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction, the insider owned 108,062 shares in the company, valued at $7,024,030. The trade was a 9.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.32% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on SYF shares. Truist Financial lifted their target price 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. The Goldman Sachs Group upped their target price on shares of Synchrony Financial from $70.00 to $78.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Barclays upped their target price on shares of Synchrony Financial from $62.00 to $81.00 and gave the company an "overweight" rating in a research report on Tuesday. Evercore ISI cut their price target on shares of Synchrony Financial from $64.00 to $56.00 and set an "outperform" rating on the stock in a report on Wednesday, April 23rd. Finally, Wells Fargo & Company upped their target price on shares of Synchrony Financial from $65.00 to $75.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Eight equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $67.33.

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.