Resona Asset Management Co. Ltd. Has $6.57 Million Stake in Synchrony Financial (NYSE:SYF)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Synchrony Financial by 3.3%, acquiring an additional 3,989 shares, bringing its total holdings to 124,318 shares valued at approximately $6.57 million.
• Notable increases in holdings were also reported by several other hedge funds, with Nuveen LLC acquiring a new position valued at about $175.29 million in the first quarter.
• Synchrony Financial announced a quarterly dividend of $0.30 per share, reflecting a 1.6% yield, with the dividend payout set for August 15th.

Resona Asset Management Co. Ltd. boosted its position in shares of Synchrony Financial (NYSE:SYF - Free Report) by 3.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 124,318 shares of the financial services provider's stock after buying an additional 3,989 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Synchrony Financial were worth $6,572,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of SYF. Zions Bancorporation National Association UT acquired a new stake in Synchrony Financial during the first quarter worth about $30,000. Headlands Technologies LLC acquired a new stake in Synchrony Financial during the first quarter worth about $34,000. CVA Family Office LLC grew its stake in Synchrony Financial by 355.9% during the first 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 in the last quarter. Accredited Wealth Management LLC acquired a new stake in Synchrony Financial during the fourth quarter worth about $38,000. Finally, TCTC Holdings LLC grew its stake in Synchrony Financial by 89.0% during the first quarter. TCTC Holdings LLC now owns 788 shares of the financial services provider's stock worth $42,000 after buying an additional 371 shares in the last quarter. 96.48% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. increased their price objective on shares of Synchrony Financial from $52.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday, July 11th. Cfra Research raised shares of Synchrony Financial to a "hold" rating in a report on Tuesday, April 22nd. Wall Street Zen raised shares of Synchrony Financial from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Wells Fargo & Company increased their target price on shares of Synchrony Financial from $75.00 to $80.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. Finally, Barclays dropped their target price on shares of Synchrony Financial from $81.00 to $80.00 and set an "overweight" rating for the company in a report on Wednesday, July 23rd. Eight research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Synchrony Financial currently has a consensus rating of "Moderate Buy" and a consensus price target of $74.05.

Synchrony Financial Trading Down 1.9%

NYSE SYF traded down $1.35 during trading hours on Friday, reaching $71.48. The company's stock had a trading volume of 2,841,657 shares, compared to its average volume of 3,812,948. The firm has a fifty day simple moving average of $67.92 and a 200-day simple moving average of $60.25. The stock has a market cap of $26.59 billion, a P/E ratio of 8.67, a P/E/G ratio of 0.73 and a beta of 1.49. Synchrony Financial has a 52 week low of $40.54 and a 52 week high of $73.76. 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 released its earnings results on Tuesday, July 22nd. The financial services provider reported $2.50 earnings per share for the quarter, beating analysts' consensus estimates of $1.72 by $0.78. The business had revenue of $3.65 billion during the quarter, compared to the consensus estimate of $3.71 billion. Synchrony Financial had a net margin of 14.43% and a return on equity of 21.34%. The company's revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.55 EPS. Equities analysts forecast that Synchrony Financial will post 7.67 earnings per share for the current fiscal year.

Synchrony Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Tuesday, August 5th. Synchrony Financial's dividend payout ratio is currently 14.56%.

Insider Activity

In other Synchrony Financial news, insider Jonathan S. Mothner sold 40,639 shares of the stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $60.07, for a total transaction of $2,441,184.73. Following the completion of 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 transaction was disclosed in a document filed 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 transaction of $739,700.00. Following the sale, the insider directly owned 108,062 shares of the company's stock, valued at $7,024,030. This represents a 9.53% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 61,133 shares of company stock worth $3,817,635. 0.32% of the stock is owned by company insiders.

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.