Forsta AP Fonden Raises Holdings in Synchrony Financial (NYSE:SYF)

Key Points

• Forsta AP Fonden increased its stake in Synchrony Financial by 65.3% during the first quarter, totaling 144,800 shares valued at approximately $7.67 million.
• The company announced a $0.30 quarterly dividend per share, reflecting an annualized dividend of $1.20 and a yield of 1.7%.
• Synchrony Financial has received various price target upgrades from analysts, with the average target now set at $74.05 and a consensus rating of "Moderate Buy."

Forsta AP Fonden raised its stake in Synchrony Financial (NYSE:SYF - Free Report) by 65.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 144,800 shares of the financial services provider's stock after buying an additional 57,200 shares during the period. Forsta AP Fonden's holdings in Synchrony Financial were worth $7,666,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in SYF. Accredited Wealth Management LLC acquired a new stake in Synchrony Financial during the fourth quarter worth approximately $38,000. Headlands Technologies LLC acquired a new position in Synchrony Financial in the 1st quarter worth $34,000. CVA Family Office LLC lifted its holdings in 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 in the last quarter. TCTC Holdings LLC increased its position in shares of Synchrony Financial by 89.0% in the 1st quarter. TCTC Holdings LLC now owns 788 shares of the financial services provider's stock worth $42,000 after purchasing an additional 371 shares during the last quarter. Finally, Rothschild Investment LLC increased its position in shares of Synchrony Financial by 55.6% in the 1st quarter. Rothschild Investment LLC now owns 862 shares of the financial services provider's stock worth $46,000 after purchasing an additional 308 shares during the last quarter. 96.48% of the stock is owned by hedge funds and other institutional investors.

Synchrony Financial Stock Up 0.2%

SYF stock traded up $0.17 during midday trading on Wednesday, reaching $72.53. 146,931 shares of the company's stock traded hands, compared to its average volume of 4,103,711. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 1.02. The company has a market cap of $26.99 billion, a price-to-earnings ratio of 8.78, a P/E/G ratio of 0.71 and a beta of 1.49. The firm's fifty day moving average price is $67.07 and its 200-day moving average price is $60.17. Synchrony Financial has a 52 week low of $40.54 and a 52 week high of $73.76.

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, beating analysts' consensus estimates of $1.72 by $0.78. Synchrony Financial had a return on equity of 21.34% and a net margin of 14.43%. The business had revenue of $3.65 billion for the quarter, compared to analysts' expectations of $3.71 billion. During the same period in the previous year, the business posted $1.55 EPS. The firm's quarterly revenue was down 1.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Synchrony Financial will post 7.67 earnings per share for the current fiscal year.

Synchrony Financial Dividend Announcement

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

Insiders Place Their Bets

In other Synchrony Financial news, insider Darrell Owens sold 600 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $67.95, for a total value of $40,770.00. Following the completion of the transaction, the insider owned 21,372 shares in the company, valued at approximately $1,452,227.40. This represents a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Curtis Howse sold 11,380 shares of the 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 sale, the insider directly owned 108,062 shares in the company, valued at approximately $7,024,030. This represents a 9.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 61,133 shares of company stock worth $3,817,635 in the last ninety days. Insiders own 0.33% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. JMP Securities boosted their price objective on shares of Synchrony Financial from $68.00 to $77.00 and gave the company a "market outperform" rating in a research report on Thursday, July 17th. JPMorgan Chase & Co. increased their target price on shares of Synchrony Financial from $52.00 to $80.00 and gave the company an "overweight" rating in a research note on Friday, July 11th. Truist Financial upped their price target on shares of Synchrony Financial from $68.00 to $76.00 and gave the company a "hold" rating in a research report on Thursday, July 24th. Cfra Research upgraded shares of Synchrony Financial to a "hold" rating in a research report on Tuesday, April 22nd. Finally, Morgan Stanley upped their price objective on shares of Synchrony Financial from $48.00 to $70.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Eight equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $74.05.

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.