Truist Financial Forecasts Strong Price Appreciation for Synchrony Financial (NYSE:SYF) Stock

Synchrony Financial (NYSE:SYF - Free Report) had its price objective raised by Truist Financial from $68.00 to $76.00 in a research report report published on Thursday morning,Benzinga reports. The brokerage currently has a hold rating on the financial services provider's stock.

Other equities research analysts have also recently issued research reports about the company. Morgan Stanley increased their price target on Synchrony Financial from $48.00 to $70.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. JPMorgan Chase & Co. raised their target price on Synchrony Financial from $52.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday, July 11th. Royal Bank Of Canada raised their target price on Synchrony Financial from $75.00 to $78.00 and gave the stock a "sector perform" rating in a research note on Wednesday, July 23rd. Wall Street Zen raised Synchrony Financial from a "hold" rating to a "buy" rating in a research note on Tuesday, May 20th. Finally, Barclays cut their target price on Synchrony Financial from $81.00 to $80.00 and set an "overweight" rating for the company in a research note on Wednesday, July 23rd. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $74.17.

Synchrony Financial Price Performance

Shares of Synchrony Financial stock traded down $0.03 during mid-day trading on Thursday, reaching $72.87. 2,767,694 shares of the stock traded hands, compared to its average volume of 4,154,970. The business has a 50-day moving average of $64.24 and a 200 day moving average of $59.96. Synchrony Financial has a fifty-two week low of $40.54 and a fifty-two week high of $73.42. The stock has a market capitalization of $27.11 billion, a PE ratio of 8.84, a PEG ratio of 0.72 and a beta of 1.46. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 1.02.

Synchrony Financial (NYSE:SYF - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The financial services provider reported $2.50 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 during the quarter, compared to analysts' expectations of $3.71 billion. During the same quarter in the prior year, the firm earned $1.55 earnings per share. The business's revenue was down 1.8% compared to the same quarter last year. On average, analysts predict that Synchrony Financial will post 7.67 EPS for the current year.

Synchrony Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date is Tuesday, August 5th. Synchrony Financial's dividend payout ratio is presently 14.56%.

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 stock was sold at an average price of $60.07, for a total transaction of $2,441,184.73. Following the sale, the insider owned 146,628 shares in the company, valued at approximately $8,807,943.96. The trade was a 21.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Curtis Howse sold 11,380 shares of Synchrony Financial stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $65.00, for a total value of $739,700.00. Following the sale, the insider owned 108,062 shares in the company, valued at $7,024,030. This trade represents a 9.53% decrease in their position. The disclosure for this sale can be found here. 0.32% of the stock is owned by company insiders.

Institutional Trading of Synchrony Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. LPL Financial LLC increased its position in Synchrony Financial by 11.8% in the 4th quarter. LPL Financial LLC now owns 122,140 shares of the financial services provider's stock valued at $7,939,000 after acquiring an additional 12,896 shares during the period. Corebridge Financial Inc. increased its position in Synchrony Financial by 0.6% in the 4th quarter. Corebridge Financial Inc. now owns 98,670 shares of the financial services provider's stock valued at $6,414,000 after acquiring an additional 543 shares during the period. Ausdal Financial Partners Inc. acquired a new position in Synchrony Financial in the 4th quarter valued at about $203,000. Korea Investment CORP increased its position in Synchrony Financial by 10.2% in the 4th quarter. Korea Investment CORP now owns 561,690 shares of the financial services provider's stock valued at $36,510,000 after acquiring an additional 52,200 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Synchrony Financial by 12.0% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 639,133 shares of the financial services provider's stock valued at $42,681,000 after acquiring an additional 68,438 shares during the period. Institutional investors and hedge funds own 96.48% of the company's stock.

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.