Cadence Capital Management LLC increased its position in Synchrony Financial (NYSE:SYF) by 45.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 78,559 shares of the financial services provider’s stock after buying an additional 24,667 shares during the quarter. Cadence Capital Management LLC’s holdings in Synchrony Financial were worth $2,724,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently added to or reduced their stakes in the company. Intrust Bank NA lifted its holdings in shares of Synchrony Financial by 14.3% in the 2nd quarter. Intrust Bank NA now owns 22,020 shares of the financial services provider’s stock worth $763,000 after purchasing an additional 2,748 shares in the last quarter. Quantamental Technologies LLC increased its position in shares of Synchrony Financial by 125.2% during the 2nd quarter. Quantamental Technologies LLC now owns 39,186 shares of the financial services provider’s stock valued at $1,359,000 after purchasing an additional 21,788 shares during the last quarter. M&T Bank Corp increased its position in shares of Synchrony Financial by 1.3% during the 2nd quarter. M&T Bank Corp now owns 43,171 shares of the financial services provider’s stock valued at $1,497,000 after purchasing an additional 542 shares during the last quarter. Redhawk Wealth Advisors Inc. purchased a new stake in shares of Synchrony Financial during the 2nd quarter valued at $35,000. Finally, LPL Financial LLC increased its position in shares of Synchrony Financial by 1.7% during the 2nd quarter. LPL Financial LLC now owns 80,521 shares of the financial services provider’s stock valued at $2,792,000 after purchasing an additional 1,368 shares during the last quarter. 86.62% of the stock is owned by institutional investors.
SYF traded up $0.25 during trading hours on Friday, hitting $34.10. The stock had a trading volume of 38,635 shares, compared to its average volume of 4,372,355. The company’s fifty day simple moving average is $33.82 and its 200 day simple moving average is $33.78. Synchrony Financial has a 1 year low of $21.77 and a 1 year high of $36.87. The stock has a market cap of $22.42 billion, a PE ratio of 9.12, a price-to-earnings-growth ratio of 0.78 and a beta of 1.18. The company has a quick ratio of 1.25, a current ratio of 1.36 and a debt-to-equity ratio of 1.44.
Synchrony Financial (NYSE:SYF) last announced its quarterly earnings data on Friday, July 19th. The financial services provider reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.01. Synchrony Financial had a return on equity of 19.50% and a net margin of 17.82%. The company had revenue of $4.16 billion during the quarter, compared to analyst estimates of $4.19 billion. During the same quarter last year, the firm posted $0.92 EPS. As a group, equities analysts expect that Synchrony Financial will post 4.21 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were issued a $0.22 dividend. The ex-dividend date was Friday, August 2nd. This represents a $0.88 annualized dividend and a yield of 2.58%. This is a positive change from Synchrony Financial’s previous quarterly dividend of $0.21. Synchrony Financial’s dividend payout ratio (DPR) is 23.53%.
Several equities research analysts have recently issued reports on the company. BMO Capital Markets set a $43.00 target price on Synchrony Financial and gave the company a “buy” rating in a research report on Sunday, July 21st. ValuEngine lowered Synchrony Financial from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Nomura raised their target price on Synchrony Financial from $39.00 to $43.00 and gave the company a “buy” rating in a research report on Wednesday. BTIG Research reaffirmed a “buy” rating and set a $42.00 target price on shares of Synchrony Financial in a research report on Monday, July 22nd. Finally, Buckingham Research assumed coverage on Synchrony Financial in a research report on Monday, July 22nd. They set a “buy” rating and a $42.00 target price for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $38.71.
In related news, insider David P. Melito sold 3,204 shares of Synchrony Financial stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $36.00, for a total value of $115,344.00. Following the completion of the sale, the insider now owns 23,567 shares of the company’s stock, valued at approximately $848,412. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.32% of the company’s stock.
About Synchrony Financial
Synchrony Financial operates as a consumer financial services company in the United States. The company offers private label credit cards, dual cards, general purpose co-branded credit cards, and small and medium-sized business credit products; and promotional financing for consumer purchases, such as private label credit cards and installment loans.
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