Synchrony Financial (NYSE:SYF) Shares Purchased by Westpac Banking Corp

Westpac Banking Corp boosted its stake in shares of Synchrony Financial (NYSE:SYFFree Report) by 28.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 134,810 shares of the financial services provider’s stock after buying an additional 30,259 shares during the quarter. Westpac Banking Corp’s holdings in Synchrony Financial were worth $5,148,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA grew its holdings in shares of Synchrony Financial by 19.7% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 29,688 shares of the financial services provider’s stock worth $1,134,000 after acquiring an additional 4,877 shares during the period. Checchi Capital Advisers LLC purchased a new position in shares of Synchrony Financial in the fourth quarter valued at $215,000. Boston Partners raised its stake in shares of Synchrony Financial by 23.6% during the 4th quarter. Boston Partners now owns 3,826,080 shares of the financial services provider’s stock worth $146,112,000 after buying an additional 730,318 shares during the last quarter. AlphaStar Capital Management LLC acquired a new position in shares of Synchrony Financial during the 4th quarter worth $389,000. Finally, Qsemble Capital Management LP purchased a new stake in shares of Synchrony Financial in the 4th quarter worth about $391,000. 96.48% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SYF. Oppenheimer reaffirmed a “market perform” rating on shares of Synchrony Financial in a report on Wednesday, March 6th. StockNews.com upgraded Synchrony Financial from a “hold” rating to a “buy” rating in a report on Thursday, April 25th. Piper Sandler upped their price objective on Synchrony Financial from $46.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, January 24th. Wells Fargo & Company lifted their price objective on Synchrony Financial from $38.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 10th. Finally, Evercore ISI upped their target price on shares of Synchrony Financial from $45.00 to $47.00 and gave the company an “outperform” rating in a report on Thursday, March 28th. One analyst has rated the stock with a sell rating, ten have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Synchrony Financial has a consensus rating of “Hold” and a consensus target price of $43.74.

Read Our Latest Report on Synchrony Financial

Synchrony Financial Trading Down 2.7 %

SYF traded down $1.20 on Wednesday, reaching $43.98. 2,947,677 shares of the company’s stock were exchanged, compared to its average volume of 4,413,512. The company has a market cap of $17.66 billion, a price-to-earnings ratio of 6.26, a PEG ratio of 1.08 and a beta of 1.58. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.23 and a current ratio of 1.24. Synchrony Financial has a twelve month low of $27.30 and a twelve month high of $46.72. The company’s 50 day moving average is $42.82 and its 200-day moving average is $38.35.

Synchrony Financial (NYSE:SYFGet Free Report) last released its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.37 by ($0.19). Synchrony Financial had a return on equity of 16.01% and a net margin of 13.49%. The business had revenue of $5.57 billion during the quarter, compared to analyst estimates of $4.44 billion. During the same period in the previous year, the company earned $1.35 EPS. Equities analysts predict that Synchrony Financial will post 5.7 earnings per share for the current year.

Synchrony Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, May 6th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.27%. The ex-dividend date is Friday, May 3rd. Synchrony Financial’s payout ratio is 14.35%.

Synchrony Financial declared that its Board of Directors has initiated a share buyback plan on Wednesday, April 24th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 5.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, insider Curtis Howse sold 31,562 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $45.00, for a total transaction of $1,420,290.00. Following the transaction, the insider now directly owns 121,042 shares of the company’s stock, valued at approximately $5,446,890. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Brian D. Doubles sold 134,696 shares of Synchrony Financial stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $41.26, for a total transaction of $5,557,556.96. Following the sale, the insider now directly owns 660,353 shares of the company’s stock, valued at $27,246,164.78. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Curtis Howse sold 31,562 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $45.00, for a total value of $1,420,290.00. Following the completion of the transaction, the insider now owns 121,042 shares in the company, valued at approximately $5,446,890. The disclosure for this sale can be found here. Over the last quarter, insiders sold 172,437 shares of company stock worth $7,242,432. 0.65% of the stock is currently owned by corporate insiders.

Synchrony Financial Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Synchrony Financial (NYSE:SYF)

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