Denali Advisors LLC reduced its position in shares of Synchrony Financial (NYSE:SYF – Get Rating) by 60.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,100 shares of the financial services provider's stock after selling 6,200 shares during the period. Denali Advisors LLC's holdings in Synchrony Financial were worth $113,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the company. First Trust Advisors LP grew its position in Synchrony Financial by 853.5% in the first quarter. First Trust Advisors LP now owns 6,218,641 shares of the financial services provider's stock worth $216,471,000 after acquiring an additional 5,566,481 shares in the last quarter. Norges Bank purchased a new position in Synchrony Financial in the fourth quarter worth $243,432,000. Marshall Wace LLP grew its position in Synchrony Financial by 8,460.7% in the fourth quarter. Marshall Wace LLP now owns 3,147,770 shares of the financial services provider's stock worth $146,028,000 after acquiring an additional 3,111,000 shares in the last quarter. BlackRock Inc. grew its position in Synchrony Financial by 4.3% in the fourth quarter. BlackRock Inc. now owns 46,743,789 shares of the financial services provider's stock worth $2,168,444,000 after acquiring an additional 1,945,620 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new position in Synchrony Financial in the first quarter worth $61,172,000. 94.12% of the stock is currently owned by hedge funds and other institutional investors.
Get Synchrony Financial alerts:Wall Street Analyst Weigh In
Several research analysts recently issued reports on the stock. Barclays cut their target price on shares of Synchrony Financial from $64.00 to $49.00 and set an "overweight" rating for the company in a research report on Monday, July 11th. Wells Fargo & Company lowered shares of Synchrony Financial from an "overweight" rating to an "equal weight" rating and cut their target price for the stock from $45.00 to $32.00 in a research report on Wednesday, July 13th. Piper Sandler cut their price target on shares of Synchrony Financial from $41.00 to $40.00 and set an "overweight" rating for the company in a research report on Monday. TheStreet lowered shares of Synchrony Financial from a "b-" rating to a "c+" rating in a research report on Tuesday, July 19th. Finally, Keefe, Bruyette & Woods cut their price target on shares of Synchrony Financial from $59.00 to $46.00 in a research report on Monday, July 11th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $43.93.
Synchrony Financial Price Performance
SYF stock opened at $28.99 on Thursday. Synchrony Financial has a 1 year low of $27.22 and a 1 year high of $52.49. The company has a market cap of $13.97 billion, a P/E ratio of 4.23, a PEG ratio of 0.21 and a beta of 1.56. The firm has a 50-day moving average of $32.91 and a 200 day moving average of $33.84. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.21 and a quick ratio of 1.21.Synchrony Financial (NYSE:SYF – Get Rating) last released its quarterly earnings results on Monday, July 18th. The financial services provider reported $1.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.43 by $0.17. Synchrony Financial had a net margin of 22.76% and a return on equity of 27.06%. The company had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $2.74 billion. During the same period in the prior year, the firm earned $2.12 earnings per share. On average, sell-side analysts forecast that Synchrony Financial will post 5.79 EPS for the current year.
Synchrony Financial Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, August 11th. Investors of record on Monday, August 1st were paid a $0.23 dividend. This is an increase from Synchrony Financial's previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date was Friday, July 29th. Synchrony Financial's dividend payout ratio is presently 13.43%.
About Synchrony Financial
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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 cards, 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 to retail and commercial customers, as well as accepts deposits through third-party securities brokerage firms.
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