State of Alaska Department of Revenue Sells 71,425 Shares of Synchrony Financial (NYSE:SYF)

State of Alaska Department of Revenue cut its stake in Synchrony Financial (NYSE:SYFGet Rating) by 26.7% in the 2nd quarter, Holdings Channel reports. The firm owned 196,298 shares of the financial services provider’s stock after selling 71,425 shares during the period. State of Alaska Department of Revenue’s holdings in Synchrony Financial were worth $5,421,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. DnB Asset Management AS raised its holdings in Synchrony Financial by 2.8% in the 2nd quarter. DnB Asset Management AS now owns 136,471 shares of the financial services provider’s stock worth $3,769,000 after purchasing an additional 3,699 shares in the last quarter. NuWave Investment Management LLC raised its holdings in Synchrony Financial by 6.0% in the 2nd quarter. NuWave Investment Management LLC now owns 11,694 shares of the financial services provider’s stock worth $323,000 after purchasing an additional 664 shares in the last quarter. Insight Wealth Strategies LLC grew its position in shares of Synchrony Financial by 31.5% in the 2nd quarter. Insight Wealth Strategies LLC now owns 43,029 shares of the financial services provider’s stock worth $1,188,000 after buying an additional 10,311 shares during the period. Rehmann Capital Advisory Group grew its position in shares of Synchrony Financial by 13.2% in the 1st quarter. Rehmann Capital Advisory Group now owns 7,347 shares of the financial services provider’s stock worth $254,000 after buying an additional 857 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in shares of Synchrony Financial by 1,769.1% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,757 shares of the financial services provider’s stock worth $61,000 after buying an additional 1,663 shares during the period. 94.12% of the stock is currently owned by institutional investors.

Synchrony Financial Stock Performance

Shares of NYSE SYF opened at $31.64 on Wednesday. The firm’s 50-day moving average price is $33.17 and its 200-day moving average price is $34.11. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.96. The company has a market cap of $15.24 billion, a PE ratio of 4.62, a PEG ratio of 0.25 and a beta of 1.56. Synchrony Financial has a 52-week low of $27.22 and a 52-week high of $52.49.

Synchrony Financial (NYSE:SYFGet Rating) last announced its quarterly earnings results on Monday, July 18th. The financial services provider reported $1.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.17. The firm had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $2.74 billion. Synchrony Financial had a net margin of 22.76% and a return on equity of 27.06%. During the same quarter last year, the firm posted $2.12 EPS. As a group, analysts anticipate that Synchrony Financial will post 5.79 EPS for the current year.

Synchrony Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 11th. Stockholders of record on Monday, August 1st were paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 2.91%. The ex-dividend date was Friday, July 29th. This is a boost from Synchrony Financial’s previous quarterly dividend of $0.22. Synchrony Financial’s dividend payout ratio is 13.43%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SYF. Piper Sandler set a $41.00 target price on shares of Synchrony Financial in a research report on Tuesday, July 19th. Wells Fargo & Company downgraded shares of Synchrony Financial from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $45.00 to $32.00 in a research report on Wednesday, July 13th. Morgan Stanley reduced their target price on shares of Synchrony Financial from $40.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 12th. TheStreet downgraded shares of Synchrony Financial from a “b-” rating to a “c+” rating in a research report on Tuesday, July 19th. Finally, Barclays reduced their target price on shares of Synchrony Financial from $64.00 to $49.00 and set an “overweight” rating on the stock in a research report on Monday, July 11th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Synchrony Financial has an average rating of “Moderate Buy” and an average target price of $44.00.

Synchrony Financial Profile

(Get Rating)

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.

Further Reading

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

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