Mackenzie Financial Corp Sells 412,392 Shares of Synchrony Financial (NYSE:SYF)

Mackenzie Financial Corp trimmed its stake in shares of Synchrony Financial (NYSE:SYFGet Rating) by 76.5% in the second quarter, HoldingsChannel reports. The firm owned 126,751 shares of the financial services provider’s stock after selling 412,392 shares during the quarter. Mackenzie Financial Corp’s holdings in Synchrony Financial were worth $3,501,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SYF. BlackRock Inc. boosted its position in shares of Synchrony Financial by 2.4% in the first quarter. BlackRock Inc. now owns 47,846,561 shares of the financial services provider’s stock valued at $1,665,537,000 after acquiring an additional 1,102,772 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Synchrony Financial by 6.3% in the first quarter. Goldman Sachs Group Inc. now owns 8,123,671 shares of the financial services provider’s stock valued at $282,786,000 after acquiring an additional 484,220 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Synchrony Financial by 7.2% in the first quarter. Dimensional Fund Advisors LP now owns 6,971,125 shares of the financial services provider’s stock valued at $242,720,000 after acquiring an additional 470,937 shares during the period. First Trust Advisors LP boosted its position in shares of 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 valued at $216,471,000 after acquiring an additional 5,566,481 shares during the period. Finally, CI Investments Inc. boosted its position in shares of Synchrony Financial by 37.6% in the first quarter. CI Investments Inc. now owns 5,983,370 shares of the financial services provider’s stock valued at $208,281,000 after acquiring an additional 1,635,166 shares during the period. 94.12% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Carol Juel sold 31,303 shares of the stock in a transaction on Friday, November 11th. The stock was sold at an average price of $40.00, for a total value of $1,252,120.00. Following the transaction, the insider now directly owns 55,929 shares in the company, valued at approximately $2,237,160. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.55% of the stock is owned by company insiders.

Synchrony Financial Stock Performance

Synchrony Financial stock opened at $35.89 on Monday. The business has a 50 day moving average of $32.96 and a 200-day moving average of $32.88. Synchrony Financial has a 1 year low of $27.22 and a 1 year high of $50.30. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.21 and a quick ratio of 1.21. The company has a market capitalization of $16.17 billion, a P/E ratio of 5.68, a P/E/G ratio of 0.87 and a beta of 1.61.

Synchrony Financial (NYSE:SYFGet Rating) last posted its quarterly earnings results on Tuesday, October 25th. The financial services provider reported $1.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.42 by $0.05. The firm had revenue of $3.93 billion for the quarter, compared to analysts’ expectations of $3.84 billion. Synchrony Financial had a return on equity of 25.56% and a net margin of 19.47%. On average, equities research analysts predict that Synchrony Financial will post 5.91 earnings per share for the current year.

Synchrony Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 10th. Investors of record on Tuesday, November 1st were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date of this dividend was Monday, October 31st. Synchrony Financial’s dividend payout ratio is currently 14.56%.

Analyst Upgrades and Downgrades

SYF has been the subject of a number of recent research reports. JMP Securities reduced their target price on shares of Synchrony Financial from $40.00 to $39.00 and set a “market outperform” rating for the company in a research report on Friday, October 7th. TheStreet raised shares of Synchrony Financial from a “c+” rating to a “b-” rating in a research report on Tuesday, November 1st. Piper Sandler cut their price objective 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, September 26th. StockNews.com cut shares of Synchrony Financial from a “buy” rating to a “hold” rating in a research report on Thursday, October 20th. Finally, Barclays cut their price objective on shares of Synchrony Financial from $49.00 to $41.00 and set an “overweight” rating for the company in a research report on Thursday, October 13th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Synchrony Financial currently has a consensus rating of “Moderate Buy” and an average price target of $39.79.

About Synchrony Financial

(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

Want to see what other hedge funds are holding SYF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Synchrony Financial (NYSE:SYFGet Rating).

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

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