DNB Asset Management AS increases its position in Synchrony Financial (NYSE:SYF)
DNB Asset Management AS increased its stake in Synchrony Financial (NYSE:SYF – Get Rating) shares by 3.8% in Q1, according to the company in its latest 13F filing with the Securities & Exchange Commission. The fund held 132,772 shares of the financial services provider after buying an additional 4,802 shares during the period. DNB Asset Management AS’s holdings in Synchrony Financial were worth $4,622,000 at the end of the last quarter.
Several other hedge funds have also recently changed their holdings in SYF. Norges Bank purchased a new stake in shares of Synchrony Financial during Q4 for a value of approximately $243,432,000. Marshall Wace LLP increased its stake in shares of Synchrony Financial by 8,460.7% during the 4th quarter. Marshall Wace LLP now owns 3,147,770 shares of the financial services provider worth $146,028,000 after purchasing an additional 3,111,000 shares in the last quarter. Ceredex Value Advisors LLC increased its stake in Synchrony Financial shares by 189.0% during the 4th quarter. Ceredex Value Advisors LLC now owns 4,487,006 shares of the financial services provider worth $208,152,000 after purchasing an additional 2,934,606 shares in the last quarter. BlackRock Inc. increased its stake in Synchrony Financial shares by 4.3% during the 4th quarter. BlackRock Inc. now owns 46,743,789 shares of the financial services provider worth $2,168,444,000 after purchasing an additional 1,945,620 shares in the last quarter. Finally, Los Angeles Capital Management LLC increased its stake in Synchrony Financial by 58.0% in the 4th quarter. Los Angeles Capital Management LLC now owns 3,674,380 shares of the financial services provider valued at $170,454,000 after buying an additional 1,349,252 shares last quarter. Institutional investors hold 98.26% of the company’s shares.
SYF has been the subject of a number of recent research reports. Wolfe Research downgraded Synchrony Financial shares from a “peer performing” rating to an “underperforming” rating and set a price target of $22.00 for the company. in a research note on Thursday, May 12. Bank of America cut its price target on Synchrony Financial shares from $52.00 to $45.00 in a Thursday, March 17 research note. Goldman Sachs Group raised its price target on Synchrony Financial shares from $40.00 to $45.00 and gave the company a “buy” rating in a Tuesday, April 19 research note. Piper Sandler upgraded Synchrony Financial shares from a “neutral” rating to an “overweight” rating and raised her price target for the company from $48.00 to $49.00 in a Wednesday 6 research note. april. Finally, Wells Fargo & Company cut its price target on Synchrony Financial shares from $52.00 to $45.00 and set an “overweight” rating for the company in a Wednesday, April 6 report. One analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned the company a buy rating. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.00.
NYSE SYF opened at $29.04 on Thursday. The company has a market capitalization of $14.56 billion, a P/E ratio of 3.94, a P/E/G ratio of 0.23 and a beta of 1.43. The company has a fifty-day moving average of $35.18 and a 200-day moving average of $39.85. Synchrony Financial has a 52-week low of $27.77 and a 52-week high of $52.49. The company has a debt ratio of 1.05, a quick ratio of 1.18 and a current ratio of 1.24.
Synchrony Financial (NYSE:SYF – Get Rating) last released its results on Monday, April 18. The financial services provider reported EPS of $1.73 for the quarter, beating analyst consensus estimates of $1.53 by $0.20. The company posted revenue of $3.79 billion for the quarter, versus $2.66 billion expected by analysts. Synchrony Financial had a net margin of 26.26% and a return on equity of 29.99%. In the same quarter last year, the company achieved EPS of $1.73. As a group, analysts expect Synchrony Financial to post EPS of 5.63 for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, May 12. Investors of record on Monday, May 2 received a dividend of $0.22. This represents a dividend of $0.88 on an annualized basis and a yield of 3.03%. The ex-dividend date was Friday, April 29. Synchrony Financial’s payout ratio is currently 11.94%.
Synchrony Financial said its board approved a stock buyback program on Monday, April 18 that allows the company to repurchase $2.80 billion of outstanding stock. This repurchase authorization allows the financial services provider to repurchase up to 13.6% of its shares through purchases on the open market. Stock buyback programs usually indicate that the management of the company believes that its shares are undervalued.
Synchrony Financial Company Profile (Get an assessment)
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-branded 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 for retail and commercial customers, as well as deposits through brokerage firms in third-party securities.
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