Jennison Associates LLC Takes Position in Synchrony Financial (NYSE:SYF)

Jennison Associates LLC purchased a new stake in Synchrony Financial (NYSE:SYF) in the 1st quarter, HoldingsChannel.com reports. The fund purchased 60,241 shares of the financial services provider’s stock, valued at approximately $1,922,000.

Several other large investors also recently bought and sold shares of SYF. BlackRock Inc. increased its stake in Synchrony Financial by 3.3% during the fourth quarter. BlackRock Inc. now owns 46,496,604 shares of the financial services provider’s stock worth $1,090,810,000 after acquiring an additional 1,503,876 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Synchrony Financial by 2.4% in the first quarter. Janus Henderson Group PLC now owns 19,243,280 shares of the financial services provider’s stock valued at $613,859,000 after buying an additional 452,123 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Synchrony Financial by 7.1% in the fourth quarter. Geode Capital Management LLC now owns 10,348,447 shares of the financial services provider’s stock valued at $242,414,000 after buying an additional 686,204 shares in the last quarter. CI Investments Inc. grew its stake in shares of Synchrony Financial by 15.5% in the fourth quarter. CI Investments Inc. now owns 9,911,915 shares of the financial services provider’s stock valued at $232,534,000 after buying an additional 1,332,748 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Synchrony Financial by 0.3% in the fourth quarter. Northern Trust Corp now owns 7,298,832 shares of the financial services provider’s stock valued at $171,232,000 after buying an additional 19,276 shares in the last quarter. 85.10% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages have recently weighed in on SYF. Zacks Investment Research cut Synchrony Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, March 27th. ValuEngine raised Synchrony Financial from a “sell” rating to a “hold” rating in a research note on Thursday, April 25th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $39.00 price objective on shares of Synchrony Financial in a research note on Friday, May 3rd. Wells Fargo & Co reaffirmed a “buy” rating on shares of Synchrony Financial in a research note on Wednesday, March 13th. Finally, Morgan Stanley lifted their price objective on Synchrony Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Monday, April 22nd. Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Synchrony Financial has a consensus rating of “Buy” and an average price target of $37.47.

In related news, insider David P. Melito sold 3,204 shares of Synchrony Financial stock in a transaction on Friday, April 26th. The stock was sold at an average price of $34.00, for a total value of $108,936.00. Following the completion of the transaction, the insider now directly owns 29,476 shares in the company, valued at $1,002,184. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider David P. Melito sold 6,014 shares of Synchrony Financial stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $34.25, for a total value of $205,979.50. Following the completion of the transaction, the insider now owns 29,476 shares of the company’s stock, valued at $1,009,553. The disclosure for this sale can be found here. Company insiders own 0.32% of the company’s stock.

NYSE:SYF traded down $0.31 during midday trading on Wednesday, reaching $33.74. The company had a trading volume of 1,230,337 shares, compared to its average volume of 6,641,663. The firm has a market cap of $23.41 billion, a PE ratio of 9.02, a price-to-earnings-growth ratio of 1.03 and a beta of 1.23. Synchrony Financial has a 12-month low of $21.77 and a 12-month high of $35.56. The company has a current ratio of 1.39, a quick ratio of 1.27 and a debt-to-equity ratio of 1.49.

Synchrony Financial (NYSE:SYF) last released its earnings results on Thursday, April 18th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.88 by $0.12. The firm had revenue of $4.23 billion during the quarter, compared to analyst estimates of $4.29 billion. Synchrony Financial had a return on equity of 19.79% and a net margin of 17.52%. During the same period last year, the business posted $0.83 earnings per share. Equities analysts forecast that Synchrony Financial will post 4.28 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Monday, May 6th were issued a $0.21 dividend. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $0.84 dividend on an annualized basis and a yield of 2.49%. Synchrony Financial’s dividend payout ratio (DPR) is presently 22.46%.

TRADEMARK VIOLATION WARNING: This piece was first published by WKRB News and is the property of of WKRB News. If you are viewing this piece on another website, it was stolen and reposted in violation of US and international trademark and copyright legislation. The legal version of this piece can be accessed at https://www.wkrb13.com/2019/06/12/jennison-associates-llc-takes-position-in-synchrony-financial-nysesyf.html.

Synchrony Financial Profile

Synchrony Financial operates as a consumer financial services company in the United States. The company offers private label credit cards, dual cards, general purpose co-branded credit cards, and small and medium-sized business credit products; and promotional financing for consumer purchases, such as private label credit cards and installment loans.

Read More: How does a reverse stock split work?

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:SYF).

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

Receive News & Ratings for Synchrony Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synchrony Financial and related companies with MarketBeat.com's FREE daily email newsletter.