Norges Bank bought a new position in shares of Synchrony Financial (NYSE:SYF) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 6,663,804 shares of the financial services provider’s stock, valued at approximately $231,301,000. Norges Bank owned approximately 1.14% of Synchrony Financial as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Sage Private Wealth Group LLC bought a new position in shares of Synchrony Financial during the 4th quarter worth approximately $38,000. JPMorgan Chase & Co. grew its stake in shares of Synchrony Financial by 37.4% during the 4th quarter. JPMorgan Chase & Co. now owns 2,399,778 shares of the financial services provider’s stock worth $83,296,000 after acquiring an additional 653,302 shares in the last quarter. Edmonds Duncan Registered Investment Advisors LLC bought a new position in shares of Synchrony Financial during the 4th quarter worth approximately $213,000. Verition Fund Management LLC grew its stake in shares of Synchrony Financial by 42.6% during the 4th quarter. Verition Fund Management LLC now owns 18,932 shares of the financial services provider’s stock worth $657,000 after acquiring an additional 5,659 shares in the last quarter. Finally, Truist Financial Corp grew its stake in shares of Synchrony Financial by 26.7% during the 4th quarter. Truist Financial Corp now owns 687,997 shares of the financial services provider’s stock worth $23,880,000 after acquiring an additional 145,093 shares in the last quarter. 91.13% of the stock is owned by institutional investors and hedge funds.
In related news, insider Paul Whynott sold 20,480 shares of the business’s stock in a transaction dated Tuesday, March 2nd. The stock was sold at an average price of $39.76, for a total value of $814,284.80. Also, insider David P. Melito sold 2,205 shares of Synchrony Financial stock in a transaction dated Monday, April 5th. The shares were sold at an average price of $42.16, for a total value of $92,962.80. Following the completion of the transaction, the insider now owns 17,342 shares in the company, valued at approximately $731,138.72. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,422 shares of company stock valued at $1,072,237. 0.45% of the stock is owned by insiders.
Synchrony Financial (NYSE:SYF) last posted its quarterly earnings results on Thursday, January 28th. The financial services provider reported $1.24 EPS for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.33. The business had revenue of $3.66 billion during the quarter, compared to the consensus estimate of $2.72 billion. Synchrony Financial had a return on equity of 12.73% and a net margin of 8.16%. During the same quarter in the previous year, the firm earned $1.10 earnings per share. On average, analysts anticipate that Synchrony Financial will post 2.47 EPS for the current fiscal year.
Synchrony Financial declared that its board has initiated a share buyback plan on Tuesday, January 26th that allows the company to repurchase $1.60 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Tuesday, February 16th. Investors of record on Friday, February 5th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date of this dividend was Thursday, February 4th. Synchrony Financial’s dividend payout ratio (DPR) is presently 20.51%.
Several equities analysts have recently weighed in on SYF shares. JPMorgan Chase & Co. raised shares of Synchrony Financial from a “neutral” rating to an “overweight” rating and set a $46.00 price target for the company in a research note on Tuesday, January 19th. JMP Securities raised their price target on shares of Synchrony Financial from $36.00 to $43.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 26th. Compass Point raised their target price on shares of Synchrony Financial from $33.00 to $44.00 in a research note on Wednesday, December 23rd. TheStreet raised shares of Synchrony Financial from a “c+” rating to a “b” rating in a research note on Friday, February 12th. Finally, Barclays raised shares of Synchrony Financial from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $33.00 to $47.00 in a research note on Thursday, December 10th. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $36.18.
About Synchrony Financial
Synchrony Financial operates as a consumer financial services company in the United States. It provides a range of specialized financing programs and consumer banking products to digital, retail, home, auto, travel, health, and pet industries. The company also 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, dual cards, and installment loans.
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