Point72 Asset Management L.P. lifted its holdings in Synchrony Financial (NYSE:SYF) by 1,433.1% in the 1st quarter, Holdings Channel.com reports. The fund owned 1,149,800 shares of the financial services provider’s stock after buying an additional 1,074,800 shares during the quarter. Point72 Asset Management L.P.’s holdings in Synchrony Financial were worth $46,751,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in SYF. Norges Bank acquired a new stake in Synchrony Financial during the 4th quarter valued at $231,301,000. Morgan Stanley boosted its stake in Synchrony Financial by 186.5% during the 1st quarter. Morgan Stanley now owns 6,258,837 shares of the financial services provider’s stock valued at $254,485,000 after acquiring an additional 4,074,603 shares during the last quarter. BlackRock Inc. boosted its stake in Synchrony Financial by 8.4% during the 1st quarter. BlackRock Inc. now owns 44,786,257 shares of the financial services provider’s stock valued at $1,821,008,000 after acquiring an additional 3,460,644 shares during the last quarter. Nuveen Asset Management LLC boosted its stake in Synchrony Financial by 111.3% during the 1st quarter. Nuveen Asset Management LLC now owns 6,398,757 shares of the financial services provider’s stock valued at $260,174,000 after acquiring an additional 3,369,851 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Synchrony Financial by 51.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 8,927,426 shares of the financial services provider’s stock valued at $362,989,000 after acquiring an additional 3,045,265 shares during the last quarter. 90.81% of the stock is owned by institutional investors.
A number of research analysts have recently issued reports on SYF shares. JMP Securities raised their price target on shares of Synchrony Financial from $43.00 to $55.00 and gave the stock a “market outperform” rating in a research report on Monday. Zacks Investment Research downgraded shares of Synchrony Financial from a “strong-buy” rating to a “hold” rating and set a $46.00 price target on the stock. in a research report on Monday, May 3rd. Barclays raised their price target on shares of Synchrony Financial from $52.00 to $63.00 and gave the stock an “overweight” rating in a research report on Friday, July 9th. Wells Fargo & Company raised their price target on shares of Synchrony Financial from $48.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, July 12th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Synchrony Financial from $49.00 to $48.00 and set an “overweight” rating on the stock in a research report on Thursday, April 15th. They noted that the move was a valuation call. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Synchrony Financial has a consensus rating of “Buy” and a consensus target price of $52.57.
Synchrony Financial (NYSE:SYF) last announced its earnings results on Monday, July 19th. The financial services provider reported $2.12 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.47 by $0.65. Synchrony Financial had a net margin of 21.76% and a return on equity of 27.59%. During the same quarter last year, the company earned $0.06 EPS. As a group, research analysts expect that Synchrony Financial will post 6.01 EPS for the current fiscal year.
Synchrony Financial declared that its Board of Directors has initiated a stock buyback program on Tuesday, May 25th that authorizes the company to buyback $2.90 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 10.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.
In other Synchrony Financial news, insider Carol Juel sold 8,708 shares of the business’s stock in a transaction on Monday, June 28th. The shares were sold at an average price of $49.63, for a total value of $432,178.04. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.45% of the company’s stock.
Synchrony Financial Company Profile
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.
Read More: Balanced Fund
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).
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.