Cibc World Markets Corp Acquires 46,237 Shares of Synchrony Financial (NYSE:SYF)

Cibc World Markets Corp lifted its holdings in Synchrony Financial (NYSE:SYF) by 22.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 256,545 shares of the financial services provider’s stock after acquiring an additional 46,237 shares during the period. Cibc World Markets Corp’s holdings in Synchrony Financial were worth $12,448,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Capital Analysts LLC bought a new position in shares of Synchrony Financial in the second quarter worth about $33,000. Harbour Investments Inc. bought a new position in Synchrony Financial during the first quarter valued at approximately $33,000. Patriot Financial Group Insurance Agency LLC boosted its stake in Synchrony Financial by 147.1% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 902 shares of the financial services provider’s stock valued at $44,000 after buying an additional 537 shares during the last quarter. E Fund Management Co. Ltd. bought a new position in Synchrony Financial during the first quarter valued at approximately $39,000. Finally, Pflug Koory LLC bought a new position in Synchrony Financial during the second quarter valued at approximately $50,000. 92.61% of the stock is owned by hedge funds and other institutional investors.

SYF opened at $47.68 on Wednesday. The stock’s fifty day moving average is $48.42 and its two-hundred day moving average is $45.89. The company has a market capitalization of $27.16 billion, a P/E ratio of 8.50, a PEG ratio of 0.38 and a beta of 1.80. Synchrony Financial has a 52 week low of $24.20 and a 52 week high of $52.14. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 1.00.

Synchrony Financial (NYSE:SYF) last announced its quarterly earnings results on Monday, July 19th. The financial services provider reported $2.12 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.47 by $0.65. Synchrony Financial had a return on equity of 27.59% and a net margin of 21.76%. The business had revenue of $3.31 billion for the quarter, compared to the consensus estimate of $2.60 billion. During the same period last year, the business posted $0.06 EPS. Equities analysts anticipate that Synchrony Financial will post 6.36 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, August 12th. Stockholders of record on Monday, August 2nd were issued a $0.22 dividend. The ex-dividend date was Friday, July 30th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.85%. Synchrony Financial’s dividend payout ratio is presently 33.85%.

Synchrony Financial announced that its board has authorized a share buyback program on Tuesday, May 25th that allows the company to repurchase $2.90 billion in shares. This repurchase authorization allows the financial services provider to buy up to 10.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

SYF has been the subject of a number of research reports. Seaport Res Ptn reissued a “buy” rating on shares of Synchrony Financial in a research note on Monday, August 30th. initiated coverage on Synchrony Financial in a research note on Friday, July 9th. They set a “neutral” rating and a $51.00 price target for the company. Wells Fargo & Company increased their price target on Synchrony Financial from $48.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, July 12th. Evercore ISI assumed coverage on Synchrony Financial in a research note on Tuesday, June 15th. They set a “buy” rating for the company. Finally, Jefferies Financial Group assumed coverage on Synchrony Financial in a research note on Friday, September 10th. They issued a “buy” rating and a $58.00 price objective for the company. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $54.19.

In other news, insider Carol Juel sold 8,708 shares of Synchrony Financial stock in a transaction on Monday, June 28th. The stock was sold at an average price of $49.63, for a total value of $432,178.04. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.45% of the company’s stock.

Synchrony Financial Profile

Synchrony Financial engages in the provision of consumer financial services. It operates through three sales platforms: Retail Card, Payment Solutions, and CareCredit. The Retail Card platform is a provider of private label credit cards, and also provides Dual Cards and small-and medium-sized business credit products.

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

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