Synchrony Financial (SYF) Shares Gap Up Following Better-Than-Expected Earnings

Synchrony Financial (NYSE:SYF) shares gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $30.02, but opened at $31.71. Synchrony Financial shares last traded at $33.04, with a volume of 15,400,879 shares trading hands.

The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.64 by $0.06. Synchrony Financial had a net margin of 13.84% and a return on equity of 15.30%. The firm had revenue of $3.88 billion for the quarter, compared to the consensus estimate of $3.78 billion. During the same quarter in the previous year, the firm earned $0.73 earnings per share.

A number of equities research analysts recently issued reports on the stock. TheStreet raised shares of Synchrony Financial from a “c” rating to a “b” rating in a research note on Monday, July 31st. BMO Capital Markets reaffirmed a “buy” rating on shares of Synchrony Financial in a research note on Friday, July 21st. Jefferies Group LLC reaffirmed a “buy” rating and set a $40.00 price target on shares of Synchrony Financial in a research note on Friday, July 14th. Instinet reaffirmed a “buy” rating and set a $35.00 price target (down previously from $38.00) on shares of Synchrony Financial in a research note on Wednesday, July 12th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $39.00 price target on shares of Synchrony Financial in a research note on Thursday, October 12th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $36.63.

In other news, Director Paget Leonard Alves bought 2,000 shares of Synchrony Financial stock in a transaction dated Monday, July 24th. The shares were acquired at an average price of $30.85 per share, with a total value of $61,700.00. Following the completion of the purchase, the director now owns 8,521 shares in the company, valued at approximately $262,872.85. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.03% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in SYF. Westside Investment Management Inc. grew its holdings in shares of Synchrony Financial by 32.1% in the second quarter. Westside Investment Management Inc. now owns 3,567 shares of the financial services provider’s stock worth $104,000 after purchasing an additional 867 shares during the last quarter. First Quadrant L P CA grew its holdings in shares of Synchrony Financial by 55.4% in the second quarter. First Quadrant L P CA now owns 3,726 shares of the financial services provider’s stock worth $111,000 after purchasing an additional 1,328 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its holdings in shares of Synchrony Financial by 39.0% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,560 shares of the financial services provider’s stock worth $136,000 after purchasing an additional 1,280 shares during the last quarter. State of Alaska Department of Revenue grew its holdings in shares of Synchrony Financial by 19.7% in the second quarter. State of Alaska Department of Revenue now owns 5,338 shares of the financial services provider’s stock worth $159,000 after purchasing an additional 880 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in shares of Synchrony Financial by 9.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 5,387 shares of the financial services provider’s stock worth $160,000 after purchasing an additional 486 shares during the last quarter. 87.06% of the stock is currently owned by institutional investors and hedge funds.

The company has a 50-day moving average price of $30.41 and a 200-day moving average price of $29.93. The company has a market cap of $26.28 billion, a PE ratio of 12.41 and a beta of 1.01.

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Synchrony Financial Company Profile

Synchrony Financial is a consumer financial services company. The Company provides a range of credit products through programs it has established with a group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers. The Company’s revenue activities are managed through three sales platforms: Retail Card, Payment Solutions and CareCredit.

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