Commonwealth Bank of Australia grew its stake in shares of Synchrony Financial (NYSE:SYF) by 48.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 78,361 shares of the financial services provider’s stock after buying an additional 25,727 shares during the period. Commonwealth Bank of Australia’s holdings in Synchrony Financial were worth $2,427,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of SYF. Creative Planning lifted its position in shares of Synchrony Financial by 51.5% during the 2nd quarter. Creative Planning now owns 8,885 shares of the financial services provider’s stock valued at $265,000 after buying an additional 3,022 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in Synchrony Financial by 19.7% in the 2nd 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 in the last quarter. Benjamin F. Edwards & Company Inc. lifted its holdings in Synchrony Financial by 39.0% in the 2nd 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 in the last quarter. Municipal Employees Retirement System of Michigan lifted its holdings in Synchrony Financial by 54.0% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 39,290 shares of the financial services provider’s stock worth $1,172,000 after purchasing an additional 13,770 shares in the last quarter. Finally, NGAM Advisors L.P. lifted its holdings in Synchrony Financial by 4.3% in the 2nd quarter. NGAM Advisors L.P. now owns 224,645 shares of the financial services provider’s stock worth $6,699,000 after purchasing an additional 9,178 shares in the last quarter. 85.68% of the stock is currently owned by hedge funds and other institutional investors.
SYF has been the topic of a number of research analyst reports. BidaskClub cut Synchrony Financial from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Jefferies Group boosted their price target on Synchrony Financial to $44.00 and gave the stock a “top pick” rating in a report on Friday. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $39.00 price target on shares of Synchrony Financial in a report on Thursday, October 12th. Wells Fargo & Company initiated coverage on Synchrony Financial in a report on Tuesday, October 10th. They issued a “market perform” rating and a $33.00 price target on the stock. Finally, Oppenheimer reissued a “hold” rating on shares of Synchrony Financial in a report on Friday, October 20th. Twelve equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $37.14.
Synchrony Financial (NYSE:SYF) last released its earnings results on Friday, October 20th. The financial services provider reported $0.70 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.64 by $0.06. The firm had revenue of $3.88 billion for the quarter, compared to the consensus estimate of $3.78 billion. Synchrony Financial had a return on equity of 14.84% and a net margin of 13.17%. During the same quarter in the previous year, the company posted $0.73 EPS. research analysts expect that Synchrony Financial will post 2.59 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 16th. Shareholders of record on Monday, November 6th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.67%. The ex-dividend date was Friday, November 3rd. Synchrony Financial’s dividend payout ratio (DPR) is presently 22.90%.
In other Synchrony Financial news, Director Olympia J. Snowe acquired 3,000 shares of the business’s stock in a transaction on Friday, November 17th. The shares were bought at an average price of $33.40 per share, with a total value of $100,200.00. Following the transaction, the director now directly owns 10,608 shares of the company’s stock, valued at approximately $354,307.20. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jonathan S. Mothner sold 1,500 shares of the company’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $32.82, for a total value of $49,230.00. Following the completion of the transaction, the insider now directly owns 113,934 shares in the company, valued at approximately $3,739,313.88. The disclosure for this sale can be found here. Insiders sold a total of 5,080 shares of company stock worth $173,030 in the last ninety days. 0.03% of the stock is currently owned by corporate insiders.
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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