Cornerstone Capital Management Holdings LLC. increased its holdings in shares of Synchrony Financial (NYSE:SYF) by 427.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 796,923 shares of the financial services provider’s stock after purchasing an additional 645,697 shares during the period. Cornerstone Capital Management Holdings LLC. owned approximately 0.10% of Synchrony Financial worth $24,743,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Westside Investment Management Inc. grew its stake in 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 valued at $104,000 after acquiring an additional 867 shares during the period. Northwestern Mutual Wealth Management Co. grew its stake in 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 valued at $160,000 after acquiring an additional 486 shares during the period. Highlander Capital Management LLC grew its stake in Synchrony Financial by 83.6% in the second quarter. Highlander Capital Management LLC now owns 5,492 shares of the financial services provider’s stock valued at $165,000 after acquiring an additional 2,500 shares during the period. Sun Life Financial INC grew its stake in Synchrony Financial by 40,207.1% in the second quarter. Sun Life Financial INC now owns 5,643 shares of the financial services provider’s stock valued at $168,000 after acquiring an additional 5,629 shares during the period. Finally, SpiderRock Advisors LLC acquired a new stake in Synchrony Financial in the third quarter valued at approximately $176,000. 85.77% of the stock is owned by institutional investors and hedge funds.
Shares of Synchrony Financial (NYSE SYF) traded up $0.16 during trading on Friday, reaching $37.50. The company had a trading volume of 7,819,575 shares, compared to its average volume of 7,093,806. The company has a market capitalization of $29,221.97, a price-to-earnings ratio of 14.25, a P/E/G ratio of 1.88 and a beta of 1.06. Synchrony Financial has a 1-year low of $26.01 and a 1-year high of $38.06. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 1.38.
Synchrony Financial (NYSE:SYF) last issued its quarterly earnings results on Friday, October 20th. The financial services provider reported $0.70 EPS for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.06. The business had revenue of $3.88 billion for the quarter, compared to analyst estimates of $3.78 billion. Synchrony Financial had a return on equity of 14.84% and a net margin of 13.17%. During the same period last year, the company posted $0.73 earnings per share. research analysts anticipate that Synchrony Financial will post 2.59 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, November 16th. Investors of record on Monday, November 6th were issued a dividend of $0.15 per share. The ex-dividend date was Friday, November 3rd. This represents a $0.60 dividend on an annualized basis and a yield of 1.60%. Synchrony Financial’s dividend payout ratio (DPR) is currently 22.90%.
In related news, insider David P. Melito sold 2,580 shares of Synchrony Financial stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $35.00, for a total transaction of $90,300.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider David P. Melito sold 1,881 shares of Synchrony Financial stock in a transaction on Monday, December 4th. The stock was sold at an average price of $38.00, for a total value of $71,478.00. Following the sale, the insider now owns 43,140 shares in the company, valued at $1,639,320. The disclosure for this sale can be found here. Insiders have sold 6,961 shares of company stock worth $244,508 over the last quarter. 0.03% of the stock is currently owned by corporate insiders.
A number of brokerages have commented on SYF. Jefferies Group raised their price objective on Synchrony Financial to $44.00 and gave the company a “top pick” rating in a research note on Friday, December 1st. Barclays reissued a “buy” rating and issued a $43.00 price objective on shares of Synchrony Financial in a research note on Tuesday, November 21st. Wells Fargo & Company raised their price objective on Synchrony Financial from $33.00 to $35.00 and gave the company a “market perform” rating in a research note on Monday, October 23rd. Zacks Investment Research raised Synchrony Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, October 23rd. Finally, Morgan Stanley raised their target price on Synchrony Financial from $32.00 to $35.00 and gave the company an “equal weight” rating in a report on Monday, October 23rd. Eleven analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $37.15.
Synchrony Financial 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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