Oppenheimer Asset Management Inc. raised its holdings in shares of Synchrony Financial (NYSE:SYF) by 82.7% during the third quarter, Holdings Channel.com reports. The fund owned 15,928 shares of the financial services provider’s stock after buying an additional 7,209 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Synchrony Financial were worth $544,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Nuveen Asset Management LLC boosted its holdings in Synchrony Financial by 14,246.0% in the 2nd quarter. Nuveen Asset Management LLC now owns 8,379,799 shares of the financial services provider’s stock valued at $290,527,000 after purchasing an additional 8,321,387 shares during the period. AQR Capital Management LLC increased its position in shares of Synchrony Financial by 26.2% during the second quarter. AQR Capital Management LLC now owns 13,694,041 shares of the financial services provider’s stock worth $472,034,000 after purchasing an additional 2,845,615 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of Synchrony Financial by 263.0% during the third quarter. Assenagon Asset Management S.A. now owns 2,110,162 shares of the financial services provider’s stock worth $71,935,000 after purchasing an additional 1,528,866 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Synchrony Financial by 2.8% during the second quarter. Vanguard Group Inc. now owns 55,339,419 shares of the financial services provider’s stock worth $1,918,618,000 after purchasing an additional 1,497,768 shares in the last quarter. Finally, Panagora Asset Management Inc. increased its position in shares of Synchrony Financial by 51.1% during the second quarter. Panagora Asset Management Inc. now owns 4,081,292 shares of the financial services provider’s stock worth $141,498,000 after purchasing an additional 1,379,897 shares in the last quarter. 88.76% of the stock is currently owned by institutional investors and hedge funds.
In other Synchrony Financial news, Director Will W. Graylin sold 7,500 shares of the company’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $33.71, for a total value of $252,825.00. Following the sale, the director now directly owns 76,662 shares of the company’s stock, valued at $2,584,276.02. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.32% of the stock is currently owned by corporate insiders.
Synchrony Financial (NYSE:SYF) last posted its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.22 EPS for the quarter, beating the consensus estimate of $1.12 by $0.10. Synchrony Financial had a net margin of 19.54% and a return on equity of 20.05%. The company had revenue of $4.39 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same period in the prior year, the company earned $0.91 earnings per share. Analysts anticipate that Synchrony Financial will post 4.25 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Monday, November 4th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.38%. The ex-dividend date is Friday, November 1st. Synchrony Financial’s payout ratio is 23.53%.
A number of brokerages have recently issued reports on SYF. Oppenheimer set a $39.00 price target on Synchrony Financial and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Buckingham Research began coverage on Synchrony Financial in a research report on Monday, July 22nd. They set a “buy” rating and a $42.00 price target on the stock. BMO Capital Markets set a $43.00 price target on Synchrony Financial and gave the stock a “buy” rating in a research report on Sunday, July 21st. BTIG Research reissued a “buy” rating and set a $42.00 price objective on shares of Synchrony Financial in a report on Monday, July 22nd. Finally, ValuEngine lowered shares of Synchrony Financial from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the stock. Synchrony Financial presently has a consensus rating of “Buy” and an average price target of $38.92.
Synchrony Financial Company Profile
Synchrony Financial operates as a consumer financial services company in the United States. The company 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 and installment loans.
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