Southpoint Capital Advisors LP Has $239.22 Million Stock Holdings in Synchrony Financial (NYSE:SYF)

Southpoint Capital Advisors LP cut its position in shares of Synchrony Financial (NYSE:SYF) by 41.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,883,403 shares of the financial services provider’s stock after selling 4,116,597 shares during the period. Synchrony Financial comprises 4.0% of Southpoint Capital Advisors LP’s portfolio, making the stock its 6th biggest position. Southpoint Capital Advisors LP owned 1.01% of Synchrony Financial worth $239,219,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SYF. Sandy Spring Bank bought a new position in shares of Synchrony Financial in the 1st quarter worth $30,000. Harbour Investments Inc. purchased a new position in Synchrony Financial during the 1st quarter worth $33,000. Ellevest Inc. grew its stake in Synchrony Financial by 1,564.0% during the 1st quarter. Ellevest Inc. now owns 832 shares of the financial services provider’s stock worth $34,000 after buying an additional 782 shares during the last quarter. E Fund Management Co. Ltd. purchased a new position in Synchrony Financial during the 1st quarter worth $39,000. Finally, Berman Capital Advisors LLC grew its stake in Synchrony Financial by 100.2% during the 1st quarter. Berman Capital Advisors LLC now owns 1,067 shares of the financial services provider’s stock worth $42,000 after buying an additional 534 shares during the last quarter. 90.81% of the stock is owned by institutional investors and hedge funds.

Several research firms have weighed in on SYF. The Goldman Sachs Group boosted their price target on Synchrony Financial from $59.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, July 6th. Wells Fargo & Company boosted 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. Zacks Investment Research downgraded Synchrony Financial from a “strong-buy” rating to a “hold” rating and set a $46.00 price target on the stock. in a research note on Monday, May 3rd. assumed coverage on Synchrony Financial in a research note on Friday, July 9th. They issued a “neutral” rating and a $51.00 target price on the stock. Finally, Credit Suisse Group upped their target price on Synchrony Financial from $53.00 to $59.00 and gave the stock an “outperform” rating in a research note on Friday, July 2nd. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $52.57.

Shares of NYSE:SYF traded down $1.54 during midday trading on Thursday, hitting $45.60. The company had a trading volume of 175,060 shares, compared to its average volume of 5,108,914. The stock has a market capitalization of $26.52 billion, a PE ratio of 7.92, a price-to-earnings-growth ratio of 0.36 and a beta of 1.82. Synchrony Financial has a twelve month low of $21.90 and a twelve month high of $50.96. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 1.00. The firm’s 50-day moving average is $47.97.

Synchrony Financial (NYSE:SYF) last issued its quarterly earnings data on Monday, July 19th. The financial services provider reported $2.12 earnings per share for the quarter, topping the 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%. During the same period last year, the business earned $0.06 earnings per share. As a group, equities research analysts expect that Synchrony Financial will post 6.01 earnings per share for the current fiscal year.

Synchrony Financial announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 25th that authorizes the company to repurchase $2.90 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 10.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

In related news, insider Carol Juel sold 8,708 shares of the stock in a transaction that occurred 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.45% of the company’s stock.

About Synchrony Financial

Synchrony Financial operates as a consumer financial services company in the United States. It provides a range of specialized financing programs and consumer banking products to digital, retail, home, auto, travel, health, and pet industries. The company also 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, dual cards, and installment loans.

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

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