Bank of New York Mellon Corp Decreases Holdings in Synchrony Financial (NYSE:SYF)

Bank of New York Mellon Corp cut its holdings in shares of Synchrony Financial (NYSE:SYF) by 2.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,436,450 shares of the financial services provider’s stock after selling 131,358 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.12% of Synchrony Financial worth $209,356,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Headlands Technologies LLC bought a new position in Synchrony Financial in the 1st quarter worth about $28,000. Family Firm Inc. bought a new stake in shares of Synchrony Financial during the 2nd quarter valued at about $42,000. Versant Capital Management Inc boosted its position in shares of Synchrony Financial by 786.6% during the 2nd quarter. Versant Capital Management Inc now owns 1,055 shares of the financial services provider’s stock valued at $50,000 after acquiring an additional 936 shares during the last quarter. Brown Brothers Harriman & Co. raised its holdings in shares of Synchrony Financial by 56.6% during the 4th quarter. Brown Brothers Harriman & Co. now owns 1,445 shares of the financial services provider’s stock valued at $55,000 after buying an additional 522 shares in the last quarter. Finally, Principal Securities Inc. purchased a new position in Synchrony Financial in the 4th quarter worth approximately $60,000. 96.48% of the stock is owned by hedge funds and other institutional investors.

Synchrony Financial Trading Up 0.6 %

Shares of NYSE SYF traded up $0.27 during midday trading on Monday, hitting $48.87. The company’s stock had a trading volume of 1,936,863 shares, compared to its average volume of 4,111,260. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.09. The business’s 50 day moving average is $47.46 and its two-hundred day moving average is $44.16. Synchrony Financial has a 12-month low of $27.30 and a 12-month high of $52.67. The firm has a market cap of $19.62 billion, a P/E ratio of 7.03, a price-to-earnings-growth ratio of 1.09 and a beta of 1.63.

Synchrony Financial (NYSE:SYF) last posted its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $1.55 earnings per share for the quarter, topping analysts’ consensus estimates of $1.35 by $0.20. The firm had revenue of $5.58 billion during the quarter, compared to analysts’ expectations of $4.44 billion. Synchrony Financial had a return on equity of 16.06% and a net margin of 13.52%. During the same quarter last year, the firm earned $1.32 EPS. As a group, equities research analysts expect that Synchrony Financial will post 5.79 EPS for the current year.

Synchrony Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were given a dividend of $0.25 per share. The ex-dividend date was Monday, August 5th. This represents a $1.00 dividend on an annualized basis and a yield of 2.05%. Synchrony Financial’s dividend payout ratio is currently 14.35%.

Insiders Place Their Bets

In other Synchrony Financial news, insider Bart Schaller sold 930 shares of Synchrony Financial stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $50.84, for a total transaction of $47,281.20. Following the completion of the transaction, the insider now owns 49,390 shares in the company, valued at approximately $2,510,987.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Bart Schaller sold 930 shares of Synchrony Financial stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $50.84, for a total value of $47,281.20. Following the completion of the transaction, the insider now owns 49,390 shares in the company, valued at approximately $2,510,987.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Brian J. Sr. Wenzel sold 74,698 shares of Synchrony Financial stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $46.73, for a total value of $3,490,637.54. Following the completion of the transaction, the insider now owns 76,251 shares of the company’s stock, valued at approximately $3,563,209.23. The disclosure for this sale can be found here. 0.33% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Compass Point assumed coverage on Synchrony Financial in a research report on Tuesday, July 16th. They issued a “buy” rating and a $56.00 price objective on the stock. Morgan Stanley reissued an “underweight” rating and issued a $30.00 target price on shares of Synchrony Financial in a report on Wednesday, June 12th. Bank of America raised Synchrony Financial from a “neutral” rating to a “buy” rating and set a $54.00 target price on the stock in a report on Friday, August 9th. BMO Capital Markets dropped their target price on Synchrony Financial from $42.00 to $41.00 and set a “market perform” rating on the stock in a report on Thursday, July 18th. Finally, Barclays boosted their target price on Synchrony Financial from $46.00 to $49.00 and gave the stock an “equal weight” rating in a report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.41.

Synchrony Financial Profile

Synchrony Financial, together with its subsidiaries, operates as a consumer financial services company in the United States. It provides credit products, such as credit cards, commercial credit products, and consumer installment loans. The company also offers private label credit cards, dual co-brand and general purpose credit cards, short- and long-term installment loans, and consumer banking products; and deposit products, including certificates of deposit, individual retirement accounts, money market accounts, and savings accounts, and sweep and affinity deposits, as well as accepts deposits through third-party securities brokerage firms.