Ameriprise Financial Inc. Sells 1,223,484 Shares of Synchrony Financial (SYF)
Ameriprise Financial Inc. cut its stake in shares of Synchrony Financial (NYSE:SYF) by 55.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 975,819 shares of the financial services provider’s stock after selling 1,223,484 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.12% of Synchrony Financial worth $30,328,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in SYF. State of Alaska Department of Revenue lifted its holdings in Synchrony Financial by 19.7% during 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 buying an additional 880 shares during the period. Municipal Employees Retirement System of Michigan lifted its stake in shares of 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 valued at $1,172,000 after purchasing an additional 13,770 shares during the period. Retirement Systems of Alabama lifted its stake in shares of Synchrony Financial by 0.3% in the 2nd quarter. Retirement Systems of Alabama now owns 373,459 shares of the financial services provider’s stock valued at $11,137,000 after purchasing an additional 1,136 shares during the period. Tdam USA Inc. lifted its stake in shares of Synchrony Financial by 241.9% in the 2nd quarter. Tdam USA Inc. now owns 28,267 shares of the financial services provider’s stock valued at $835,000 after purchasing an additional 20,000 shares during the period. Finally, HL Financial Services LLC lifted its stake in shares of Synchrony Financial by 101.3% in the 2nd quarter. HL Financial Services LLC now owns 17,968 shares of the financial services provider’s stock valued at $536,000 after purchasing an additional 9,043 shares during the period. 85.77% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Synchrony Financial (NYSE SYF) traded down $0.14 during trading on Wednesday, reaching $37.31. The company had a trading volume of 8,227,400 shares, compared to its average volume of 7,061,038. Synchrony Financial has a twelve month low of $26.01 and a twelve month high of $38.06. The company has a market cap of $29,308.06, a price-to-earnings ratio of 14.29, a price-to-earnings-growth ratio of 1.89 and a beta of 1.06. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.47 and a quick ratio of 1.47.
Synchrony Financial (NYSE:SYF) last issued its earnings results on Friday, October 20th. The financial services provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.06. Synchrony Financial had a return on equity of 14.84% and a net margin of 13.17%. The business had revenue of $3.88 billion during the quarter, compared to analyst estimates of $3.78 billion. During the same period in the previous year, the company posted $0.73 EPS. sell-side analysts predict that Synchrony Financial will post 2.59 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, November 16th. Investors of record on Monday, November 6th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date was Friday, November 3rd. Synchrony Financial’s payout ratio is 22.90%.
A number of research analysts have recently issued reports on SYF shares. JMP Securities boosted their price objective on Synchrony Financial from $35.00 to $37.00 and gave the company a “market outperform” rating in a research note on Monday, October 23rd. Wells Fargo & Company boosted 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. Bank of America downgraded Synchrony Financial from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $35.00 to $33.00 in a research note on Friday, October 6th. Morgan Stanley downgraded Synchrony Financial from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $35.00 to $32.00 in a research note on Friday, September 8th. Finally, Zacks Investment Research downgraded Synchrony Financial from a “hold” rating to a “sell” rating in a research note on Monday, September 25th. Twelve equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $37.14.
In other Synchrony Financial news, insider Jonathan S. Mothner sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $33.50, for a total transaction of $33,500.00. Following the completion of the sale, the insider now directly owns 113,578 shares of the company’s stock, valued at approximately $3,804,863. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider David P. Melito sold 2,580 shares of the business’s stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $35.00, for a total value of $90,300.00. The disclosure for this sale can be found here. Insiders sold a total of 5,080 shares of company stock valued at $173,030 over the last ninety days. 0.03% of the stock is currently owned by corporate insiders.
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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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