Grisanti Capital Management LLC trimmed its holdings in shares of Synchrony Financial (NYSE:SYF) by 1.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 243,610 shares of the financial services provider’s stock after selling 4,768 shares during the quarter. Synchrony Financial accounts for about 4.6% of Grisanti Capital Management LLC’s investment portfolio, making the stock its 7th biggest position. Grisanti Capital Management LLC’s holdings in Synchrony Financial were worth $8,446,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in SYF. Executive Wealth Management LLC bought a new stake in Synchrony Financial in the second quarter valued at about $27,000. Advantage Investment Management LLC increased its holdings in Synchrony Financial by 455.2% in the second quarter. Advantage Investment Management LLC now owns 1,388 shares of the financial services provider’s stock valued at $48,000 after buying an additional 1,138 shares during the last quarter. Clarus Wealth Advisors increased its holdings in Synchrony Financial by 677.8% in the second quarter. Clarus Wealth Advisors now owns 1,400 shares of the financial services provider’s stock valued at $49,000 after buying an additional 1,220 shares during the last quarter. Parallel Advisors LLC increased its holdings in Synchrony Financial by 195.0% in the first quarter. Parallel Advisors LLC now owns 1,894 shares of the financial services provider’s stock valued at $60,000 after buying an additional 1,252 shares during the last quarter. Finally, Parkside Financial Bank & Trust increased its holdings in Synchrony Financial by 40.3% in the first quarter. Parkside Financial Bank & Trust now owns 2,016 shares of the financial services provider’s stock valued at $64,000 after buying an additional 579 shares during the last quarter. 88.53% of the stock is currently owned by institutional investors and hedge funds.
SYF stock traded up $0.67 during midday trading on Friday, reaching $33.43. The company had a trading volume of 4,822,900 shares, compared to its average volume of 4,519,138. The company has a quick ratio of 1.25, a current ratio of 1.36 and a debt-to-equity ratio of 1.44. The stock has a 50 day moving average price of $35.34 and a 200 day moving average price of $33.58. Synchrony Financial has a fifty-two week low of $21.77 and a fifty-two week high of $36.87. The firm has a market capitalization of $21.79 billion, a PE ratio of 8.94, a P/E/G ratio of 0.76 and a beta of 1.19.
Synchrony Financial (NYSE:SYF) last issued its quarterly earnings data on Friday, July 19th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.96 by $0.01. The business had revenue of $4.16 billion during the quarter, compared to the consensus estimate of $4.19 billion. Synchrony Financial had a return on equity of 19.50% and a net margin of 17.82%. During the same period in the previous year, the firm posted $0.92 earnings per share. Research analysts predict that Synchrony Financial will post 4.21 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, August 2nd. This is an increase from Synchrony Financial’s previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a dividend yield of 2.63%. Synchrony Financial’s payout ratio is currently 23.53%.
A number of equities analysts have commented on the company. Morgan Stanley lifted their target price on Synchrony Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Monday, April 22nd. BMO Capital Markets set a $43.00 target price on Synchrony Financial and gave the company a “buy” rating in a research note on Sunday, July 21st. Nomura lifted their target price on Synchrony Financial from $35.00 to $39.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. BTIG Research restated a “buy” rating and issued a $42.00 target price on shares of Synchrony Financial in a research note on Monday, July 22nd. Finally, Buckingham Research assumed coverage on Synchrony Financial in a research note on Monday, July 22nd. They issued a “buy” rating and a $42.00 target price for the company. One analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $38.43.
In other news, insider Margaret M. Keane sold 125,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $33.82, for a total transaction of $4,227,500.00. Following the completion of the transaction, the insider now directly owns 648,901 shares in the company, valued at $21,945,831.82. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider David P. Melito sold 3,204 shares of the business’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $36.00, for a total value of $115,344.00. Following the transaction, the insider now owns 23,567 shares of the company’s stock, valued at $848,412. The disclosure for this sale can be found here. Insiders own 0.32% of the company’s stock.
Synchrony Financial 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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