Norges Bank Invests $182.74 Million in Synchrony Financial (NYSE:SYF)

Norges Bank bought a new stake in shares of Synchrony Financial (NYSE:SYFFree Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,784,983 shares of the financial services provider’s stock, valued at approximately $182,739,000. Norges Bank owned approximately 1.16% of Synchrony Financial as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in SYF. Independent Advisor Alliance purchased a new position in shares of Synchrony Financial during the fourth quarter valued at about $245,000. Kingsview Wealth Management LLC purchased a new stake in Synchrony Financial in the fourth quarter worth about $1,546,000. Panagora Asset Management Inc. boosted its position in shares of Synchrony Financial by 37.4% in the 4th quarter. Panagora Asset Management Inc. now owns 1,723,378 shares of the financial services provider’s stock worth $65,816,000 after purchasing an additional 468,907 shares in the last quarter. Westpac Banking Corp increased its position in Synchrony Financial by 28.9% during the 4th quarter. Westpac Banking Corp now owns 134,810 shares of the financial services provider’s stock valued at $5,148,000 after buying an additional 30,259 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in Synchrony Financial by 19.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 29,688 shares of the financial services provider’s stock valued at $1,134,000 after buying an additional 4,877 shares during the last quarter. Institutional investors own 96.48% of the company’s stock.

Insider Activity

In related news, insider Curtis Howse sold 31,562 shares of Synchrony Financial stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $45.00, for a total transaction of $1,420,290.00. Following the completion of the transaction, the insider now directly owns 121,042 shares of the company’s stock, valued at approximately $5,446,890. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Synchrony Financial news, insider Curtis Howse sold 31,562 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $45.00, for a total value of $1,420,290.00. Following the completion of the sale, the insider now directly owns 121,042 shares in the company, valued at approximately $5,446,890. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Brian D. Doubles sold 134,696 shares of the company’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $41.26, for a total transaction of $5,557,556.96. Following the completion of the sale, the insider now directly owns 660,353 shares of the company’s stock, valued at $27,246,164.78. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 172,437 shares of company stock valued at $7,242,432. 0.65% of the stock is currently owned by insiders.

Synchrony Financial Stock Performance

Shares of SYF opened at $43.54 on Thursday. Synchrony Financial has a 52 week low of $27.30 and a 52 week high of $46.72. The stock has a market cap of $17.48 billion, a price-to-earnings ratio of 6.25, a PEG ratio of 1.04 and a beta of 1.58. The business has a 50-day simple moving average of $43.01 and a two-hundred day simple moving average of $38.93. The company has a quick ratio of 1.23, a current ratio of 1.24 and a debt-to-equity ratio of 1.15.

Synchrony Financial (NYSE:SYFGet Free Report) last released its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.37 by ($0.19). The company had revenue of $5.57 billion for the quarter, compared to the consensus estimate of $4.44 billion. Synchrony Financial had a net margin of 13.49% and a return on equity of 16.01%. During the same quarter in the previous year, the business earned $1.35 EPS. On average, analysts expect that Synchrony Financial will post 5.75 EPS for the current year.

Synchrony Financial declared that its Board of Directors has initiated a share repurchase program on Wednesday, April 24th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 5.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Synchrony Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Monday, May 6th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date was Friday, May 3rd. Synchrony Financial’s dividend payout ratio (DPR) is 14.35%.

Analysts Set New Price Targets

A number of research firms have recently commented on SYF. Oppenheimer reissued a “market perform” rating on shares of Synchrony Financial in a research note on Wednesday, March 6th. TD Cowen raised their price objective on shares of Synchrony Financial from $49.00 to $51.00 and gave the company a “buy” rating in a research note on Thursday, April 25th. JPMorgan Chase & Co. upped their target price on shares of Synchrony Financial from $42.00 to $46.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Stephens raised their price target on shares of Synchrony Financial from $40.00 to $46.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 24th. Finally, Wolfe Research upgraded shares of Synchrony Financial from an “underperform” rating to an “outperform” rating and boosted their price objective for the stock from $36.00 to $50.00 in a report on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $43.74.

Read Our Latest Research Report on Synchrony Financial

About Synchrony Financial

(Free Report)

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.

Further Reading

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

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