Nuveen Asset Management LLC Buys 1,480,702 Shares of Synchrony Financial (NYSE:SYF)

Nuveen Asset Management LLC increased its stake in shares of Synchrony Financial (NYSE:SYF) by 169.0% during the 4th quarter, Holdings Channel.com reports. The fund owned 2,356,862 shares of the financial services provider’s stock after purchasing an additional 1,480,702 shares during the quarter. Nuveen Asset Management LLC’s holdings in Synchrony Financial were worth $153,196,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Norges Bank bought a new position in shares of Synchrony Financial in the fourth quarter worth approximately $347,903,000. Price T Rowe Associates Inc. MD boosted its position in Synchrony Financial by 340.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,512,340 shares of the financial services provider’s stock valued at $163,303,000 after buying an additional 1,942,573 shares during the period. Azora Capital LP grew its holdings in Synchrony Financial by 700.5% in the 4th quarter. Azora Capital LP now owns 2,107,839 shares of the financial services provider’s stock worth $137,010,000 after acquiring an additional 1,844,509 shares during the last quarter. Northern Trust Corp increased its position in shares of Synchrony Financial by 26.7% in the fourth quarter. Northern Trust Corp now owns 5,183,717 shares of the financial services provider’s stock valued at $336,942,000 after acquiring an additional 1,093,922 shares during the period. Finally, Alyeska Investment Group L.P. purchased a new position in shares of Synchrony Financial in the fourth quarter valued at about $44,021,000. 96.48% of the stock is owned by hedge funds and other institutional investors.

Synchrony Financial Stock Performance

Shares of SYF opened at $60.47 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 1.01. The stock has a market cap of $23.02 billion, a P/E ratio of 7.08, a P/E/G ratio of 0.71 and a beta of 1.42. The business’s 50 day moving average price is $51.92 and its 200-day moving average price is $60.31. Synchrony Financial has a 52 week low of $40.55 and a 52 week high of $70.93.

Synchrony Financial (NYSE:SYF) last announced its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.26. The company had revenue of $3.72 billion for the quarter, compared to analysts’ expectations of $3.80 billion. Synchrony Financial had a net margin of 15.36% and a return on equity of 18.30%. Equities research analysts anticipate that Synchrony Financial will post 7.67 earnings per share for the current fiscal year.

Synchrony Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 5th were issued a dividend of $0.30 per share. This is an increase from Synchrony Financial’s previous quarterly dividend of $0.25. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date of this dividend was Monday, May 5th. Synchrony Financial’s dividend payout ratio is presently 16.46%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on SYF shares. Wells Fargo & Company dropped their target price on shares of Synchrony Financial from $70.00 to $65.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. StockNews.com lowered Synchrony Financial from a “buy” rating to a “hold” rating in a research report on Monday, March 24th. Morgan Stanley restated an “equal weight” rating and set a $44.00 target price (down previously from $82.00) on shares of Synchrony Financial in a report on Monday, April 7th. Bank of America boosted their price objective on shares of Synchrony Financial from $82.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Synchrony Financial from $76.00 to $50.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Nine research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Synchrony Financial currently has an average rating of “Moderate Buy” and a consensus target price of $63.95.

Synchrony Financial Company 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.