PNC Financial Services Group Inc. Has $2.24 Million Stake in Synchrony Financial (NYSE:SYF)

PNC Financial Services Group Inc. grew its position in shares of Synchrony Financial (NYSE:SYF) by 21.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 58,603 shares of the financial services provider’s stock after buying an additional 10,242 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Synchrony Financial were worth $2,238,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in SYF. Norges Bank bought a new stake in Synchrony Financial during the fourth quarter worth approximately $182,739,000. KBC Group NV boosted its position in Synchrony Financial by 362.0% during the fourth quarter. KBC Group NV now owns 1,981,883 shares of the financial services provider’s stock worth $75,688,000 after purchasing an additional 1,552,946 shares during the period. Invesco Ltd. boosted its position in Synchrony Financial by 16.0% during the third quarter. Invesco Ltd. now owns 5,468,996 shares of the financial services provider’s stock worth $167,187,000 after purchasing an additional 755,856 shares during the period. Boston Partners boosted its position in Synchrony Financial by 23.6% during the fourth quarter. Boston Partners now owns 3,826,080 shares of the financial services provider’s stock worth $146,112,000 after purchasing an additional 730,318 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its position in Synchrony Financial by 33.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 2,907,126 shares of the financial services provider’s stock worth $88,871,000 after purchasing an additional 720,587 shares during the period. 96.48% of the stock is currently owned by institutional investors and hedge funds.

Synchrony Financial Stock Performance

Shares of NYSE SYF opened at $44.93 on Friday. The business has a fifty day simple moving average of $43.53 and a 200 day simple moving average of $40.79. The company has a current ratio of 1.24, a quick ratio of 1.23 and a debt-to-equity ratio of 1.15. The firm has a market capitalization of $18.04 billion, a price-to-earnings ratio of 6.45, a PEG ratio of 1.02 and a beta of 1.60. Synchrony Financial has a one year low of $27.30 and a one year high of $46.72.

Synchrony Financial (NYSE:SYF) last announced its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $1.18 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.19). Synchrony Financial had a net margin of 13.49% and a return on equity of 16.01%. The company had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $4.44 billion. During the same quarter last year, the company earned $1.35 earnings per share. Sell-side analysts expect that Synchrony Financial will post 5.71 EPS for the current year.

Synchrony Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Monday, May 6th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date was Friday, May 3rd. Synchrony Financial’s dividend payout ratio (DPR) is 14.35%.

Synchrony Financial announced that its Board of Directors has approved a stock 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 buy up to 5.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Bank of America upped their target price on Synchrony Financial from $43.00 to $44.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. TD Cowen upped their target price on Synchrony Financial from $49.00 to $51.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Oppenheimer reaffirmed a “market perform” rating on shares of Synchrony Financial in a research report on Wednesday, March 6th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $62.00 target price on shares of Synchrony Financial in a research report on Tuesday, June 11th. Finally, BMO Capital Markets upped their price target on Synchrony Financial from $40.00 to $41.00 and gave the stock a “market perform” rating in a report on Thursday, April 25th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $44.55.

Insider Buying and Selling at Synchrony Financial

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 sale, the insider now directly owns 121,042 shares in the company, valued at $5,446,890. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.33% of the company’s stock.

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.