Synchrony Financial (NYSE:SYF) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System trimmed its position in Synchrony Financial (NYSE:SYF) by 1.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 120,940 shares of the financial services provider’s stock after selling 1,900 shares during the period. State of Michigan Retirement System’s holdings in Synchrony Financial were worth $5,215,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MV Capital Management Inc. grew its stake in Synchrony Financial by 8.3% during the 1st quarter. MV Capital Management Inc. now owns 3,509 shares of the financial services provider’s stock valued at $151,000 after purchasing an additional 270 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH boosted its position in Synchrony Financial by 7.5% in the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 221,325 shares of the financial services provider’s stock valued at $9,544,000 after buying an additional 15,409 shares during the last quarter. Diversified Trust Co increased its holdings in Synchrony Financial by 136.7% in the 1st quarter. Diversified Trust Co now owns 54,370 shares of the financial services provider’s stock worth $2,344,000 after buying an additional 31,399 shares during the period. Kathmere Capital Management LLC purchased a new position in Synchrony Financial during the 1st quarter worth approximately $222,000. Finally, AMF Tjanstepension AB acquired a new stake in Synchrony Financial during the 1st quarter valued at approximately $4,986,000. Hedge funds and other institutional investors own 96.48% of the company’s stock.

Synchrony Financial Price Performance

Synchrony Financial stock opened at $48.03 on Wednesday. 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 company has a 50-day moving average price of $44.23 and a 200 day moving average price of $41.37. Synchrony Financial has a 12-month low of $27.30 and a 12-month high of $48.59. The stock has a market cap of $19.29 billion, a P/E ratio of 6.89, a PEG ratio of 1.10 and a beta of 1.63.

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

Synchrony Financial announced that its board has authorized a stock buyback plan on Wednesday, April 24th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 5.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Synchrony Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Monday, May 6th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date was Friday, May 3rd. Synchrony Financial’s dividend payout ratio is presently 14.35%.

Insider Buying and Selling

In other Synchrony Financial 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 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 SEC, which is available through this hyperlink. Corporate insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. BTIG Research began coverage on shares of Synchrony Financial in a report on Friday, June 7th. They set a “buy” rating and a $60.00 target price for the company. Robert W. Baird assumed coverage on Synchrony Financial in a report on Friday, June 28th. They issued an “outperform” rating and a $56.00 price objective for the company. Oppenheimer restated a “market perform” rating on shares of Synchrony Financial in a research note on Wednesday, March 6th. StockNews.com cut Synchrony Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, June 25th. Finally, Barclays upped their price objective on Synchrony Financial from $36.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $45.10.

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.