Envestnet Asset Management Inc. Sells 10,011 Shares of Synchrony Financial (NYSE:SYF)

Envestnet Asset Management Inc. reduced its position in shares of Synchrony Financial (NYSE:SYF) by 5.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 170,723 shares of the financial services provider’s stock after selling 10,011 shares during the period. Envestnet Asset Management Inc.’s holdings in Synchrony Financial were worth $8,056,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in SYF. Headlands Technologies LLC bought a new stake in Synchrony Financial during the 1st quarter worth approximately $28,000. International Assets Investment Management LLC bought a new stake in shares of Synchrony Financial in the second quarter worth $33,000. WR Wealth Planners LLC increased its holdings in Synchrony Financial by 83.6% in the second quarter. WR Wealth Planners LLC now owns 716 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 326 shares during the period. Ashton Thomas Private Wealth LLC bought a new position in Synchrony Financial during the 2nd quarter worth $39,000. Finally, Family Firm Inc. acquired a new position in Synchrony Financial during the 2nd quarter worth about $42,000. Institutional investors and hedge funds own 96.48% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on SYF shares. The Goldman Sachs Group raised their price objective on Synchrony Financial from $49.00 to $56.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Compass Point started coverage on shares of Synchrony Financial in a research report on Tuesday, July 16th. They set a “buy” rating and a $56.00 price objective for the company. Baird R W upgraded shares of Synchrony Financial to a “strong-buy” rating in a report on Friday, June 28th. Robert W. Baird initiated coverage on Synchrony Financial in a report on Friday, June 28th. They set an “outperform” rating and a $56.00 price target for the company. Finally, StockNews.com upgraded Synchrony Financial from a “hold” rating to a “buy” rating in a research report on Friday, July 12th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Synchrony Financial presently has an average rating of “Moderate Buy” and an average price target of $50.41.

Synchrony Financial Trading Up 1.2 %

Shares of SYF stock opened at $49.65 on Friday. The company has a 50 day moving average of $48.18 and a 200-day moving average of $45.51. Synchrony Financial has a 12-month low of $27.30 and a 12-month high of $52.67. The firm has a market cap of $19.62 billion, a P/E ratio of 7.12, a PEG ratio of 1.13 and a beta of 1.62. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.09.

Synchrony Financial (NYSE:SYF) last posted its earnings results on Wednesday, July 17th. The financial services provider reported $1.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.20. Synchrony Financial had a return on equity of 16.06% and a net margin of 13.52%. The firm had revenue of $5.58 billion for the quarter, compared to the consensus estimate of $4.44 billion. During the same quarter in the prior year, the business posted $1.32 earnings per share. Sell-side analysts anticipate that Synchrony Financial will post 5.79 earnings per share for the current year.

Synchrony Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.01%. The ex-dividend date of this dividend was Monday, August 5th. Synchrony Financial’s payout ratio is 14.35%.

Insiders Place Their Bets

In other news, insider Brian J. Sr. Wenzel sold 74,698 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $46.73, for a total transaction of $3,490,637.54. Following the completion of the transaction, the insider now owns 76,251 shares of the company’s stock, valued at $3,563,209.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Synchrony Financial news, insider Bart Schaller sold 930 shares of Synchrony Financial stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $50.84, for a total transaction of $47,281.20. Following the completion of the sale, the insider now owns 49,390 shares of the company’s stock, valued at $2,510,987.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Brian J. Sr. Wenzel sold 74,698 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $46.73, for a total value of $3,490,637.54. Following the transaction, the insider now directly owns 76,251 shares in the company, valued at $3,563,209.23. The disclosure for this sale can be found here. Corporate insiders own 0.33% of the company’s stock.

About Synchrony Financial

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.