CIBC Asset Management Inc Buys 14,205 Shares of Synchrony Financial (NYSE:SYF)



CIBC Asset Management Inc increased its stake in Synchrony Financial (NYSE:SYFreceived rating) up 26.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 67,293 shares of the financial services provider after purchasing an additional 14,205 shares during the quarter. CIBC Asset Management Inc’s holdings in Synchrony Financial were worth $2,342,000 at the end of the most recent quarter.

A number of other major investors also recently changed their holdings in SYF. Norges Bank acquired a new stake in Synchrony Financial stock valued at approximately $243,432,000 during the fourth quarter. Marshall Wace LLP increased its position in Synchrony Financial by 8,460.7% during the fourth quarter. Marshall Wace LLP now owns 3,147,770 shares of the financial services firm valued at $146,028,000 after purchasing an additional 3,111,000 shares last quarter. Ceredex Value Advisors LLC increased its position in Synchrony Financial by 189.0% during the fourth quarter. Ceredex Value Advisors LLC now owns 4,487,006 shares of the financial services provider valued at $208,152,000 after purchasing an additional 2,934,606 shares last quarter. BlackRock Inc. added 4.3% to its position in Synchrony Financial during the fourth quarter. BlackRock Inc. now owns 46,743,789 shares of the financial services provider valued at $2,168,444,000 after purchasing an additional 1,945,620 shares last quarter. Finally, Los Angeles Capital Management LLC increased its position in Synchrony Financial by 58.0% during the fourth quarter. Los Angeles Capital Management LLC now owns 3,674,380 shares of the financial services firm valued at $170,454,000 after purchasing an additional 1,349,252 shares last quarter. Institutional investors own 98.26% of the company’s shares.

Analyst upgrades and downgrades

A number of analysts have recently covered SYF stock. Barclays lowered its target price on Synchrony Financial to $49.00 from $64.00 and rated the company as “overweight” in a research report on Monday, July 11. JMP Securities lowered its price target on Synchrony Financial to $40.00 from $50.00 and rated the company as “Market Outperform” in a research report on Friday, July 15. Goldman Sachs Group raised its target price on Synchrony Financial to $45.00 from $40.00 and gave the stock a “buy” rating in a research report on Tuesday, April 19. TheStreet downgraded Synchrony Financial from a “b-” rating to a “c+” rating in a research report on Tuesday, July 19. Finally, Piper Sandler put a price target of $41.00 on Synchrony Financial in a research note on Tuesday, July 19th. One investment analyst has assigned a sell rating to the stock, four have given a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, Synchrony Financial currently has a consensus rating of Moderate Buy and a consensus price target of $45.76.

Synchronous financial price performance

SYF opened on Monday for $33.90. The company has a leverage ratio of 0.96, a quick ratio of 1.21 and a current ratio of 1.21. Synchrony Financial has a 52-week low of $27.22 and a 52-week high of $52.49. The stock has a market cap of $16.33 billion, a P/E of 4.95, a price-to-earnings-to-growth ratio of 0.26, and a beta of 1.57. The stock’s 50-day moving average price is $31.64 and its 200-day moving average price is $36.14.

synchronization finances (NYSE:SYFreceived rating) last released its quarterly results on Monday, July 18. The financial services firm reported earnings per share of $1.60 for the quarter, beating the consensus estimate of $1.47 by $0.13. Synchrony Financial had a return on equity of 27.06% and a net margin of 22.76%. In the same period last year, the company earned $2.12 per share. On average, equity analysts are forecasting that Synchrony Financial will post 5.71 EPS for the year to date.

Synchrony Financial raises dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 11th. Investors of record on Monday, August 1 will receive a dividend of $0.23. That equates to an annualized dividend of $0.92 and a yield of 2.71%. This is an increase from Synchrony Financial’s previous quarterly dividend of $0.22. The ex-dividend date is Friday July 29th. Synchrony Financial’s payout ratio is currently 13.43%.

Synchrony Financial announced that on Monday, April 18, its Board of Directors approved a share repurchase program that will allow the company to repurchase $2.80 billion of outstanding shares. This buyback authorization allows the financial service provider to acquire up to 13.6% of its shares by way of purchases on the stock exchange. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

About Synchrony Financial

(received rating)

Synchrony Financial, together with its subsidiaries, operates as a consumer financial services company in the United States. It offers lending products such as credit cards, commercial lending products and consumer installment loans. The Company also offers private label credit cards, dual card, co-branded 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 for both retail and commercial customers, and accepts deposits through third-party securities brokerage firms.

See also

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



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