Brokerages Anticipate Synchrony Financial (SYF) Will Announce Quarterly Sales of $3.78 Billion
Brokerages predict that Synchrony Financial (NYSE:SYF) will report sales of $3.78 billion for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Synchrony Financial’s earnings, with estimates ranging from $3.75 billion to $3.81 billion. Synchrony Financial reported sales of $3.48 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 8.6%. The firm is scheduled to announce its next quarterly earnings report on Friday, October 20th.
On average, analysts expect that Synchrony Financial will report full year sales of $3.78 billion for the current year, with estimates ranging from $14.93 billion to $14.97 billion. For the next year, analysts forecast that the firm will post sales of $16.16 billion per share, with estimates ranging from $16.03 billion to $16.31 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Synchrony Financial.
Synchrony Financial (NYSE:SYF) last issued its earnings results on Friday, July 21st. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.03. Synchrony Financial had a net margin of 13.84% and a return on equity of 15.30%. The business had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the previous year, the firm posted $0.58 EPS.
Several equities analysts recently issued reports on SYF shares. TheStreet upgraded shares of Synchrony Financial from a “c” rating to a “b” rating in a research note on Monday, July 31st. BTIG Research reiterated a “buy” rating and issued a $36.00 target price on shares of Synchrony Financial in a research note on Wednesday, May 24th. Jefferies Group LLC decreased their target price on shares of Synchrony Financial from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Monday, May 1st. DA Davidson decreased their target price on shares of Synchrony Financial from $45.00 to $41.00 and set a “buy” rating for the company in a research note on Monday, May 1st. Finally, Citigroup Inc. decreased their target price on shares of Synchrony Financial from $43.00 to $35.00 and set a “buy” rating for the company in a research note on Monday, May 1st. Nine research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $37.55.
In other news, Director Paget Leonard Alves acquired 2,000 shares of the company’s stock in a transaction that occurred on Monday, July 24th. The stock was purchased at an average price of $30.85 per share, with a total value of $61,700.00. Following the completion of the acquisition, the director now owns 8,521 shares of the company’s stock, valued at approximately $262,872.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.03% of the stock is owned by corporate insiders.
Several large investors have recently made changes to their positions in SYF. Vanguard Group Inc. raised its stake in shares of Synchrony Financial by 1.9% in the second quarter. Vanguard Group Inc. now owns 52,233,692 shares of the financial services provider’s stock worth $1,557,609,000 after buying an additional 956,331 shares in the last quarter. BlackRock Inc. raised its stake in shares of Synchrony Financial by 2,275.1% in the first quarter. BlackRock Inc. now owns 48,272,035 shares of the financial services provider’s stock worth $1,655,730,000 after buying an additional 46,239,640 shares in the last quarter. FMR LLC raised its stake in shares of Synchrony Financial by 27.1% in the second quarter. FMR LLC now owns 36,964,054 shares of the financial services provider’s stock worth $1,102,267,000 after buying an additional 7,874,689 shares in the last quarter. Berkshire Hathaway Inc. purchased a new stake in shares of Synchrony Financial during the second quarter worth about $520,747,000. Finally, First Eagle Investment Management LLC raised its stake in shares of Synchrony Financial by 1.2% in the second quarter. First Eagle Investment Management LLC now owns 17,303,205 shares of the financial services provider’s stock worth $515,982,000 after buying an additional 197,074 shares in the last quarter. 87.17% of the stock is owned by hedge funds and other institutional investors.
Shares of Synchrony Financial (NYSE:SYF) opened at 30.29 on Tuesday. The firm’s 50-day moving average is $30.03 and its 200-day moving average is $31.35. Synchrony Financial has a one year low of $26.01 and a one year high of $38.06. The company has a market cap of $24.09 billion, a PE ratio of 11.37 and a beta of 1.01.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 17th. Stockholders of record on Monday, August 7th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.98%. This is a boost from Synchrony Financial’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Thursday, August 3rd. Synchrony Financial’s dividend payout ratio is 22.64%.
Synchrony Financial announced that its Board of Directors has approved a share buyback plan on Thursday, May 18th that allows the company to repurchase $1.64 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
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About Synchrony Financial
Synchrony Financial is a consumer financial services company. The Company provides a range of credit products through programs it has established with a group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers. The Company’s revenue activities are managed through three sales platforms: Retail Card, Payment Solutions and CareCredit.
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