Franklin Resources Inc. Sells 830,844 Shares of Synchrony Financial (SYF)
Franklin Resources Inc. lowered its holdings in Synchrony Financial (NYSE:SYF) by 41.1% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,190,937 shares of the financial services provider’s stock after selling 830,844 shares during the period. Franklin Resources Inc. owned approximately 0.15% of Synchrony Financial worth $35,514,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of SYF. Strs Ohio boosted its holdings in Synchrony Financial by 6.2% in the 1st quarter. Strs Ohio now owns 25,341 shares of the financial services provider’s stock valued at $869,000 after purchasing an additional 1,490 shares during the period. UBS Asset Management Americas Inc. boosted its holdings in Synchrony Financial by 44.5% in the 1st quarter. UBS Asset Management Americas Inc. now owns 5,139,947 shares of the financial services provider’s stock valued at $176,300,000 after purchasing an additional 1,581,883 shares during the period. Karp Capital Management Corp bought a new stake in Synchrony Financial in the 1st quarter valued at about $4,903,000. Sei Investments Co. boosted its holdings in Synchrony Financial by 24.3% in the 1st quarter. Sei Investments Co. now owns 233,118 shares of the financial services provider’s stock valued at $7,995,000 after purchasing an additional 45,512 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Synchrony Financial by 27.1% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 57,136 shares of the financial services provider’s stock valued at $1,960,000 after purchasing an additional 12,182 shares during the period. 87.05% of the stock is owned by hedge funds and other institutional investors.
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In related news, Director Paget Leonard Alves bought 2,000 shares of the company’s stock in a transaction on Monday, July 24th. The stock was acquired at an average cost of $30.85 per share, for a total transaction of $61,700.00. Following the completion of the transaction, the director now directly owns 8,521 shares in the company, valued at approximately $262,872.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.03% of the company’s stock.
A number of analysts have issued reports on the stock. Morgan Stanley reissued an “overweight” rating and issued a $35.00 price objective (up previously from $33.00) on shares of Synchrony Financial in a report on Tuesday, July 25th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Synchrony Financial in a report on Saturday, July 22nd. BMO Capital Markets reaffirmed a “buy” rating on shares of Synchrony Financial in a report on Friday, July 21st. BidaskClub raised shares of Synchrony Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 26th. Finally, TheStreet raised shares of Synchrony Financial from a “c” rating to a “b” rating in a report on Monday, July 31st. Ten equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Synchrony Financial currently has a consensus rating of “Buy” and an average target price of $37.42.
Synchrony Financial (NYSE SYF) opened at 29.02 on Monday. The company’s 50-day moving average is $29.97 and its 200-day moving average is $30.66. Synchrony Financial has a 52-week low of $26.01 and a 52-week high of $38.06. The firm has a market capitalization of $23.08 billion, a PE ratio of 10.90 and a beta of 1.01.
Synchrony Financial (NYSE:SYF) last announced its earnings results on Friday, July 21st. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $3.59 billion. During the same period in the previous year, the business posted $0.58 earnings per share. Analysts forecast that Synchrony Financial will post $2.60 EPS for the current fiscal year.
Synchrony Financial Company Profile
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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