State Street Corp Lowers Holdings in Synchrony Financial (SYF)
State Street Corp lessened its position in shares of Synchrony Financial (NYSE:SYF) by 2.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,142,414 shares of the financial services provider’s stock after selling 894,776 shares during the period. State Street Corp owned about 4.29% of Synchrony Financial worth $1,018,128,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. First Quadrant L P CA increased its holdings in Synchrony Financial by 55.4% during the 2nd quarter. First Quadrant L P CA now owns 3,726 shares of the financial services provider’s stock worth $111,000 after purchasing an additional 1,328 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Synchrony Financial by 39.0% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,560 shares of the financial services provider’s stock worth $136,000 after buying an additional 1,280 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Synchrony Financial by 19.7% during the 2nd quarter. State of Alaska Department of Revenue now owns 5,338 shares of the financial services provider’s stock worth $159,000 after buying an additional 880 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Synchrony Financial by 9.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 5,387 shares of the financial services provider’s stock worth $160,000 after buying an additional 486 shares during the last quarter. Finally, Sun Life Financial INC boosted its stake in shares of Synchrony Financial by 40,207.1% during the 2nd quarter. Sun Life Financial INC now owns 5,643 shares of the financial services provider’s stock worth $168,000 after buying an additional 5,629 shares during the last quarter. Hedge funds and other institutional investors own 87.06% of the company’s stock.
In related news, Director Paget Leonard Alves bought 2,000 shares of the company’s stock in a transaction on Monday, July 24th. The shares were purchased at an average cost of $30.85 per share, for a total transaction of $61,700.00. Following the completion of the purchase, the director now directly owns 8,521 shares in the company, valued at $262,872.85. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 0.03% of the stock is owned by insiders.
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A number of equities analysts have recently commented on the stock. Bank of America Corporation downgraded shares of Synchrony Financial from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $35.00 to $33.00 in a research note on Friday. Morgan Stanley restated an “overweight” rating and set a $35.00 price objective (up from $33.00) on shares of Synchrony Financial in a research note on Tuesday, July 25th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Synchrony Financial in a research note on Saturday, July 22nd. BMO Capital Markets restated a “buy” rating on shares of Synchrony Financial in a research note on Friday, July 21st. Finally, BidaskClub upgraded shares of Synchrony Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 26th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Synchrony Financial presently has a consensus rating of “Buy” and an average price target of $37.09.
Shares of Synchrony Financial (NYSE:SYF) traded down 1.11% during midday trading on Friday, reaching $31.31. 4,694,973 shares of the company traded hands. The firm has a market capitalization of $24.90 billion, a PE ratio of 11.76 and a beta of 1.01. Synchrony Financial has a 12-month low of $26.01 and a 12-month high of $38.06. The company has a 50-day moving average of $30.10 and a 200 day moving average of $30.08.
Synchrony Financial (NYSE:SYF) last released its earnings results on Friday, July 21st. The financial services provider reported $0.61 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.03. The firm had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.59 billion. Synchrony Financial had a net margin of 13.84% and a return on equity of 15.30%. During the same period in the previous year, the company earned $0.58 earnings per share. On average, equities analysts forecast that Synchrony Financial will post $2.59 earnings per share for the current 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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