Patten Group Inc. Boosts Position in Synchrony Financial (SYF)
Patten Group Inc. increased its holdings in shares of Synchrony Financial (NYSE:SYF) by 3,019.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 106,713 shares of the financial services provider’s stock after acquiring an additional 103,292 shares during the period. Patten Group Inc.’s holdings in Synchrony Financial were worth $106,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of the stock. Federated Investors Inc. PA raised its holdings in Synchrony Financial by 0.6% in the second quarter. Federated Investors Inc. PA now owns 26,333 shares of the financial services provider’s stock worth $786,000 after buying an additional 166 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in Synchrony Financial by 9.9% in the second 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. Wedbush Securities Inc. raised its holdings in Synchrony Financial by 8.4% in the second quarter. Wedbush Securities Inc. now owns 8,978 shares of the financial services provider’s stock worth $268,000 after buying an additional 695 shares during the last quarter. Conning Inc. raised its holdings in Synchrony Financial by 4.2% in the second quarter. Conning Inc. now owns 17,613 shares of the financial services provider’s stock worth $525,000 after buying an additional 710 shares during the last quarter. Finally, Bancorpsouth Inc. raised its holdings in Synchrony Financial by 9.4% in the second quarter. Bancorpsouth Inc. now owns 8,589 shares of the financial services provider’s stock worth $256,000 after buying an additional 741 shares during the last quarter. 85.77% of the stock is currently owned by institutional investors and hedge funds.
SYF has been the subject of several recent analyst reports. Jefferies Group lifted their target price on shares of Synchrony Financial to $44.00 and gave the stock a “top pick” rating in a report on Friday, December 1st. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $39.00 target price on shares of Synchrony Financial in a report on Thursday, October 12th. Wedbush set a $41.00 price objective on shares of Synchrony Financial and gave the company a “hold” rating in a report on Monday. Wells Fargo & Company began coverage on shares of Synchrony Financial in a report on Tuesday, October 10th. They set a “market perform” rating and a $33.00 price objective for the company. Finally, BidaskClub raised shares of Synchrony Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 26th. Twelve investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have 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 $37.88.
Shares of Synchrony Financial (NYSE SYF) traded down $0.72 during mid-day trading on Thursday, reaching $36.64. 8,078,700 shares of the company’s stock were exchanged, compared to its average volume of 7,062,997. Synchrony Financial has a twelve month low of $26.01 and a twelve month high of $38.06. The stock has a market capitalization of $29,237.62, a PE ratio of 14.26, a P/E/G ratio of 1.88 and a beta of 1.06. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 1.38.
Synchrony Financial (NYSE:SYF) last announced its earnings results on Friday, October 20th. The financial services provider reported $0.70 EPS for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.06. Synchrony Financial had a net margin of 13.17% and a return on equity of 14.84%. The business had revenue of $3.88 billion during the quarter, compared to analysts’ expectations of $3.78 billion. During the same period in the prior year, the company earned $0.73 earnings per share. sell-side analysts predict that Synchrony Financial will post 2.59 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 16th. Shareholders of record on Monday, November 6th were issued a dividend of $0.15 per share. The ex-dividend date was Friday, November 3rd. This represents a $0.60 dividend on an annualized basis and a yield of 1.64%. Synchrony Financial’s dividend payout ratio is currently 22.90%.
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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