Synchrony Financial (NYSE:SYF) Position Increased by Meeder Asset Management Inc.
Meeder Asset Management Inc. lifted its stake in shares of Synchrony Financial (NYSE:SYF) by 3,478.4% in the 1st quarter, HoldingsChannel.com reports. The fund owned 221,039 shares of the financial services provider’s stock after acquiring an additional 214,862 shares during the quarter. Meeder Asset Management Inc.’s holdings in Synchrony Financial were worth $8,986,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. DB Wealth Management Group LLC acquired a new position in shares of Synchrony Financial in the 4th quarter valued at $31,000. Harvest Fund Management Co. Ltd purchased a new position in shares of Synchrony Financial in the fourth quarter worth approximately $33,000. Sage Private Wealth Group LLC acquired a new stake in shares of Synchrony Financial during the fourth quarter valued at approximately $38,000. Penserra Capital Management LLC lifted its position in shares of Synchrony Financial by 30.1% in the 4th quarter. Penserra Capital Management LLC now owns 1,194 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 276 shares in the last quarter. Finally, Avion Wealth acquired a new position in Synchrony Financial in the 4th quarter worth approximately $43,000. 91.13% of the stock is currently owned by institutional investors.
Shares of SYF stock traded up $0.30 during trading hours on Tuesday, reaching $43.98. 228,695 shares of the company’s stock were exchanged, compared to its average volume of 6,692,625. The business has a fifty day moving average price of $41.59 and a 200-day moving average price of $35.86. The stock has a market capitalization of $25.58 billion, a P/E ratio of 20.04, a P/E/G ratio of 1.92 and a beta of 1.79. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 1.39. Synchrony Financial has a fifty-two week low of $15.17 and a fifty-two week high of $44.58.
Synchrony Financial declared that its Board of Directors has approved a stock repurchase plan on Tuesday, January 26th that authorizes the company to buyback $1.60 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Thursday, May 13th. Investors of record on Monday, May 3rd will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, April 30th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.00%. Synchrony Financial’s payout ratio is 20.51%.
In related news, insider David P. Melito sold 2,205 shares of the firm’s stock in a transaction dated Monday, April 5th. The stock was sold at an average price of $42.16, for a total value of $92,962.80. Following the transaction, the insider now owns 17,342 shares in the company, valued at $731,138.72. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Paul Whynott sold 20,480 shares of the firm’s stock in a transaction dated Tuesday, March 2nd. The shares were sold at an average price of $39.76, for a total transaction of $814,284.80. Corporate insiders own 0.45% of the company’s stock.
Several analysts have recently commented on the company. Wells Fargo & Company raised their target price on Synchrony Financial from $41.00 to $48.00 and gave the stock an “overweight” rating in a research report on Monday, March 22nd. JPMorgan Chase & Co. lowered their price objective on shares of Synchrony Financial from $49.00 to $48.00 and set an “overweight” rating on the stock in a research report on Thursday, April 15th. They noted that the move was a valuation call. Morgan Stanley lifted their target price on shares of Synchrony Financial from $54.00 to $55.00 and gave the company an “overweight” rating in a research note on Tuesday. Evercore ISI started coverage on shares of Synchrony Financial in a research note on Wednesday, April 14th. They issued an “outperform” rating and a $49.00 price target on the stock. Finally, JMP Securities boosted their target price on Synchrony Financial from $36.00 to $43.00 and gave the company an “outperform” rating in a research note on Tuesday, January 26th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $41.79.
Synchrony Financial Profile
Synchrony Financial operates as a consumer financial services company in the United States. It provides a range of specialized financing programs and consumer banking products to digital, retail, home, auto, travel, health, and pet industries. The company also offers private label credit cards, dual cards, general purpose co-branded credit cards, and small and medium-sized business credit products; and promotional financing for consumer purchases, such as private label credit cards, dual cards, and installment loans.
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