Rockefeller Financial Services Inc. increased its position in shares of Synchrony Financial (NYSE:SYF) by 32.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,283,681 shares of the financial services provider’s stock after buying an additional 564,828 shares during the period. Synchrony Financial accounts for approximately 1.4% of Rockefeller Financial Services Inc.’s portfolio, making the stock its 28th largest position. Rockefeller Financial Services Inc.’s holdings in Synchrony Financial were worth $68,100,000 as of its most recent filing with the SEC.
Several other institutional investors also recently made changes to their positions in the stock. Quadrature Capital Ltd increased its position in Synchrony Financial by 34.5% in the fourth quarter. Quadrature Capital Ltd now owns 44,242 shares of the financial services provider’s stock valued at $1,605,000 after buying an additional 11,349 shares during the period. Wealthfront Inc. purchased a new stake in Synchrony Financial during the fourth quarter valued at about $432,000. Hudson Bay Capital Management LP purchased a new stake in Synchrony Financial during the fourth quarter valued at about $2,354,000. Kentucky Retirement Systems purchased a new stake in Synchrony Financial during the fourth quarter valued at about $2,064,000. Finally, Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in Synchrony Financial during the fourth quarter valued at about $921,000. Institutional investors and hedge funds own 88.04% of the company’s stock.
Synchrony Financial (NYSE SYF) traded down 1.35% during midday trading on Tuesday, hitting $29.25. The stock had a trading volume of 3,066,627 shares. The firm has a market capitalization of $23.72 billion, a price-to-earnings ratio of 11.16 and a beta of 1.01. Synchrony Financial has a 1-year low of $26.01 and a 1-year high of $38.06. The firm has a 50-day moving average price of $28.13 and a 200-day moving average price of $33.15.
Synchrony Financial (NYSE:SYF) last released its quarterly earnings results on Friday, April 28th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by $0.13. The firm had revenue of $3.59 billion during the quarter, compared to the consensus estimate of $3.54 billion. Synchrony Financial had a net margin of 14.21% and a return on equity of 15.42%. During the same quarter last year, the firm earned $0.70 earnings per share. On average, equities research analysts anticipate that Synchrony Financial will post $2.58 earnings per share for the current year.
Synchrony Financial declared that its Board of Directors has authorized a stock buyback plan on Thursday, May 18th that authorizes the company to repurchase $1.64 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
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Several research firms recently issued reports on SYF. Wells Fargo & Company began coverage on shares of Synchrony Financial in a research report on Wednesday, March 29th. They issued an “outperform” rating on the stock. TheStreet cut shares of Synchrony Financial from a “b” rating to a “c+” rating in a research report on Wednesday, May 3rd. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Synchrony Financial in a research report on Sunday, April 30th. ValuEngine cut shares of Synchrony Financial from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $40.00 price objective on shares of Synchrony Financial in a research note on Friday, June 9th. Eight research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. Synchrony Financial presently has an average rating of “Buy” and a consensus price target of $37.58.
In other news, Director Will W. Graylin purchased 18,000 shares of Synchrony Financial stock in a transaction that occurred on Monday, May 1st. The stock was acquired at an average cost of $27.80 per share, for a total transaction of $500,400.00. Following the purchase, the director now directly owns 55,389 shares of the company’s stock, valued at approximately $1,539,814.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.03% of the company’s stock.
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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