State of Michigan Retirement System Has $5.22 Million Stock Position in Synchrony Financial (NYSE:SYF)

State of Michigan Retirement System lessened its holdings in Synchrony Financial (NYSE:SYF) by 1.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 120,940 shares of the financial services provider’s stock after selling 1,900 shares during the quarter. State of Michigan Retirement System’s holdings in Synchrony Financial were worth $5,215,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of SYF. Norges Bank bought a new position in shares of Synchrony Financial in the fourth quarter worth about $182,739,000. Boston Partners grew its stake in shares of Synchrony Financial by 23.6% during the fourth quarter. Boston Partners now owns 3,826,080 shares of the financial services provider’s stock worth $146,112,000 after buying an additional 730,318 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Synchrony Financial by 4.1% during the third quarter. Ameriprise Financial Inc. now owns 3,707,427 shares of the financial services provider’s stock worth $113,336,000 after buying an additional 145,466 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Synchrony Financial by 4.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,588,159 shares of the financial services provider’s stock valued at $137,032,000 after acquiring an additional 165,369 shares during the last quarter. Finally, AustralianSuper Pty Ltd boosted its holdings in shares of Synchrony Financial by 12.8% during the 4th quarter. AustralianSuper Pty Ltd now owns 3,282,015 shares of the financial services provider’s stock valued at $125,340,000 after acquiring an additional 371,304 shares in the last quarter. Institutional investors own 96.48% of the company’s stock.

Synchrony Financial Stock Down 0.2 %

SYF stock opened at $48.03 on Wednesday. The stock’s 50 day moving average is $44.23 and its 200-day moving average is $41.37. Synchrony Financial has a twelve month low of $27.30 and a twelve month high of $48.59. The firm has a market capitalization of $19.29 billion, a PE ratio of 6.89, a P/E/G ratio of 1.10 and a beta of 1.63. The company has a quick ratio of 1.23, a current ratio of 1.24 and a debt-to-equity ratio of 1.15.

Synchrony Financial (NYSE:SYF) last posted its earnings results on Wednesday, April 24th. The financial services provider reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.37 by ($0.19). Synchrony Financial had a return on equity of 16.01% and a net margin of 13.49%. The firm had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $4.44 billion. During the same quarter in the previous year, the company earned $1.35 EPS. Sell-side analysts expect that Synchrony Financial will post 5.71 EPS for the current fiscal year.

Synchrony Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Monday, May 6th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $1.00 annualized dividend and a dividend yield of 2.08%. Synchrony Financial’s dividend payout ratio is currently 14.35%.

Synchrony Financial announced that its Board of Directors has initiated a stock buyback program on Wednesday, April 24th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 5.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms have commented on SYF. StockNews.com downgraded Synchrony Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, June 25th. Bank of America lifted their target price on shares of Synchrony Financial from $43.00 to $44.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $62.00 price target on shares of Synchrony Financial in a research report on Tuesday, June 11th. Baird R W upgraded shares of Synchrony Financial to a “strong-buy” rating in a report on Friday, June 28th. Finally, JPMorgan Chase & Co. increased their price objective on Synchrony Financial from $42.00 to $46.00 and gave the company a “neutral” rating in a report on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $45.10.

Insider Transactions at Synchrony Financial

In related news, insider Curtis Howse sold 31,562 shares of Synchrony Financial stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $45.00, for a total transaction of $1,420,290.00. Following the sale, the insider now directly owns 121,042 shares in the company, valued at $5,446,890. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.33% of the company’s stock.

About Synchrony Financial

Synchrony Financial, together with its subsidiaries, operates as a consumer financial services company in the United States. It provides credit products, such as credit cards, commercial credit products, and consumer installment loans. The company also offers private label credit cards, dual co-brand and general purpose credit cards, short- and long-term installment loans, and consumer banking products; and deposit products, including certificates of deposit, individual retirement accounts, money market accounts, and savings accounts, and sweep and affinity deposits, as well as accepts deposits through third-party securities brokerage firms.