Short Interest in Synchrony Financial (SYF) Decreases By 24.1%
Synchrony Financial (NYSE:SYF) was the target of a large decrease in short interest in June. As of June 30th, there was short interest totalling 14,746,746 shares, a decrease of 24.1% from the June 15th total of 19,420,482 shares. Based on an average daily trading volume, of 7,239,653 shares, the short-interest ratio is presently 2.0 days. Approximately 1.8% of the shares of the stock are sold short.
A number of research analysts recently commented on SYF shares. Goldman Sachs Group, Inc. (The) downgraded shares of Synchrony Financial from a “conviction-buy” rating to a “neutral” rating and lowered their price target for the company from $44.00 to $33.00 in a report on Friday, April 28th. Guggenheim downgraded shares of Synchrony Financial from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $38.00 to $32.00 in a research note on Wednesday, May 3rd. Barclays PLC raised their price objective on shares of Synchrony Financial from $36.00 to $47.00 and gave the stock an “overweight” rating in a research note on Monday, May 1st. Oppenheimer Holdings, Inc. initiated coverage on shares of Synchrony Financial in a research note on Tuesday, April 11th. They issued a “market perform” rating for the company. Finally, Stephens downgraded shares of Synchrony Financial from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $44.00 to $29.00 in a research note on Monday, May 1st. Eight analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $37.58.
Shares of Synchrony Financial (SYF) opened at 29.33 on Wednesday. Synchrony Financial has a 1-year low of $26.01 and a 1-year high of $38.06. The stock’s 50 day moving average is $29.04 and its 200 day moving average is $32.47. The firm has a market capitalization of $23.79 billion, a P/E ratio of 11.19 and a beta of 1.01.
Synchrony Financial (NYSE:SYF) last posted its earnings results on Friday, April 28th. The financial services provider reported $0.61 EPS for the quarter, missing the Zacks’ consensus estimate of $0.74 by $0.13. The company had revenue of $3.59 billion during the quarter, compared to analysts’ expectations of $3.54 billion. Synchrony Financial had a net margin of 14.21% and a return on equity of 15.42%. During the same period last year, the business earned $0.70 earnings per share. Equities analysts predict that Synchrony Financial will post $2.58 earnings per share for the current year.
Synchrony Financial declared that its board has approved a share buyback plan on Thursday, May 18th that authorizes the company to repurchase $1.64 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase 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 stock is undervalued.
In other Synchrony Financial news, Director Will W. Graylin purchased 18,000 shares of the business’s stock in a transaction on Monday, May 1st. The stock was acquired at an average price of $27.80 per share, for a total transaction of $500,400.00. Following the purchase, the director now owns 55,389 shares of the company’s stock, valued at approximately $1,539,814.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.03% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of 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 worth $1,605,000 after buying an additional 11,349 shares during the period. Wealthfront Inc. bought a new position in Synchrony Financial during the fourth quarter worth approximately $432,000. Hudson Bay Capital Management LP acquired a new position in shares of Synchrony Financial during the fourth quarter valued at about $2,354,000. Kentucky Retirement Systems acquired a new position in shares of Synchrony Financial during the fourth quarter valued at about $2,064,000. Finally, Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Synchrony Financial during the fourth quarter valued at about $921,000. 88.04% of the stock is currently owned by hedge funds and other institutional investors.
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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