Zacks: Analysts Anticipate Synchrony Financial (NYSE:SYF) Will Post Quarterly Sales of $3.80 Billion
Equities analysts predict that Synchrony Financial (NYSE:SYF) will post $3.80 billion in sales for the current quarter, Zacks reports. Four analysts have made estimates for Synchrony Financial’s earnings, with the lowest sales estimate coming in at $3.77 billion and the highest estimate coming in at $3.82 billion. Synchrony Financial reported sales of $3.48 billion in the same quarter last year, which would suggest a positive year over year growth rate of 9.2%. The company is scheduled to issue its next quarterly earnings results on Friday, July 21st.
According to Zacks, analysts expect that Synchrony Financial will report full-year sales of $3.80 billion for the current financial year, with estimates ranging from $14.86 billion to $15.10 billion. For the next financial year, analysts forecast that the firm will post sales of $16.12 billion per share, with estimates ranging from $15.67 billion to $16.56 billion. Zacks’ sales calculations are an average based on a survey of analysts that that provide coverage for Synchrony Financial.
Synchrony Financial (NYSE:SYF) last announced its earnings results on Friday, July 21st. The financial services provider reported $0.61 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.04. The company had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.59 billion. Synchrony Financial had a return on equity of 15.42% and a net margin of 14.21%. During the same quarter last year, the company earned $0.58 earnings per share.
SYF has been the topic of several research analyst reports. Goldman Sachs Group, Inc. (The) downgraded Synchrony Financial from a “conviction-buy” rating to a “neutral” rating and dropped their price objective for the company from $44.00 to $33.00 in a research note on Friday, April 28th. Guggenheim downgraded Synchrony Financial from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $38.00 to $32.00 in a research note on Wednesday, May 3rd. Barclays PLC upped their price objective on Synchrony Financial from $36.00 to $47.00 and gave the company an “overweight” rating in a research note on Monday, May 1st. Oppenheimer Holdings, Inc. assumed coverage on Synchrony Financial in a research report on Tuesday, April 11th. They set a “market perform” rating on the stock. Finally, Stephens downgraded Synchrony Financial from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $44.00 to $29.00 in a research report on Monday, May 1st. Eight investment 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 stock. The stock has an average rating of “Buy” and a consensus target price of $37.58.
In other Synchrony Financial news, Director Will W. Graylin bought 18,000 shares of the firm’s stock in a transaction on Monday, May 1st. The stock was acquired at an average price of $27.80 per share, with a total value of $500,400.00. Following the completion of the purchase, the director now owns 55,389 shares of the company’s stock, valued at $1,539,814.20. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. 0.03% of the stock is currently owned by company insiders.
Several large investors have recently made changes to their positions in SYF. First Quadrant L P CA increased its stake in shares of Synchrony Financial by 55.4% in the second quarter. First Quadrant L P CA now owns 3,726 shares of the financial services provider’s stock valued at $111,000 after buying an additional 1,328 shares during the period. Benjamin F. Edwards & Company Inc. increased its stake in shares of Synchrony Financial by 41.7% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 3,280 shares of the financial services provider’s stock valued at $113,000 after buying an additional 965 shares during the period. State of Alaska Department of Revenue purchased a new stake in shares of Synchrony Financial during the first quarter valued at $152,000. Coconut Grove Bank increased its stake in shares of Synchrony Financial by 93.9% in the first quarter. Coconut Grove Bank now owns 4,480 shares of the financial services provider’s stock valued at $154,000 after buying an additional 2,170 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of Synchrony Financial by 28.2% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 4,901 shares of the financial services provider’s stock valued at $168,000 after buying an additional 1,077 shares during the period. 88.04% of the stock is owned by institutional investors.
Shares of Synchrony Financial (NYSE:SYF) traded up 4.54% during trading on Friday, hitting $30.87. The stock had a trading volume of 11,172,344 shares. Synchrony Financial has a 52 week low of $26.01 and a 52 week high of $38.06. The company’s 50 day moving average price is $29.18 and its 200 day moving average price is $32.43. The company has a market capitalization of $25.04 billion, a price-to-earnings ratio of 11.78 and a beta of 1.02.
Synchrony Financial declared that its Board of Directors has authorized a share buyback plan on Thursday, May 18th that allows the company to buyback $1.64 billion in shares. This buyback authorization allows the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Synchrony Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synchrony Financial and related companies with MarketBeat.com's FREE daily email newsletter.