Synchrony Financial (SYF) Downgraded by Morgan Stanley
Synchrony Financial (NYSE:SYF) was downgraded by research analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a report issued on Friday, MarketBeat Ratings reports. They currently have a $32.00 target price on the financial services provider’s stock. Morgan Stanley’s price objective points to a potential upside of 12.08% from the company’s current price.
SYF has been the topic of several other research reports. TheStreet upgraded shares of Synchrony Financial from a “c” rating to a “b” rating in a research report on Monday, July 31st. BTIG Research reiterated a “buy” rating and set a $36.00 price target on shares of Synchrony Financial in a research report on Wednesday, May 24th. ValuEngine upgraded shares of Synchrony Financial from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Zacks Investment Research upgraded shares of Synchrony Financial from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 28th. Finally, BMO Capital Markets reiterated a “buy” rating and set a $40.00 price target on shares of Synchrony Financial in a research report on Friday, August 25th. Ten research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. Synchrony Financial currently has an average rating of “Buy” and an average target price of $37.55.
Synchrony Financial (SYF) traded down 1.75% during trading on Friday, hitting $28.55. 8,560,010 shares of the stock were exchanged. The stock has a 50 day moving average of $30.20 and a 200-day moving average of $30.93. The stock has a market cap of $22.71 billion, a P/E ratio of 10.72 and a beta of 1.01. Synchrony Financial has a 52 week low of $26.01 and a 52 week high of $38.06.
Synchrony Financial (NYSE:SYF) last announced its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.03. Synchrony Financial had a net margin of 13.84% and a return on equity of 15.30%. The company had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the previous year, the company earned $0.58 earnings per share. Equities analysts expect that Synchrony Financial will post $2.60 EPS for the current fiscal year.
Synchrony Financial declared that its Board of Directors has initiated a stock repurchase program on Thursday, May 18th that permits the company to repurchase $1.64 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
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In other news, Director Paget Leonard Alves bought 2,000 shares of the company’s stock in a transaction dated Monday, July 24th. The shares were purchased at an average price of $30.85 per share, for a total transaction of $61,700.00. Following the completion of the purchase, the director now owns 8,521 shares in the company, valued at approximately $262,872.85. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.03% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Lord Abbett & CO. LLC lifted its stake in shares of Synchrony Financial by 26.6% in the second quarter. Lord Abbett & CO. LLC now owns 491,800 shares of the financial services provider’s stock worth $14,665,000 after buying an additional 103,300 shares in the last quarter. USA Financial Portformulas Corp bought a new position in shares of Synchrony Financial in the second quarter worth approximately $433,000. Advisory Services Network LLC lifted its stake in shares of Synchrony Financial by 18.7% in the second quarter. Advisory Services Network LLC now owns 12,571 shares of the financial services provider’s stock worth $375,000 after buying an additional 1,977 shares in the last quarter. Afam Capital Inc. lifted its stake in shares of Synchrony Financial by 9.7% in the second quarter. Afam Capital Inc. now owns 49,313 shares of the financial services provider’s stock worth $1,471,000 after buying an additional 4,378 shares in the last quarter. Finally, BW Gestao de Investimentos Ltda. bought a new position in shares of Synchrony Financial in the second quarter worth approximately $256,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.
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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