Intact Investment Management Inc. Takes Position in Synchrony Financial $SYF

Intact Investment Management Inc. acquired a new position in Synchrony Financial (NYSE:SYF) in the 3rd quarter, Holdings Channel reports. The firm acquired 16,400 shares of the financial services provider’s stock, valued at approximately $1,165,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna purchased a new position in shares of Synchrony Financial during the 2nd quarter worth $26,000. Salomon & Ludwin LLC raised its holdings in Synchrony Financial by 54.9% in the 3rd quarter. Salomon & Ludwin LLC now owns 412 shares of the financial services provider’s stock valued at $29,000 after buying an additional 146 shares during the period. True Wealth Design LLC lifted its position in Synchrony Financial by 5,787.5% in the second quarter. True Wealth Design LLC now owns 471 shares of the financial services provider’s stock valued at $31,000 after buying an additional 463 shares during the last quarter. Geneos Wealth Management Inc. boosted its stake in Synchrony Financial by 337.0% during the first quarter. Geneos Wealth Management Inc. now owns 590 shares of the financial services provider’s stock worth $31,000 after buying an additional 455 shares during the period. Finally, Ashton Thomas Securities LLC acquired a new stake in shares of Synchrony Financial during the third quarter valued at about $35,000. Institutional investors and hedge funds own 96.48% of the company’s stock.

Synchrony Financial Trading Up 1.0%

NYSE:SYF opened at $77.40 on Tuesday. Synchrony Financial has a 12-month low of $40.54 and a 12-month high of $88.77. The firm has a market cap of $27.88 billion, a PE ratio of 8.45, a price-to-earnings-growth ratio of 0.53 and a beta of 1.43. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.91. The stock has a fifty day moving average price of $80.93 and a 200 day moving average price of $75.64.

Synchrony Financial declared that its Board of Directors has approved a share repurchase program on Wednesday, October 15th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 3.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several equities analysts have recently commented on SYF shares. Truist Financial upped their price objective on shares of Synchrony Financial from $78.00 to $92.00 and gave the stock a “hold” rating in a report on Monday, December 22nd. Wall Street Zen upgraded Synchrony Financial from a “hold” rating to a “buy” rating in a research note on Saturday, January 17th. Morgan Stanley raised their price target on Synchrony Financial from $72.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Monday, September 29th. BTIG Research reiterated a “buy” rating and issued a $100.00 price objective on shares of Synchrony Financial in a report on Thursday, October 16th. Finally, Evercore ISI increased their target price on Synchrony Financial from $83.00 to $84.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 30th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $86.47.

Insider Buying and Selling

In other news, insider Darrell Owens sold 2,989 shares of the business’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $74.02, for a total transaction of $221,245.78. Following the completion of the transaction, the insider directly owned 16,096 shares of the company’s stock, valued at approximately $1,191,425.92. The trade was a 15.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Arthur W. Coviello, Jr. sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $73.93, for a total transaction of $591,440.00. Following the sale, the director owned 35,769 shares in the company, valued at $2,644,402.17. The trade was a 18.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 55,075 shares of company stock worth $4,036,892. 0.33% of the stock is owned by corporate insiders.

About Synchrony Financial

Synchrony Financial (NYSE: SYF) is a consumer financial services company that specializes in providing point-of-sale financing and private-label, co-branded and branded credit card programs. The company serves as a payments and lending partner to retailers, digital merchants and service providers, offering consumer financing solutions designed to drive customer engagement and sales. Synchrony also operates a direct bank that offers deposit products, including savings accounts and certificates of deposit, which support its funding and customer-facing product suite.

Its core product set includes private-label and co-branded credit cards, general-purpose credit cards, installment loan programs and promotional financing options that are integrated into merchants’ checkout experiences.