Exchange Traded Concepts LLC Buys 8,242 Shares of Synchrony Financial (NYSE:SYF)

Exchange Traded Concepts LLC increased its stake in Synchrony Financial (NYSE:SYF) by 68.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,247 shares of the financial services provider’s stock after acquiring an additional 8,242 shares during the period. Exchange Traded Concepts LLC’s holdings in Synchrony Financial were worth $1,072,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of SYF. Covestor Ltd increased its holdings in Synchrony Financial by 6.0% during the 4th quarter. Covestor Ltd now owns 3,085 shares of the financial services provider’s stock valued at $200,000 after purchasing an additional 174 shares during the period. Smithfield Trust Co grew its holdings in shares of Synchrony Financial by 19.7% during the 4th quarter. Smithfield Trust Co now owns 1,099 shares of the financial services provider’s stock worth $69,000 after acquiring an additional 181 shares during the period. Gotham Asset Management LLC grew its holdings in shares of Synchrony Financial by 2.0% during the 4th quarter. Gotham Asset Management LLC now owns 11,505 shares of the financial services provider’s stock worth $748,000 after acquiring an additional 226 shares during the period. Invst LLC grew its holdings in shares of Synchrony Financial by 1.2% during the 4th quarter. Invst LLC now owns 20,560 shares of the financial services provider’s stock worth $1,336,000 after acquiring an additional 239 shares during the period. Finally, Great Lakes Advisors LLC grew its stake in shares of Synchrony Financial by 0.6% in the 4th quarter. Great Lakes Advisors LLC now owns 40,139 shares of the financial services provider’s stock worth $2,609,000 after buying an additional 240 shares during the last quarter. Institutional investors own 96.48% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SYF. Cfra Research raised Synchrony Financial to a “hold” rating in a research report on Tuesday, April 22nd. JPMorgan Chase & Co. decreased their target price on Synchrony Financial from $76.00 to $50.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Morgan Stanley reiterated an “equal weight” rating and issued a $44.00 price target (down previously from $82.00) on shares of Synchrony Financial in a research note on Monday, April 7th. The Goldman Sachs Group cut their price objective on Synchrony Financial from $82.00 to $70.00 and set a “buy” rating for the company in a research report on Tuesday, March 18th. Finally, Wells Fargo & Company dropped their price target on Synchrony Financial from $70.00 to $65.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Eight research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $64.78.

Insider Activity

In related news, insider Jonathan S. Mothner sold 40,639 shares of the firm’s stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $60.07, for a total value of $2,441,184.73. Following the transaction, the insider now directly owns 146,628 shares of the company’s stock, valued at approximately $8,807,943.96. This trade represents a 21.70% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.32% of the company’s stock.

Synchrony Financial Stock Performance

Shares of NYSE:SYF opened at $61.39 on Thursday. The company has a market capitalization of $23.37 billion, a price-to-earnings ratio of 8.42, a price-to-earnings-growth ratio of 0.63 and a beta of 1.44. Synchrony Financial has a 52 week low of $40.55 and a 52 week high of $70.93. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 1.11. The firm has a 50 day moving average of $55.59 and a 200 day moving average of $59.67.

Synchrony Financial (NYSE:SYF) last issued its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.26. The business had revenue of $3.72 billion for the quarter, compared to the consensus estimate of $3.80 billion. Synchrony Financial had a return on equity of 19.68% and a net margin of 13.00%. On average, sell-side analysts predict that Synchrony Financial will post 7.67 earnings per share for the current fiscal year.

Synchrony Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 5th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.95%. This is a positive change from Synchrony Financial’s previous quarterly dividend of $0.25. The ex-dividend date was Monday, May 5th. Synchrony Financial’s dividend payout ratio is presently 16.46%.

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.