State of Michigan Retirement System Cuts Stock Position in Synchrony Financial (NYSE:SYF)

State of Michigan Retirement System lessened its stake in Synchrony Financial (NYSE:SYF) by 2.3% in the 4th quarter, Holdings Channel.com reports. The fund owned 113,040 shares of the financial services provider’s stock after selling 2,700 shares during the quarter. State of Michigan Retirement System’s holdings in Synchrony Financial were worth $7,348,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Apollon Wealth Management LLC raised its holdings in shares of Synchrony Financial by 2.3% during the fourth quarter. Apollon Wealth Management LLC now owns 7,094 shares of the financial services provider’s stock valued at $461,000 after acquiring an additional 160 shares during the last quarter. Gladstone Institutional Advisory LLC lifted its stake in shares of Synchrony Financial by 1.9% in the fourth quarter. Gladstone Institutional Advisory LLC now owns 9,290 shares of the financial services provider’s stock worth $604,000 after buying an additional 176 shares in the last quarter. Graypoint LLC grew its stake in Synchrony Financial by 4.0% during the 3rd quarter. Graypoint LLC now owns 4,668 shares of the financial services provider’s stock valued at $233,000 after acquiring an additional 181 shares in the last quarter. Wedmont Private Capital raised its holdings in Synchrony Financial by 2.6% in the 4th quarter. Wedmont Private Capital now owns 7,700 shares of the financial services provider’s stock valued at $491,000 after acquiring an additional 192 shares during the last quarter. Finally, Empirical Finance LLC boosted its holdings in shares of Synchrony Financial by 1.3% during the 3rd quarter. Empirical Finance LLC now owns 15,499 shares of the financial services provider’s stock worth $773,000 after purchasing an additional 204 shares during the last quarter. 96.48% of the stock is currently owned by institutional investors and hedge funds.

Synchrony Financial Stock Down 0.5 %

Shares of NYSE SYF opened at $55.81 on Thursday. The firm’s 50-day moving average is $65.39 and its two-hundred day moving average is $59.88. The company has a market capitalization of $21.70 billion, a PE ratio of 6.54, a price-to-earnings-growth ratio of 0.71 and a beta of 1.63. Synchrony Financial has a 12-month low of $39.67 and a 12-month high of $70.93. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.24 and a quick ratio of 1.24.

Synchrony Financial (NYSE:SYF) last announced its earnings results on Tuesday, January 28th. The financial services provider reported $1.91 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.02. Synchrony Financial had a return on equity of 18.30% and a net margin of 15.36%. Equities analysts anticipate that Synchrony Financial will post 7.67 EPS for the current fiscal year.

Synchrony Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 18th. Investors of record on Monday, February 3rd were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.79%. The ex-dividend date of this dividend was Monday, February 3rd. Synchrony Financial’s payout ratio is 11.71%.

Analysts Set New Price Targets

Several analysts have issued reports on SYF shares. JPMorgan Chase & Co. upgraded Synchrony Financial from a “neutral” rating to an “overweight” rating and upped their target price for the company from $59.00 to $72.00 in a report on Monday, December 9th. Royal Bank of Canada increased their price objective on Synchrony Financial from $70.00 to $73.00 and gave the stock a “sector perform” rating in a research report on Wednesday, January 29th. The Goldman Sachs Group increased their price target on Synchrony Financial from $72.50 to $82.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Keefe, Bruyette & Woods upped their target price on shares of Synchrony Financial from $62.00 to $82.00 and gave the company an “outperform” rating in a research report on Monday, December 9th. Finally, Truist Financial boosted their price target on shares of Synchrony Financial from $72.00 to $77.00 and gave the company a “hold” rating in a research note on Thursday, January 30th. Seven equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Synchrony Financial currently has an average rating of “Moderate Buy” and an average price target of $69.30.

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.