Cibc World Markets Corp Reduces Holdings in Synchrony Financial (NYSE:SYF)

Cibc World Markets Corp lowered its holdings in Synchrony Financial (NYSE:SYF - Free Report) by 19.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 61,702 shares of the financial services provider's stock after selling 14,867 shares during the quarter. Cibc World Markets Corp's holdings in Synchrony Financial were worth $4,011,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Southpoint Capital Advisors LP boosted its stake in Synchrony Financial by 37.9% in the third quarter. Southpoint Capital Advisors LP now owns 4,600,000 shares of the financial services provider's stock valued at $229,448,000 after acquiring an additional 1,265,000 shares in the last quarter. Zurich Insurance Group Ltd FI boosted its position in shares of Synchrony Financial by 389.8% in the 3rd quarter. Zurich Insurance Group Ltd FI now owns 1,138,672 shares of the financial services provider's stock valued at $56,797,000 after purchasing an additional 906,172 shares during the period. Soros Fund Management LLC purchased a new position in Synchrony Financial during the 3rd quarter worth approximately $41,088,000. Nordea Investment Management AB increased its position in Synchrony Financial by 18.5% during the fourth quarter. Nordea Investment Management AB now owns 3,083,329 shares of the financial services provider's stock worth $200,756,000 after buying an additional 481,750 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec lifted its stake in Synchrony Financial by 71.1% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,130,266 shares of the financial services provider's stock valued at $56,378,000 after buying an additional 469,772 shares during the last quarter. Institutional investors and hedge funds own 96.48% of the company's stock.

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Synchrony Financial Price Performance

SYF traded up $1.81 on Monday, hitting $55.83. 2,960,168 shares of the company were exchanged, compared to its average volume of 3,659,034. Synchrony Financial has a fifty-two week low of $39.67 and a fifty-two week high of $70.93. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.24 and a current ratio of 1.24. The firm has a market capitalization of $21.70 billion, a P/E ratio of 6.54, a price-to-earnings-growth ratio of 0.71 and a beta of 1.67. The business's fifty day moving average is $62.41 and its 200 day moving average is $60.36.

Synchrony Financial (NYSE:SYF - Get Free Report) last released its quarterly earnings results on Tuesday, January 28th. The financial services provider reported $1.91 earnings per share for the quarter, topping 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%. As a group, sell-side analysts anticipate that Synchrony Financial will post 7.67 EPS for the current year.

Synchrony Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, February 18th. Stockholders 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 dividend payout ratio (DPR) is presently 11.71%.

Analyst Ratings Changes

SYF has been the topic of a number of research reports. Truist Financial lowered their target price on shares of Synchrony Financial from $77.00 to $65.00 and set a "hold" rating on the stock in a research report on Friday. Wells Fargo & Company raised shares of Synchrony Financial from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $60.00 to $85.00 in a research report on Tuesday, December 3rd. Royal Bank of Canada upped their target price on shares of Synchrony Financial from $70.00 to $73.00 and gave the company a "sector perform" rating in a report on Wednesday, January 29th. Morgan Stanley raised Synchrony Financial from an "underweight" rating to an "overweight" rating and raised their price target for the stock from $40.00 to $82.00 in a report on Thursday, December 19th. Finally, JPMorgan Chase & Co. raised Synchrony Financial from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $59.00 to $72.00 in a research note on Monday, December 9th. Six 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. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $68.10.

Synchrony Financial Company Profile

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.