Ionic Capital Management buys $13,510,608 stake in Synchrony Financial (SYF)

Synchrony Financial (SYF) : Ionic Capital Management scooped up 154,300 additional shares in Synchrony Financial during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 15, 2016. The investment management firm now holds a total of 488,100 shares of Synchrony Financial which is valued at $13,510,608.Synchrony Financial makes up approximately 2.32% of Ionic Capital Management’s portfolio.

Other Hedge Funds, Including , Manufacturers Life Insurance Company The reduced its stake in SYF by selling 12,203 shares or 1.07% in the most recent quarter. The Hedge Fund company now holds 1,126,173 shares of SYF which is valued at $31,172,469. Synchrony Financial makes up approx 0.05% of Manufacturers Life Insurance Company The’s portfolio.Argent Trust Co boosted its stake in SYF in the latest quarter, The investment management firm added 1,725 additional shares and now holds a total of 13,117 shares of Synchrony Financial which is valued at $363,079. Synchrony Financial makes up approx 0.11% of Argent Trust Co’s portfolio. Convergence Investment Partners sold out all of its stake in SYF during the most recent quarter. The investment firm sold 28,177 shares of SYF which is valued $779,939.Calvert Investment Management reduced its stake in SYF by selling 4,832 shares or 7.4% in the most recent quarter. The Hedge Fund company now holds 60,437 shares of SYF which is valued at $1,705,532. Synchrony Financial makes up approx 0.09% of Calvert Investment Management’s portfolio.

Synchrony Financial closed down -0.07 points or -0.25% at $27.76 with 50,99,241 shares getting traded on Thursday. Post opening the session at $27.83, the shares hit an intraday low of $27.395 and an intraday high of $28.01 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, Synchrony Financial reported $0.58 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Jul 22, 2016. Analyst had a consensus of $0.54.Analysts expectations of $ 2622.20.During the same quarter in the previous year, the company posted $0.65 EPS.

Many Wall Street Analysts have commented on Synchrony Financial. Shares were Reiterated by Jefferies on Jun 15, 2016 to “Buy” and Lowered the Price Target to $ 35 from a previous price target of $42 .

Synchrony Financial (Synchrony) is a consumer financial services company. The Company provides a range of credit products through programs it has established with a group of 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. The Company offers two types of credit cards: private label credit cards and Dual Cards. It offers its credit products through its wholly owned subsidiary Synchrony Bank (the Bank). Through the Bank it offers a range of deposit products insured by the Federal Deposit Insurance Corporation (FDIC) including certificates of deposit individual retirement accounts (IRAs) money market accounts and savings accounts under its Optimizer+Plus brand.

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