Synchrony Financial Stock Price, News & Analysis

On June 7, 2021, Synchrony (NYSE: SYF) announced that Brian J. Wenzel, Executive Vice President and CFO, will participate in a fireside chat at the Morgan Stanley US Financials, Payments & CRE Conference on June 15, 2021, at 8:45 a.m. ET. A live webcast will be available on the Synchrony Investor Relations website. Synchrony is a leading consumer financial services company, known for its specialized financing programs and private label credit cards in the U.S.

Synchrony (NYSE: SYF) announced organizational changes on June 1, 2021, to better align resources with partners and consumer needs. The adjustments aim to enhance growth and speed up strategy execution. Key initiatives include forming five partner platforms for focused service delivery, establishing a Growth Organization to streamline product offerings, and combining Technology and Operations teams to fuel digital innovation. This strategic shift is designed to improve customer experiences and drive operational excellence. An Investor Day is scheduled for September 9, 2021, to discuss strategies in detail.

Synchrony Financial (NYSE: SYF) has announced a $2.9 billion share repurchase program starting from April 1, 2021 until June 30, 2022. This repurchase plan replaces the previous program announced on January 29, 2021. Additionally, the company will maintain its quarterly cash dividend of $0.22 per share. Synchrony plans to execute these repurchases based on market conditions and compliance with legal and regulatory requirements, potentially enhancing shareholder value during the period.

Synchrony (NYSE: SYF) announced that its President and CEO, Brian D. Doubles, along with Executive VP and CFO, Brian J. Wenzel, will engage in a fireside chat at the Bernstein Strategic Decisions Conference on June 3, 2021, at 9:00 a.m. ET. The event will be webcast live and will also feature a replay on the Synchrony Investor Relations website. Synchrony is a leading consumer financial services company, specializing in financing programs and banking products across various sectors.

Synchrony, a leader in consumer financial services, announced a commitment of $15 million to venture capital funds that focus on Black, Latinx, and female investing partners. This initiative aims to address the funding gap faced by underrepresented founders in sectors like fintech and healthcare. Selected funds include Chingona Ventures, Seae Ventures, and Zeal Capital Partners. The move aligns with Synchrony's strategy to promote diversity and support minority entrepreneurs while fostering innovation within its investment portfolio.

Synchrony announces the integration of CareCredit with Planet DDS Denticon practice management software, enhancing financing solutions for dental practices. This integration aims to improve efficiency by allowing practice teams to identify pre-approved patients and process transactions seamlessly. CareCredit's Quickscreen® feature simplifies patient financing applications, providing instant credit decisions. The initiative reflects Synchrony's commitment to supporting the dental community, facilitating better financial access for patients seeking care.

Synchrony Financial (SYF) reported Q1 2021 earnings, netting $1.0 billion or $1.73 per diluted share. Loan receivables fell 7% to $76.9 billion, with interest and fees down 14% to $3.7 billion, while purchase volume rose 8% to $34.7 billion. The provision for credit losses dropped 80% to $334 million, indicating improved credit quality. Though average active accounts decreased by 8% to 66.3 million, the company renewed 10 programs and added 10 new ones. Despite challenges from the pandemic, Synchrony aims for recovery driven by enhanced digital capabilities and operational efficiency.

Synchrony Financial (NYSE: SYF) announced a quarterly cash dividend of $0.22 per share of common stock, payable on May 13, 2021, to shareholders on record as of May 3, 2021. The company also declared a dividend of approximately $14.06 per share for its 5.625% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, payable on May 17, 2021, to record holders by the same date. Synchrony is recognized as a leading consumer financial services provider, specializing in various financial products and services across key industries.

Synchrony announced its participation in OneTen, a coalition aimed at training, hiring, and promoting one million Black individuals into sustainable jobs over the next decade. This initiative focuses on enhancing racial and economic justice by addressing exclusionary hiring practices and creating equitable career pathways. Synchrony emphasizes its commitment to diversity and inclusion, incorporating these values into its corporate strategy with a task force aimed at workforce development, financial growth, and social reform.