Synchrony Financial Stock Price, News & Analysis

Sam's Club (WMT), Synchrony (SYF), and Mastercard (MA) have launched a new rewards program for Sam's Club Plus members that provides up to 5% back on eligible purchases. Members earn 3% back using their Sam's Club Mastercard in-store or online, plus an additional 2% from their Plus membership. Other benefits include 5% cash back on fuel, 3% on dining, and contact-free payment options. The program, effective January 27, 2021, aims to enhance value for members during evolving shopping habits, with rewards accessible digitally each February.

Synchrony Financial (NYSE: SYF) announced a share repurchase program of up to $1.6 billion starting this quarter until December 31, 2021. The buyback is subject to market conditions and regulatory approvals. Additionally, the Board declared a $0.22 quarterly cash dividend per share, payable on February 16, 2021, to shareholders on record by February 5, 2021. The company continues to focus on delivering specialized financing programs and enhancing customer experience across various industries.

Synchrony (NYSE: SYF) has announced a definitive agreement to acquire Allegro Credit, a prominent provider of point-of-sale consumer financing specifically for audiology products, dental services, and musical instruments. This acquisition is part of Synchrony's strategy to enhance its CareCredit platform and expand its market presence in the health and wellness sector. The deal expects to close in the first quarter of 2021, although financial terms were not disclosed. Synchrony anticipates that this acquisition will not materially impact its financial results.

Synchrony (NYSE: SYF) has renewed its strategic partnership with Mattress Firm, the largest specialty mattress retailer in the U.S., under a multi-year agreement. This renewal allows Mattress Firm to continue providing Synchrony's financing solutions across 2,400 stores nationwide. The partnership leverages digital tools to enhance the customer journey, supporting over 3.5 million customers last fiscal year. Both companies aim to improve shopping experiences and expand purchasing power through enhanced financing options, addressing the evolving retail landscape shaped by the pandemic.

Walgreens is enhancing its financial services by partnering with Synchrony and Mastercard to launch credit and prepaid debit cards. These offerings will integrate with the myWalgreens loyalty program, providing customers with cash rewards and additional benefits at over 9,000 Walgreens locations and beyond. The cards aim to boost customer engagement and create new revenue streams, with features like contactless payments and health-focused rewards. The new financial products are expected to be available in the second half of this year, reflecting Walgreens' commitment to improving health and wellness payment solutions.

Synchrony (NYSE: SYF) announced a leadership transition effective April 1, 2021. CEO Margaret Keane will become Executive Chair of the Board, while Brian Doubles, previously President, will take over as CEO. Keane expressed pride in Synchrony's resilience and noted Doubles' integral role in the company's strategy. Doubles highlighted the company's foundation built on digital innovation and diversification. The current Chairman, Richard Hartnack, will retire after six years, and Jeffrey Naylor will become Lead Independent Director. The transition indicates a commitment to leadership continuity and future growth.

Synchrony (NYSE: SYF) will announce its fourth quarter 2020 results on January 29, 2021. The earnings release will be available at approximately 6:30 a.m. ET on the company's Investor Relations website. A conference call to discuss the results is scheduled for 8:30 a.m. ET on the same day, and will also be accessible through the website. Synchrony is a major player in consumer financial services, offering a range of financing programs, private label credit cards, and consumer banking products across various industries.

RevSpring and CareCredit announced the integration of CareCredit's application and payment option within RevSpring's PersonaPay™ portal. This partnership enables qualified patients to access credit for healthcare expenses at over 240,000 providers. CareCredit offers promotional financing on purchases over $200, facilitating quicker payment decisions for patients. The collaboration aims to reduce financial strain on consumers while aiding healthcare providers by streamlining payment processes, potentially enhancing patient engagement and satisfaction.

Synchrony (NYSE: SYF) has appointed Curtis Howse as the new Executive Vice President and CEO of Payment Solutions, effective January 1, 2021, succeeding Neeraj Mehta, who will leave the company in March 2021. Howse brings over 25 years of experience in consumer finance, previously leading Synchrony Direct to Consumer and driving substantial growth with over $63 billion in online banking deposits. This transition aims to strengthen Synchrony's ability to innovate and expand its digital payment solutions for small and medium-sized businesses.