Synchrony Financial Stock Price, News & Analysis

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.

Synchrony (NYSE: SYF) celebrated the fourth anniversary of its Synchrony Car Care program, reporting significant achievements in merchant locations and customer growth. The program now boasts over 1 million merchant locations and nearly 5 million cardholders. A new feature allows cardholders to pay for vehicle insurance premiums over time. The card also extends promotional financing on purchases over $199, enhancing its utility for various automotive-related expenses. Synchrony continues to expand its partnerships, notably with Discover, to increase acceptance and support for auto-related purchases.

CareCredit, a Synchrony solution (NYSE:SYF), has launched its Patient Financing app in the Epic App Orchard. This app enables healthcare providers using Epic's MyChart to offer flexible payment options for patients. With over 12 million cardholders, CareCredit provides financing for various medical expenses, including copays and non-elective bills. The app, compliant with HIPAA and PCI standards, aims to improve healthcare revenue cycles while enhancing patient experience.