Synchrony Financial Stock Price, News & Analysis

Synchrony Financial (NYSE: SYF) reported a third quarter 2020 net earnings of $313 million, or $0.52 per diluted share, despite restructuring charges of $89 million and increased provisions for credit losses under CECL totaling $66 million. Loan receivables fell 6% to $78.5 billion, and interest and fees on loans decreased 22% to $3.8 billion. Average active accounts dropped 16% to 64.3 million. The company's capital position remains strong with a Tier 1 Capital ratio of 16.7%. Key partnerships were renewed, and a new Venmo program was launched to enhance digital offerings.

Venmo has launched its first-ever Credit Card, issued by Synchrony (SYF) and backed by Visa, facilitating automatic cash back on every eligible purchase. The card allows users to earn up to 3% cash back in top spending categories and integrates seamlessly with the Venmo app for easy management. Key features include personalized rewards, real-time spending tracking, custom designs, virtual card access, and enhanced security measures like RFID technology. No annual fees apply, and cash back rewards have no expiration, enhancing user benefits.

On Sept. 29, 2020, Synchrony announced advancements in digital payment solutions amid rising consumer demand for contactless commerce due to the pandemic. Key developments include the launch of 'Direct to Device', facilitating contactless transactions and digital credit applications, with approximately 70% of credit applications completed digitally in Q2 2020. Synchrony ensures seamless experiences by providing tools for partners and consumers, enhancing engagement across various channels. The overall usage of contactless payments surged 150% since March 2019, illustrating a significant shift in consumer behavior.

Synchrony (SYF) will announce its Q3 2020 financial results on October 20, 2020, at approximately 6:30 a.m. ET. The earnings release and presentation materials will be available on the Investor Relations section of its website. A conference call to discuss the results is scheduled for 8:30 a.m. ET on the same day. Synchrony is a leading provider of consumer financial services, including private label credit cards and innovative banking products across various industries.

Synchrony (NYSE: SYF) announces participation in the Barclays Global Financial Services Conference on September 14, 2020, at 9:45 a.m. (ET). CEO Margaret M. Keane and CFO Brian J. Wenzel will discuss company trends and business drivers during this virtual event. A live webcast and replay will be accessible on the Investor Relations website. Synchrony is a leading consumer financial services company, specializing in private label credit cards and consumer financing solutions.

Synchrony (NYSE: SYF) has been ranked #8 on PEOPLE Magazine's 50 Companies That Care list for 2020, leading the financial services sector. This recognition highlights Synchrony's commitment to supporting employees, communities, and the environment during the COVID-19 pandemic. The company has implemented several initiatives, including mental health support, a virtual summer camp, and significant donations to help those affected by the crisis. Synchrony's efforts also include a commitment of $10 million to aid communities and small businesses impacted by COVID-19.

Harbor Freight Tools has launched a new credit card in partnership with Synchrony (NYSE: SYF) to enhance customer value. The card offers a 10% discount on the first purchase and 5% back on future purchases, or a 0% interest financing option for purchases over $299. Customers can apply at any of Harbor Freight's 1,085 stores or online, with credit decisions made in minutes. The new offering aims to provide payment flexibility and rewards for loyal customers, promoting sales growth in the retail sector.