Synchrony Financial Stock Price, News & Analysis

Synchrony Financial (NYSE: SYF) has announced a quarterly cash dividend of $0.25 per share of common stock, payable on August 15, 2024 to holders of record as of August 5, 2024. Additionally, the company declared dividends for its Series A and Series B Preferred Stock. The Series A Preferred Stock will pay approximately $14.06 per share (equivalent to $0.351563 per depositary share), while the Series B Preferred Stock will pay approximately $20.63 per share (equivalent to $0.515625 per depositary share). These preferred stock dividends are also payable on August 15, 2024 to holders of record as of August 5, 2024.

Coast, a New York-based company offering fleet spending management solutions, has raised $40 million in Series B financing led by ICONIQ Growth. This brings Coast's total equity financing to nearly $100 million. The round included participation from existing and new investors, as well as a strategic investment from Synchrony.

Coast's platform reimagines fleet payments using mobile technology and vehicle telematics. The company has seen revenue growth of over ten times in the last 18 months. Surveyed customers reported average savings of 9-10% on fuel bills and 16 hours of monthly administrative work.

With the new funding, Coast plans to accelerate product and partnership development, expand its financial services offerings, and grow its team, including at its new second headquarters in Utah.

Synchrony (NYSE: SYF) has announced that its CareCredit health and wellness credit card will be the preferred financing option for members of The Veterinary Cooperative (TVC). This partnership aims to support independent vet practices with flexible financing options and administrative resources. TVC, the largest veterinary purchasing co-op in the country, has over 3,700 member locations nationwide.

CareCredit, with a 35-year history in veterinary financing, will provide TVC-partnered hospitals with administrative, marketing, and education support. This collaboration is expected to help improve veterinary practices and care offerings while addressing financial barriers for pet owners. Pet parents can quickly prequalify for the CareCredit card without impacting their credit score and use it immediately upon approval.

Synchrony Financial (NYSE: SYF) has released its second quarter 2024 financial results for the period ending June 30, 2024. The company has made the earnings news release, financial tables, and related materials available on its investor relations website. A conference call to review the financial results and outlook for certain business drivers will be hosted by Brian Doubles, President and CEO, and Brian Wenzel Sr., Executive VP and CFO, at 8 a.m. ET. Investors can access the audio webcast of the conference call through the company's investor relations website, where a replay will also be available later.

Synchrony (NYSE: SYF) has announced an enhanced partnership with Atlanticus Holdings (NASDAQ: ATLC) focusing on second look financing solutions. This partnership will provide preferred second look financing for private label credit cards and installment loans under the Fortiva brand. The collaboration aims to increase sales and brand loyalty for Synchrony merchants by offering more customers access to credit. This program will streamline enrollment processes and offer favorable merchant pricing. The initiative is expected to attract a broader customer base, including underserved populations. The partnership, which began in 2019, leverages Atlanticus' analytics and technology to offer inclusive financial solutions and potentially allow customers to graduate to Synchrony credit products.

Synchrony (NYSE: SYF) will announce its second quarter 2024 financial results on July 17, 2024. The company plans to release the earnings report and presentation materials at approximately 6:00 a.m. Eastern Time on its Investor Relations website, www.investors.synchrony.com. Subsequently, a conference call to discuss the results will be held at 8:00 a.m. Eastern Time, accessible via a live audio webcast and replay on the same website under Events and Presentations.

Synchrony (NYSE: SYF), a leading consumer financial services company, has been ranked second among India's Best Companies to Work For in 2024. This marks the seventh consecutive year of recognition, highlighting Synchrony's commitment to a positive and inclusive workplace culture. The company offers comprehensive benefits including 100% work-from-home flexibility, financial and logistical support for remote work, extensive medical insurance, and inclusive parental leave policies. Synchrony also emphasizes diversity, with over 51% women in its workforce. Senior executives expressed their gratitude and commitment to maintaining a supportive environment. Notable past recognitions include being named a Top Employer by the India Workplace Equality Index in 2023 and multiple accolades from Ambition Box Employee Choice Awards in 2024.

On June 4, 2024, Synchrony (NYSE: SYF) announced a partnership with Installation Made Easy (IME) to simplify financing for kitchen, bath, and flooring installations. Homeowners can now purchase materials from Floor & Decor and schedule installations via IME, streamlining the home improvement process. Floor & Decor cardholders can finance both materials and services using their Synchrony-issued credit card, allowing them to pay over time. This collaboration aims to make renovations more accessible and hassle-free, with potential plans to expand to more retailers.

Synchrony Financial (NYSE: SYF) will participate in two significant investor conferences in June 2024. Chief Financial Officer Brian J. Wenzel will represent the company in fireside discussions. The first event is the TD Cowen Financial Services & Fintech Summit on June 5, 2024, at 12:10 p.m. ET. The second is the Morgan Stanley US Financials, Payments & CRE Conference on June 10, 2024, at 8:00 a.m. ET. Both events will offer live webcasts and replays available on Synchrony's Investor Relations website.