Welcome to our dedicated page for SYNCHRONY FINANCIAL news (Ticker: SYF), a resource for investors and traders seeking the latest updates and insights on SYNCHRONY FINANCIAL stock.
Synchrony Financial (NYSE: SYF) is a leading consumer financial services company in the United States, known for providing private-label credit cards. Established in 1932, Synchrony has grown to be the largest provider of private-label credit cards based on purchase volume and receivables. The company offers a wide range of credit products through partnerships with national and regional retailers, local merchants, manufacturers, buying groups, industry associations, and healthcare service providers. These products include private-label credit cards, promotional financing, installment lending, loyalty programs, and FDIC-insured savings products under the brand Optimizer+Plus.
Synchrony operates through three main segments: Retail Card, which includes private-label and co-branded general-purpose credit cards; Payment Solutions, which offers promotional financing for large-ticket purchases; and CareCredit, focused on financing for elective healthcare procedures.
With over 300,000 partner locations across the US and Canada, including physical stores, websites, and mobile applications, Synchrony provides financial flexibility to a broad customer base. The company's digital capabilities enhance customer experience and drive growth for its partners.
Recent achievements highlight Synchrony's strategic partnerships and innovation. In March 2024, Synchrony completed the sale of Pets Best Insurance Services to Independence Pet Holdings (IPH), retaining an equity stake and strengthening its position in the pet insurance market. Additionally, Synchrony partnered with Skipify to enhance the checkout experience for its cardholders and introduce digital wallets to streamline online shopping.
In April 2024, Synchrony announced a new installment financing partnership with BRP US Inc., expanding its consumer base in the powersports market. Furthermore, Synchrony renewed its agreement with Affordable Care, LLC, continuing to offer CareCredit at over 450 dental practices, thereby broadening access to dental care financing.
Synchrony's financial health remains robust, as evidenced by its Q1 2024 results and ongoing share repurchase programs, which underscore the company's commitment to delivering value to shareholders. The company's dynamic financial ecosystem, innovative digital solutions, and diverse set of financing options continue to position it as a leader in the consumer financial services sector.
Synchrony (NYSE: SYF) announced the resignation of Will Graylin from its Board of Directors, effective immediately. Graylin, a board member since 2015, is leaving to focus on his roles at OV Loop and Indigo Tech. His departure is amicable with no reported disagreements with the company. Executive Chair Margaret Keane expressed gratitude for Graylin's contributions, particularly in mobile and digital payments technologies. Synchrony continues to provide a complete suite of consumer financial services across various industries, emphasizing its commitment to innovation and customer experience.
Synchrony (NYSE: SYF) and Sleep Number (Nasdaq: SNBR) have renewed their longstanding financing partnership, enhancing their nearly 20-year collaboration. This multi-year agreement involves joint investments aimed at improving customer experiences and making Sleep Number's sleep solutions more accessible. Key initiatives include advancing consumer payment options, deepening personalization, and increasing credit access. Sleep Number aims to launch the Climate360™ smart bed in October, designed to enhance sleep through temperature adjustments. The partnership leverages both companies' consumer insights and digital capabilities.
Synchrony (NYSE: SYF) has partnered with American Trailer World (ATW) to introduce a new financing program aimed at simplifying consumer purchases of trailers and truck equipment. This multi-year partnership will make flexible financing options available at nearly 1,000 dealer locations across the U.S. Key features include access to competitive interest rates, loan terms of up to 84 months, and an easy online application process. This initiative comes amid significant growth in the trailer industry, reflecting an increased demand for transportation solutions.
Synchrony Financial (NYSE: SYF) announced a quarterly cash dividend of $0.23 per share of common stock, payable on August 11, 2022, for shareholders on record by August 1, 2022. Additionally, a dividend of $14.06 per share on its 5.625% Fixed Rate Non-Cumulative Perpetual Preferred Stock is declared, equivalent to $0.351563 per depositary share, payable on August 15, 2022. This reflects the company's ongoing commitment to returning value to shareholders.
Synchrony Financial (NYSE: SYF) reported its second quarter 2022 results for the period ending June 30, 2022. The company will host a conference call today at 8:00 AM Eastern Time to discuss financial results and business outlook. Synchrony is recognized as a leading consumer financial services provider, offering a comprehensive suite of digitally-enabled products across various industries, including retail and healthcare. Interested parties can access financial materials and the conference call via the company's investor relations website.
Synchrony (NYSE: SYF) has launched a new payment option, Synchrony SetPay, allowing small businesses using Fiserv's Clover system to offer buy now, pay later financing. Customers can make four equal, interest-free payments for purchases from $40 to $500. This innovative solution enhances Synchrony's portfolio, aiming to boost small merchants' customer base and sales growth. The app, available in the Clover App Market, marks the first integration of a private label credit card and BNPL offerings for small businesses, empowering them in a competitive retail landscape.
Prove Identity, Inc. announced a milestone of processing 25 million customer credit card applications with Synchrony (NYSE: SYF). Using Prove’s Pre-Fill and Identity solutions, Synchrony reduced application fields by 80%, allowing more streamlined verification processes. Applicants can complete their applications with only the last four digits of their social security number, enhancing convenience and security. Prove’s identity verification solutions are utilized by over 1,000 businesses across various industries, significantly improving customer experience and reducing fraud risk.
Incisiv's 2nd Annual Gift Card Program Index reveals a 25% surge in digital gift card sales, yet less than 10% of retailers have the technology to meet consumer demands. The report highlights 18 out of 75 surveyed retailers as leaders in digital maturity for gift card programs. Key findings indicate that 67% of consumers prefer instant gifting, and 80% seek personalized options. Retailers are urged to enhance digital capabilities to capture this growing market, especially as corporate gifting shows strong potential.
Synchrony (NYSE: SYF) plans to report its second quarter 2022 financial results on July 18, 2022. The earnings release will be available at approximately 6:00 a.m. Eastern Time, followed by a conference call at 8:00 a.m. Eastern Time to discuss the results. Investors can access the live audio webcast through the Investor Relations section of Synchrony's website.
With a focus on providing a comprehensive suite of digitally-enabled financial services, Synchrony serves various industries including retail, health, and telecommunications.
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