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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 Financial (NYSE: SYF) has announced a quarterly cash dividend of $0.22 per share of common stock, payable on May 12, 2022, to shareholders on record as of the close on May 2, 2022. Additionally, a dividend of approximately $14.06 per share for its 5.625% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, will be paid on May 16, 2022, to holders of record on the same date. These dividends reflect Synchrony's commitment to providing returns to its shareholders.
Treez, a leading cloud commerce platform for the cannabis market, has secured $51 million in Series C funding, elevating its valuation to over $260 million. Key investors include Long Ridge, Kayne Partners, and Synchrony Financial (NYSE: SYF). The funds will enhance product innovation, support aggressive sales growth, and expand Treez's market presence from eight states. The company also achieved an SOC 2 Type 1 audit for compliance and data security, and it experienced 82% revenue growth in 2021, reflecting its rapid expansion.
Cutera and Synchrony have formed an exclusive partnership to enhance patient financing for dermatology practices in the U.S., facilitating access to AviClear, the first FDA-cleared laser treatment for acne. This collaboration aims to alleviate cost concerns for millions of acne sufferers by allowing practices to offer CareCredit payment options, making treatments more accessible. This initiative is expected to boost patient confidence and address the emotional impact of acne, providing a valuable resource for families seeking effective acne solutions.
Synchrony Financial (NYSE: SYF) announced a new share repurchase program of up to $2.8 billion, set to commence this quarter and run through June 30, 2023. This program adds to the remaining $250 million from a prior initiative, increasing total repurchase authorization to approximately $3.1 billion. Additionally, the company plans to raise its quarterly dividend from $0.22 to $0.23 per share, starting in the third quarter of 2022. The share repurchases will depend on market conditions and regulatory factors.
Synchrony Financial (NYSE: SYF) reported its Q1 2022 financial results for the period ending March 31, 2022. Key highlights include a comprehensive review of their digital product suite, which serves various sectors such as retail and healthcare. An investor conference call is scheduled for 8:00 AM ET to discuss these results and future business drivers. Detailed financial data can be accessed on its investor relations website. Synchrony aims to connect partners and consumers through innovative financing solutions and a seamless digital experience.
Synchrony (NYSE: SYF) and Guitar Center have renewed their strategic partnership, initiated in 2015, to provide a private label credit program for customers. This program allows flexible financing options, with Guitar Center Gear Card customers receiving 5% rewards on purchases across nearly 300 Guitar Center locations and online. The partnership aims to make music more accessible for musicians, from beginners to professionals, by reducing financial barriers. Synchrony emphasizes enhancing customer experience via prequalification processes for credit without affecting credit scores.
Synchrony (NYSE: SYF) has joined the Worker Financial Wellness Initiative, a coalition focused on enhancing workers' financial health and security, alongside notable companies like Chipotle and Prudential. This initiative emphasizes the importance of financial well-being in overall workforce resilience. Synchrony is committed to conducting financial wellness assessments and has previously raised its minimum wage to $20 per hour. The company also highlights its competitive benefits, supporting employees' wellness across various domains, including health and finances.
PayPal has launched a new Cashback Credit Card in partnership with Synchrony, offering customers 3% cash back on PayPal purchases and 2% on all other Mastercard transactions. The card comes with no annual fee and allows for easy integration with the PayPal wallet. Customers can earn a one-time $100 bonus after spending $500 within the first three months. The initiative aims to enhance user experience and reward shopping versatility, responding to evolving consumer behaviors post-pandemic. Existing PayPal 2% Cashback cardholders will automatically transition to the new 3% structure.
Synchrony (NYSE: SYF) appointed Kamila Chytil to its board of directors, effective April 1, 2022. Chytil, who has extensive expertise in payments and financial services, currently leads operations at DentaQuest and previously served as COO at MoneyGram International. Her appointment aims to enhance innovation and growth in Synchrony's payments ecosystem. The board now consists of thirteen members, maintaining a commitment to diversity. President and CEO Brian Doubles expressed excitement about Chytil's contributions to the company.
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