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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) declared a quarterly cash dividend of $0.22 per share on October 21, 2021, payable on November 12, 2021, with a record date of November 1, 2021. Additionally, the Board announced a dividend of approximately $14.06 per share for its 5.625% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, payable on November 15, 2021, also with a record date of November 1, 2021. These actions reflect the company's ongoing commitment to returning value to shareholders.
Synchrony Financial (NYSE: SYF) has announced its third quarter 2021 results, concluding on September 30, 2021. The earnings report highlights the company's ongoing commitment to providing a range of consumer financial services across various industries, including digital and retail. Key financial metrics and additional details are available on their investor relations website. A conference call will be held to discuss these results further. For more information, visit the Synchrony website.
Synchrony (NYSE: SYF) has expanded its strategic partnership with Fiserv (NASDAQ: FISV), allowing small businesses to accept private label credit card payments through the Clover point-of-sale platform. This collaboration aims to enhance payment options, streamline customer experiences, and drive revenue growth for merchants. Synchrony products, including various financing solutions, will be accessible via the Clover App Market, enabling users to apply for credit on their mobile devices. The initiative targets to support small businesses across various sectors, enhancing access to financial services.
Synchrony (NYSE: SYF) announced the formation of the Latinx Executive Alliance, a coalition aimed at improving corporate representation for Latinx employees. This initiative responds to findings that, while the Latinx population comprises 18% of the U.S., only 4% hold executive roles in Fortune 500 companies. The alliance will hold its first virtual event, Impacto, on October 18, 2021, bringing together leaders to discuss challenges and define strategies for advancing Latinx talent in corporate America.
Synchrony (NYSE: SYF) will report its third quarter 2021 financial results on October 19, 2021, at approximately 6:00 a.m. Eastern Time. The earnings report and presentation materials will be available on its Investor Relations website. Following this, a conference call to discuss the results is set for 8:00 a.m. Eastern Time on the same day, accessible via the website's Events and Presentations section. As one of the largest issuers of private label credit cards in the U.S., Synchrony focuses on providing various consumer financial services across multiple industries.
PEMCO Mutual Insurance, in celebration of National Pet Health Insurance Awareness Month, has partnered with Pets Best Insurance Services, owned by Synchrony (NYSE: SYF), to offer pet insurance to its customers. This initiative enables policyholders to customize pet coverage, including accidents, illnesses, and routine care, with access to a digital platform for claims processing. The partnership aims to alleviate financial concerns for pet owners by ensuring treatment from any vet, along with 24/7 access to veterinary advice.
Synchrony (NYSE: SYF) will host an Investor Day on September 9, 2021, via live video stream, starting at 8:30 a.m. (Eastern Time). The executive leadership team will present on the company's business model, long-term growth strategy, and the current quarter outlook. A Q&A session will follow the presentations. Interested participants can register and access the stream through the Synchrony Investor Relations website.
Synchrony is a leading consumer financial services company specializing in various financing programs.
Rollick Inc. has expanded its partnership with Synchrony (NYSE: SYF), enhancing their financing options for Powersports, Marine, and RV customers. Since launching the Synchrony Loan Rebate Offer pilot in June 2020, they reported increased loan activity and customer engagement. Participants in the program can receive a $150 Visa Gift Card after financing a vehicle for $2,500 or more. The program aims to improve affordability, visibility into budgeting, and loyalty among users, helping expand Synchrony's market reach.
Synchrony (NYSE: SYF) announced that Brian J. Wenzel, Executive Vice President and CFO, will participate in a fireside chat at the Barclays Global Financial Services Conference on September 13, 2021, at 9:45 a.m. Eastern Time. A live webcast will be accessible through the Synchrony Investor Relations website. Synchrony is recognized as a leading consumer financial services company, offering a range of financing programs and banking products across sectors such as retail, auto, and healthcare.
Walgreens (Nasdaq: WBA) launched the myWalgreens Credit Card program in partnership with Synchrony Bank (NYSE: SYF). This program includes two innovative credit cards that reward personalized health and wellness choices, providing rewards at over 9,000 Walgreens locations and online. Cardholders can earn up to 10% in Walgreens Cash rewards on eligible purchases. The cards feature a digital-led experience for easy applications and seamless integration with the Walgreens app. This initiative expands Walgreens' financial services, aiming to enhance customer loyalty through unique health-focused rewards.
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