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) and Daybreak have partnered to offer flexible financing for sleep testing kits and sleep apnea devices through CareCredit health and wellness credit card. The three-year partnership, running through March 31, 2027, aims to make sleep health solutions more accessible to the estimated 50-70 million Americans living with sleep disorders. Since July 2024, Daybreak customers can apply for CareCredit's promotional financing to purchase at-home sleep test kits or proprietary sleep apnea devices. The partnership addresses the financial barriers to sleep health care, particularly for those without insurance coverage for in-lab sleep studies.
Synchrony (NYSE: SYF) has announced its participation in the upcoming 2024 Goldman Sachs Financial Services Conference. The company's President and CEO Brian D. Doubles, along with CFO Brian J. Wenzel, will engage in a fireside chat on Tuesday, December 10, 2024, at 8:00 a.m. Eastern Time.
Interested parties can access both the live webcast and replay of the discussion through Synchrony's Investor Relations website at www.investors.synchrony.com.
Synchrony (NYSE: SYF) and JCPenney have extended their nearly 25-year partnership with a long-term contract renewal. The expanded partnership adds Synchrony Pay Later, a buy now, pay later financing option, to JCPenney's existing credit offerings. This new feature allows customers to finance fine jewelry purchases over $300 through 6, 12, or 24-month installment payments. The partnership covers JCPenney's credit card services across more than 650 stores in the U.S. and Puerto Rico, as well as JCPenney.com. Cardholders earn 1.5 JCPenney Rewards points for every $1 spent on qualifying purchases.
A new Synchrony study reveals significant concerns among pet parents regarding veterinary specialty care costs and knowledge gaps. 72% of pet parents are equally worried about financial implications and potential outcomes, with half feeling stressed by bills up to $1,000 and 81% stressed by bills approaching $2,500. Only 25% of specialists believe pet parents have realistic cost expectations, while 54% of pet parents admit knowledge about specialty care. The study, conducted for CareCredit, highlights communication gaps between veterinary teams and pet owners, with 63% of pet parents wanting early information about payment options, though few specialty clinics provide this proactively.
Synchrony Financial (NYSE: SYF) has announced its quarterly dividend payments. The company will pay a cash dividend of $0.25 per share of common stock on November 15, 2024, to shareholders of record as of November 4, 2024. Additionally, the company declared dividends for its preferred stock: Series A at $14.06 per share ($0.351563 per depositary share) and Series B at $20.63 per share ($0.515625 per depositary share), both payable on the same dates as the common stock dividend.
Synchrony (NYSE: SYF) announced a $100,000 donation from its Foundation to Women in HVACR (WHVACR) to fund scholarships for women pursuing careers in the heating, ventilation, air conditioning, and refrigeration industry. The donation will be distributed as $50,000 in 2024 and $50,000 in 2025. This initiative is part of Synchrony's Education as an Equalizer program, aimed at expanding access to education and supporting diversity in trade industries. In 2023, Synchrony and its Foundation donated over $19 million to more than 400 charitable organizations, while employees contributed over 19,200 volunteer hours.
Synchrony Financial (NYSE: SYF) has released its third quarter 2024 results for the period ending September 30, 2024. The company has made the earnings news release and presentation available on its investor relations website. Brian Doubles, President and CEO, and Brian Wenzel Sr., Executive VP and CFO, will host a conference call at 8 a.m. ET to discuss the financial results and provide an outlook for certain business drivers. 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 launched a groundbreaking payment experience for pet parents, connecting CareCredit and Pets Best pet insurance. This innovation directly reimburses insurance claims to the CareCredit health and wellness credit card, streamlining the payment process for pet care. The new technology is set to scale to additional Independence Pet Holdings, Inc. (IPH) insurers in the coming months.
Key features of this innovation include:
- Simplified reimbursement process for pet healthcare expenses
- Automatic reimbursement credit for eligible expenses to CareCredit card
- Collaboration with IPH to expand the solution to more pet insurance brands
This advancement aims to address the financial challenges pet parents face with rising care costs and provide a complete financial safety net for veterinary care.
Synchrony (NYSE: SYF) has announced that its CareCredit health and wellness credit card has been chosen as the preferred financing solution for PSIvet, a group purchasing organization supporting over 5,500 independent veterinary practices nationwide. This partnership aims to provide veterinary practitioners with tools to offer high-quality care and give pet parents convenient financing options.
CareCredit will be integrated into PSIvet's personalized business-enhancing solutions for member practices. The partnership is expected to help streamline financial workflows, reduce accounts receivable, and improve cash flow for veterinary practices. For pet owners, CareCredit offers financing options for various veterinary services, with the ability to prequalify instantly without impacting their credit score.
Synchrony (NYSE: SYF) and DICK'S Sporting Goods (NYSE: DKS) have announced a multi-year extension of their strategic partnership. This extension aims to enhance athlete services and experiences through the DICK'S Sporting Goods ScoreRewards Credit Card program. The partnership will focus on:
- Driving athlete loyalty
- Enhanced technology capabilities
- Expanded data and analytics
- Superior in-store athlete experience
The ScoreRewards Credit Card Program will continue to offer benefits such as earning rewards 2X faster, exclusive member-only offers, and digital account management. These cards can be used online and across DICK'S Sporting Goods' 800+ retail locations, including House of Sport, Golf Galaxy, and Public Lands.
FAQ
What is the current stock price of Synchrony Financial (SYF)?
What is the market cap of Synchrony Financial (SYF)?
What does Synchrony Financial specialize in?
Who are Synchrony's main partners?
What are the key segments of Synchrony's business?
How does Synchrony support the healthcare sector?
What recent strategic partnerships has Synchrony entered into?
How does Synchrony enhance the shopping experience for its customers?
What recent financial performance highlights are notable for Synchrony?
How does Synchrony support dental care financing?
What is Synchrony's approach to customer and partner engagement?
How has Synchrony expanded its presence in the pet insurance market?
