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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.
Shuman, Glenn & Stecker is investigating potential claims against officers and directors of Synchrony Financial (NYSE: SYF). The investigation is linked to a securities class action alleging that Synchrony misrepresented its underwriting practices, claiming they led to a superior loan portfolio. Contrary to these claims, the company reportedly relaxed its standards to boost growth, resulting in disappointing earnings disclosed on April 28, 2017, which led to a significant 16% drop in share price. Subsequent developments include strained relationships with retail partners, notably Walmart, due to underwriting practices.
Synchrony (NYSE: SYF) will participate in the KBW Fintech Payments Conference on February 23, 2021, at 8:00 a.m. (ET). The event will feature President Brian D. Doubles and CFO Brian J. Wenzel. A live webcast of the conference will be accessible on the Synchrony Investor Relations website. As a leader in consumer financial services, Synchrony provides specialized financing programs and consumer banking products across various sectors, including retail and healthcare.
On February 2, 2021, Doosan Bobcat North America announced a multi-year agreement with Synchrony (NYSE: SYF) to offer competitive financing options for customers through over 500 Bobcat dealer locations in the U.S. The collaboration aims to enhance customer purchasing power with convenient installment loans, making Bobcat's compact equipment more accessible for personal and small business use. Dealers will also benefit from innovative financing tools and marketing support, reinforcing Synchrony’s commitment to consumer financing solutions.
Synchrony Financial (NYSE: SYF) reported fourth quarter 2020 net earnings of $738 million, or $1.24 per diluted share. Key metrics showed a 6% decrease in loan receivables to $81.9 billion and an 11% decrease in interest and fees on loans to $4.0 billion. Average active accounts dropped 10% to 66.3 million. The company returned $128 million in capital via dividends and approved a $1.6 billion share repurchase program. Credit quality improved with loans 30+ days past due at 3.07% compared to 4.44% last year.
Sam's Club (WMT), Synchrony (SYF), and Mastercard (MA) have launched a new rewards program for Sam's Club Plus members that provides up to 5% back on eligible purchases. Members earn 3% back using their Sam's Club Mastercard in-store or online, plus an additional 2% from their Plus membership. Other benefits include 5% cash back on fuel, 3% on dining, and contact-free payment options. The program, effective January 27, 2021, aims to enhance value for members during evolving shopping habits, with rewards accessible digitally each February.
Synchrony Financial (NYSE: SYF) announced a share repurchase program of up to $1.6 billion starting this quarter until December 31, 2021. The buyback is subject to market conditions and regulatory approvals. Additionally, the Board declared a $0.22 quarterly cash dividend per share, payable on February 16, 2021, to shareholders on record by February 5, 2021. The company continues to focus on delivering specialized financing programs and enhancing customer experience across various industries.
Synchrony (NYSE: SYF) has announced a definitive agreement to acquire Allegro Credit, a prominent provider of point-of-sale consumer financing specifically for audiology products, dental services, and musical instruments. This acquisition is part of Synchrony's strategy to enhance its CareCredit platform and expand its market presence in the health and wellness sector. The deal expects to close in the first quarter of 2021, although financial terms were not disclosed. Synchrony anticipates that this acquisition will not materially impact its financial results.
Synchrony (NYSE: SYF) has renewed its strategic partnership with Mattress Firm, the largest specialty mattress retailer in the U.S., under a multi-year agreement. This renewal allows Mattress Firm to continue providing Synchrony's financing solutions across 2,400 stores nationwide. The partnership leverages digital tools to enhance the customer journey, supporting over 3.5 million customers last fiscal year. Both companies aim to improve shopping experiences and expand purchasing power through enhanced financing options, addressing the evolving retail landscape shaped by the pandemic.
Walgreens is enhancing its financial services by partnering with Synchrony and Mastercard to launch credit and prepaid debit cards. These offerings will integrate with the myWalgreens loyalty program, providing customers with cash rewards and additional benefits at over 9,000 Walgreens locations and beyond. The cards aim to boost customer engagement and create new revenue streams, with features like contactless payments and health-focused rewards. The new financial products are expected to be available in the second half of this year, reflecting Walgreens' commitment to improving health and wellness payment solutions.
Synchrony (NYSE: SYF) announced a leadership transition effective April 1, 2021. CEO Margaret Keane will become Executive Chair of the Board, while Brian Doubles, previously President, will take over as CEO. Keane expressed pride in Synchrony's resilience and noted Doubles' integral role in the company's strategy. Doubles highlighted the company's foundation built on digital innovation and diversification. The current Chairman, Richard Hartnack, will retire after six years, and Jeffrey Naylor will become Lead Independent Director. The transition indicates a commitment to leadership continuity and future growth.
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