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) will report its Q1 2021 financial results on April 27, 2021. The earnings release will be available at approximately 6:30 a.m. ET on the company's Investor Relations website. A conference call to discuss the results is scheduled for 8:30 a.m. ET on the same day. Synchrony is a leading consumer financial services company, primarily known for its extensive private label credit card offerings and innovative financing products.
Synchrony (NYSE: SYF) and Ashley HomeStore have announced a multi-year extension of their consumer financing program agreement, initially started in 2010. This partnership allows Ashley HomeStore customers to access competitive financing options for their purchases, enhancing the shopping experience both online and in-store. Synchrony's tailored financing solutions aim to empower Ashley HomeStore licensees, boosting sales and customer loyalty. Additionally, the companies are exploring contactless commerce options to adapt to pandemic-driven consumer preferences.
Synchrony (NYSE: SYF) announced that its Executive Vice President and Chief Financial Officer, Brian J. Wenzel, will participate in a fireside chat at the Wolfe Research Fintech Conference on March 9, 2021, at 2:20 p.m. ET. A live webcast will be available on the Synchrony Investor Relations website. Synchrony is a leading consumer financial services company specializing in various financing programs and banking products.
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.
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?
