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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.
Venmo has launched its first-ever Credit Card, issued by Synchrony (SYF) and backed by Visa, facilitating automatic cash back on every eligible purchase. The card allows users to earn up to 3% cash back in top spending categories and integrates seamlessly with the Venmo app for easy management. Key features include personalized rewards, real-time spending tracking, custom designs, virtual card access, and enhanced security measures like RFID technology. No annual fees apply, and cash back rewards have no expiration, enhancing user benefits.
On Sept. 29, 2020, Synchrony announced advancements in digital payment solutions amid rising consumer demand for contactless commerce due to the pandemic. Key developments include the launch of 'Direct to Device', facilitating contactless transactions and digital credit applications, with approximately 70% of credit applications completed digitally in Q2 2020. Synchrony ensures seamless experiences by providing tools for partners and consumers, enhancing engagement across various channels. The overall usage of contactless payments surged 150% since March 2019, illustrating a significant shift in consumer behavior.
Synchrony (SYF) will announce its Q3 2020 financial results on October 20, 2020, at approximately 6:30 a.m. ET. The earnings release and presentation materials will be available on the Investor Relations section of its website. A conference call to discuss the results is scheduled for 8:30 a.m. ET on the same day. Synchrony is a leading provider of consumer financial services, including private label credit cards and innovative banking products across various industries.
Synchrony (NYSE: SYF) announces participation in the Barclays Global Financial Services Conference on September 14, 2020, at 9:45 a.m. (ET). CEO Margaret M. Keane and CFO Brian J. Wenzel will discuss company trends and business drivers during this virtual event. A live webcast and replay will be accessible on the Investor Relations website. Synchrony is a leading consumer financial services company, specializing in private label credit cards and consumer financing solutions.
Synchrony (NYSE: SYF) has been ranked #8 on PEOPLE Magazine's 50 Companies That Care list for 2020, leading the financial services sector. This recognition highlights Synchrony's commitment to supporting employees, communities, and the environment during the COVID-19 pandemic. The company has implemented several initiatives, including mental health support, a virtual summer camp, and significant donations to help those affected by the crisis. Synchrony's efforts also include a commitment of $10 million to aid communities and small businesses impacted by COVID-19.
Harbor Freight Tools has launched a new credit card in partnership with Synchrony (NYSE: SYF) to enhance customer value. The card offers a 10% discount on the first purchase and 5% back on future purchases, or a 0% interest financing option for purchases over $299. Customers can apply at any of Harbor Freight's 1,085 stores or online, with credit decisions made in minutes. The new offering aims to provide payment flexibility and rewards for loyal customers, promoting sales growth in the retail sector.
Synchrony Financial (NYSE: SYF) declared a quarterly cash dividend of $0.22 per share of common stock, payable on August 13, 2020, for shareholders of record as of August 3, 2020. Additionally, a dividend of approximately $14.06 per share on its 5.625% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, is set for August 17, 2020. This signifies continued confidence in shareholder returns, reinforcing Synchrony's position as a leading consumer financial services company.
Synchrony (NYSE: SYF) has announced the election of P.W. "Bill" Parker to its board of directors, effective immediately. Parker, 63, brings extensive experience from U.S. Bancorp, where he served for 34 years, significantly during the 2008 financial crisis. His expertise in risk management and credit policy is expected to enhance Synchrony's strategic direction. CEO Margaret Keane praised Parker's leadership in risk management. With this appointment, Synchrony continues to emphasize diversity within its board, which now consists of twelve members.
Synchrony Financial (NYSE: SYF) reported second quarter 2020 net earnings of $48 million, or $0.06 per diluted share, significantly down from $853 million year-over-year. The results reflect a $483 million increase in the provision for credit losses due to COVID-19, impacting EPS by $0.63. Key metrics include a 4% decline in loan receivables to $78.3 billion, an 18% decrease in interest and fees to $3.8 billion, and a 19% drop in purchase volume to $31.2 billion. The company maintained strong liquidity with total assets of $28.0 billion.
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