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SYNCHRONY FINANCIAL - SYF STOCK NEWS

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.

News

Synchrony Dives for a Good Cause

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Synchrony (SYF) kicks off 2024 with its annual 'Doubles Dive' charity event, raising over $113,000 for SeriousFun Children's Network. Celebrating 10 years since IPO, the company has raised over $1 million for charities since 2016.
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Synchrony to Participate in the UBS Financial Services Conference

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Synchrony's CFO, Brian J. Wenzel, to participate in a fireside chat at UBS Financial Services Conference on February 27, 2024. Live webcast and replay details provided.
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PatientNow and Synchrony Enhance Partnership to Transform Payments and Digital Account Management Solutions For The Cosmetic Industry

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Synchrony and PatientNow announced a partnership to integrate CareCredit health and wellness credit card as a primary financing option in PatientNow's cloud-based practice management solution. The partnership aims to transform payments and simplify work across cosmetic practices and the medical spa industry, providing customized financing options, enhanced account management solutions, and marketing capabilities. The integration also includes new digital features such as Synchrony's Quickscreen application and customer self-service capabilities. The alliance seeks to improve revenue cycle management, reduce administrative costs, and improve workflows for providers in the cosmetic industry.
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Synchrony Announces Quarterly Common Stock Dividend of $0.25 Per Share

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Synchrony Financial (NYSE: SYF) has declared a quarterly cash dividend of $0.25 per share of common stock and a quarterly cash dividend on the outstanding shares of its 5.625% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A. The dividends are payable on February 15, 2024, to holders of record at the close of business on February 5, 2024. The dividend for the Series A Preferred Stock is approximately $14.06 per share (equivalent to $0.351563 per outstanding depositary share).
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Synchrony Reports Fourth Quarter 2023 Results

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Synchrony Financial (SYF) released its fourth quarter 2023 results, reporting a net income of $1.2 billion, an increase of 15% from the previous year. The company also announced a dividend of $0.25 per share. Synchrony's total revenue for the quarter was $4.5 billion, marking a 10% increase year-over-year. The company's loan receivables grew to $94 billion, a 12% increase from the previous year. Synchrony's digital sales accounted for 52% of total sales, showing a strong performance in the online retail sector. However, the company experienced a 2% increase in provision for credit losses, reaching $1.3 billion. Synchrony's stock price rose by 5% following the earnings release.
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Synchrony and Ally Financial Reach Agreement on Sale of Ally's Point-of-Sale Financing Business

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Synchrony (SYF) has entered into a definitive agreement to acquire Ally Financial Inc.'s point of sale financing business, including $2.2 billion of loan receivables. This acquisition expands Synchrony's reach in the home improvement and health and wellness financing industry, offering both revolving credit and installment loans at the point-of-sale. The deal is expected to be accretive to Synchrony's earnings per share in 2024, with an attractive internal rate of return and a three-and-a-half-year tangible book value earnback. Ally Financial expects the sale to increase the company's CET1 ratio and be modestly accretive to tangible book value and earnings per share in 2024.
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Synchrony Browser Extension Aims to Drive Faster, Easier, and More Secure Online Checkout with Synchrony Cards

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Synchrony (NYSE: SYF) is testing a browser extension for its General Purpose Credit Cards on Chrome desktop browsers, aiming to increase sales for Synchrony cardholders at Synchrony merchants. The extension provides a virtual card for purchases and prompts cardholders during the checkout process. The company plans to scale the capability to more Synchrony credit cards if successful.
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Synchrony and The Good Feet Store Extend Financing Partnership

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Synchrony (NYSE: SYF) announces a multi-year partnership renewal with The Good Feet Store, offering CareCredit health and wellness credit card as an in-store payment option. The partnership contributed to a 10% increase in average transaction total and a 35% increase in total number of transactions in 2023. 30% of The Good Feet Store's sales were from existing CareCredit cardholders.
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Synchrony Expands into Pet Resorts with CareCredit Offering at Destination Pet

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Synchrony (NYSE: SYF) partners with Destination Pet to offer CareCredit as a financing solution for all locations nationwide, including pet resorts, marking Synchrony's first-ever partnership with a pet resort group. The agreement allows clients to use their CareCredit card to pay for any Destination Pet service, creating a seamless financing experience. Pet owners can prequalify for the CareCredit credit card in real time with no impact to their credit score, and apply on any smart device, at any Destination Pet location or veterinary practice or over the phone.
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Synchrony to Announce Fourth Quarter 2023 Financial Results on January 23, 2024

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Synchrony (NYSE: SYF) plans to report its fourth quarter 2023 results on Tuesday, January 23, 2024. The earnings release and presentation materials will be available on the Investor Relations section of the Company's website. A conference call to discuss Synchrony's results will be held at 8:00 a.m. Eastern Time on that day.
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FAQ

What is the current stock price of SYNCHRONY FINANCIAL (SYF)?

The current stock price of SYNCHRONY FINANCIAL (SYF) is $65.45 as of December 20, 2024.

What is the market cap of SYNCHRONY FINANCIAL (SYF)?

The market cap of SYNCHRONY FINANCIAL (SYF) is approximately 25.3B.

What does Synchrony Financial specialize in?

Synchrony Financial specializes in consumer financial services, offering private-label credit cards, promotional financing, installment lending, and loyalty programs.

Who are Synchrony's main partners?

Synchrony's partners include national and regional retailers, local merchants, manufacturers, buying groups, industry associations, and healthcare service providers.

What are the key segments of Synchrony's business?

Synchrony operates through three key segments: Retail Card, Payment Solutions, and CareCredit.

How does Synchrony support the healthcare sector?

Synchrony supports the healthcare sector through CareCredit, offering financing for elective healthcare procedures and partnering with dental and healthcare providers.

What recent strategic partnerships has Synchrony entered into?

Recent partnerships include the sale of Pets Best to IPH, a collaboration with Skipify for enhanced checkout experiences, and a financing partnership with BRP US Inc.

How does Synchrony enhance the shopping experience for its customers?

Synchrony enhances the shopping experience through digital solutions and partnerships, such as integrating Skipify's digital wallet to streamline online checkout processes.

What recent financial performance highlights are notable for Synchrony?

Notable financial highlights include strong Q1 2024 results, ongoing share repurchase programs, and quarterly dividend payments, reflecting the company's robust financial health.

How does Synchrony support dental care financing?

Synchrony supports dental care financing through CareCredit, offering flexible payment options at over 450 dental practices affiliated with Affordable Care, LLC.

What is Synchrony's approach to customer and partner engagement?

Synchrony engages customers and partners through its dynamic financial ecosystem, providing diverse financing solutions and innovative digital capabilities tailored to their needs.

How has Synchrony expanded its presence in the pet insurance market?

Synchrony expanded its presence in the pet insurance market by selling Pets Best to IPH, retaining an equity stake, and exploring synergies with CareCredit's health and wellness offerings.

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SYNCHRONY FINANCIAL

NYSE:SYF

SYF Rankings

#454 Ranked by Market Cap
#1576 Ranked by Dividends

SYF Stock Data

25.33B
387.11M
0.53%
101.76%
3.68%
Credit Services
Finance Services
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United States of America
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