Synchrony Financial Stock Price, News & Analysis

Synchrony (NYSE: SYF) and Albertsons Companies have announced a groundbreaking collaboration, marking CareCredit's first major grocery store chain partnership. The CareCredit health and wellness credit card will now be accepted at nearly 2,200 Albertsons Cos. stores, including Albertsons, Safeway, Vons, ACME, Shaw's, and Jewel-Osco.

Cardholders can use CareCredit for select health and wellness items, including pharmacy prescriptions, over-the-counter health products, personal care items, beauty and hair care, pet supplies, and baby essentials. This expansion aims to provide consumers with more flexible payment options for their health and wellness needs beyond traditional healthcare settings.

The partnership aligns with Synchrony's commitment to making health and wellness products and services more accessible to consumers, following their June 2023 expansion into preventative care and holistic wellness services.

Synchrony Financial (NYSE: SYF) has appointed Daniel Colao to its Board of Directors, effective October 1, 2024. Colao, a retired financial services executive with over 30 years of industry experience, previously served on Synchrony's Board from February 2014 to November 2015. He most recently served as the Chief Financial Officer and Executive Advisor of GE Capital from 2017 until his retirement in June 2021.

In his role at GE Capital, Colao was instrumental in the strategic repositioning of the company, including executing transactions to improve capital allocation and strengthening reserves, governance, and controls. With Colao's appointment, Synchrony's Board will now consist of eleven members. The company expects to benefit from Colao's extensive expertise in financial services and consumer lending as it navigates the current economic environment and regulatory landscape.

Synchrony (NYSE: SYF) has announced its participation in the Barclays Global Financial Services Conference. The company's Chief Financial Officer, Brian J. Wenzel, will engage in a fireside chat on Monday, September 9, 2024, at 9:00 a.m. Eastern Time. This event presents an opportunity for investors and analysts to gain insights into Synchrony's financial strategies and market position.

Interested parties can access a live webcast of the discussion through Synchrony's Investor Relations website. For those unable to attend in real-time, a replay of the session will also be made available on the same platform. This participation underscores Synchrony's commitment to transparency and engagement with the financial community.

Synchrony (NYSE: SYF), a leading financing partner for major American brands, is celebrating its 10th anniversary as a public company. The company has achieved significant growth since its IPO, with annual purchase volume increasing 80% to $185 billion in 2023 and loan receivables up over 85% to $102 billion. Synchrony has returned over $20 billion to shareholders and more than tripled tangible book value per share.

The company has expanded its reach in home improvement, pet care, and health and wellness financing through strategic acquisitions and partnerships. Synchrony has invested heavily in innovation, developing an industry-leading credit decisioning system and securing 72 U.S. patents. It has also been recognized as a top employer, ranking in the Top 5 Best Companies to Work For in the U.S. in 2024.

Synchrony Financial (NYSE: SYF) has announced a quarterly cash dividend of $0.25 per share of common stock, payable on August 15, 2024 to holders of record as of August 5, 2024. Additionally, the company declared dividends for its Series A and Series B Preferred Stock. The Series A Preferred Stock will pay approximately $14.06 per share (equivalent to $0.351563 per depositary share), while the Series B Preferred Stock will pay approximately $20.63 per share (equivalent to $0.515625 per depositary share). These preferred stock dividends are also payable on August 15, 2024 to holders of record as of August 5, 2024.

Coast, a New York-based company offering fleet spending management solutions, has raised $40 million in Series B financing led by ICONIQ Growth. This brings Coast's total equity financing to nearly $100 million. The round included participation from existing and new investors, as well as a strategic investment from Synchrony.

Coast's platform reimagines fleet payments using mobile technology and vehicle telematics. The company has seen revenue growth of over ten times in the last 18 months. Surveyed customers reported average savings of 9-10% on fuel bills and 16 hours of monthly administrative work.

With the new funding, Coast plans to accelerate product and partnership development, expand its financial services offerings, and grow its team, including at its new second headquarters in Utah.

Synchrony (NYSE: SYF) has announced that its CareCredit health and wellness credit card will be the preferred financing option for members of The Veterinary Cooperative (TVC). This partnership aims to support independent vet practices with flexible financing options and administrative resources. TVC, the largest veterinary purchasing co-op in the country, has over 3,700 member locations nationwide.

CareCredit, with a 35-year history in veterinary financing, will provide TVC-partnered hospitals with administrative, marketing, and education support. This collaboration is expected to help improve veterinary practices and care offerings while addressing financial barriers for pet owners. Pet parents can quickly prequalify for the CareCredit card without impacting their credit score and use it immediately upon approval.

Synchrony Financial (NYSE: SYF) has released its second quarter 2024 financial results for the period ending June 30, 2024. The company has made the earnings news release, financial tables, and related materials available on its investor relations website. A conference call to review the financial results and outlook for certain business drivers will be hosted by Brian Doubles, President and CEO, and Brian Wenzel Sr., Executive VP and CFO, at 8 a.m. ET. 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 announced an enhanced partnership with Atlanticus Holdings (NASDAQ: ATLC) focusing on second look financing solutions. This partnership will provide preferred second look financing for private label credit cards and installment loans under the Fortiva brand. The collaboration aims to increase sales and brand loyalty for Synchrony merchants by offering more customers access to credit. This program will streamline enrollment processes and offer favorable merchant pricing. The initiative is expected to attract a broader customer base, including underserved populations. The partnership, which began in 2019, leverages Atlanticus' analytics and technology to offer inclusive financial solutions and potentially allow customers to graduate to Synchrony credit products.