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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.
Synchrony (NYSE: SYF) has released a study revealing that horse owners significantly underestimate the lifetime cost of horse care, estimated between $300,000 and $924,000. Although 83% of owners feel financially prepared, actual expenses may be three to four times higher than anticipated. For competitive horses, costs can reach $1,000,000, while recreational horses range from $295,000 to $400,000. Annual expenses are projected between $8,600 and $26,000, excluding events. Unexpected medical bills often trigger stress, with many owners willing to apply for dedicated veterinary finance options. The study emphasizes the importance of financial preparedness for horse ownership over a typical lifespan of 25 years.
Synchrony Financial (NYSE: SYF) announced an incremental share repurchase program of up to
Synchrony Financial (NYSE: SYF) has declared a quarterly cash dividend of $0.23 per share of common stock, payable on May 12, 2023, to shareholders of record by the close of business on May 2, 2023.
Additionally, the company announced a cash dividend of approximately $14.06 per share on its 5.625% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, which equates to $0.351563 per depositary share. This dividend will be payable on May 15, 2023, to holders of record as of May 2, 2023.
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