Synchrony Announces $1 Billion Increase in Share Repurchase Authority

Rhea-AI Summary

Synchrony Financial (NYSE: SYF) announced a $1.0 billion increase in its share repurchase authorization, raising the total authorized amount to $2.2 billion through June 30, 2022. As of September 30, 2021, $1.2 billion remained under the previous authorization. The company can repurchase shares based on market conditions and regulatory requirements. This move is aimed at enhancing shareholder value and reflects the company's financial strength.

Positive

• Increased share repurchase authorization by $1.0 billion, totaling $2.2 billion.
• Reflects confidence in the company's financial position.
• Potential for enhancing shareholder value through buybacks.

Negative

• None.

STAMFORD, Conn., Dec. 15, 2021 /PRNewswire/ -- Synchrony Financial (NYSE: SYF) (the "Company") announced today that its Board of Directors has increased the Company's share repurchase authorization by $1.0 billion.  The Company had $1.2 billion remaining under its prior authorization as of September 30, 2021, so this increase will bring the amount available to $2.2 billion through the period ending June 30, 2022. 

The authorizations permit the Company to repurchase shares from time to time subject to market conditions and other factors, including legal and regulatory restrictions and required approvals.

About Synchrony

Synchrony (NYSE: SYF) is a premier consumer financial services company. We deliver a wide range of specialized financing programs, as well as innovative consumer banking products, across key industries including digital, retail, home, auto, travel, health and pet. Synchrony enables our partners to grow sales and loyalty with consumers. We are one of the largest issuers of private label credit cards in the United States; we also offer co-branded products, installment loans and consumer financing products for small- and medium-sized businesses, as well as healthcare providers.

Synchrony is changing what's possible through our digital capabilities, deep industry expertise, actionable data insights, frictionless customer experience and customized financing solutions.

For more information, visit www.synchrony.com and Twitter: @Synchrony.

Contacts:

Investor Relations   
Kathryn Miller    
(203) 585-6291   

Media Relations
Lisa Lanspery
(203) 585-6143

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SOURCE Synchrony

FAQ

What is the total share repurchase authorization for SYF after the recent increase?

The total share repurchase authorization for SYF is now $2.2 billion.

When does the new share buyback authorization for SYF expire?

The new share buyback authorization for SYF expires on June 30, 2022.

What was the amount remaining under the previous share repurchase authorization for SYF?

There was $1.2 billion remaining under the previous authorization as of September 30, 2021.

How much has Synchrony Financial increased its share repurchase authorization?

Synchrony Financial has increased its share repurchase authorization by $1.0 billion.

What does the share repurchase authorization mean for SYF shareholders?

The share repurchase authorization indicates a commitment to enhancing shareholder value.