Synchrony Announces Approval of a $1.6 Billion Share Repurchase Program and Quarterly Common Stock Dividend of $0.22 Per Share

Rhea-AI Summary

Synchrony Financial (NYSE: SYF) announced a share repurchase program of up to $1.6 billion starting this quarter until December 31, 2021. The buyback is subject to market conditions and regulatory approvals. Additionally, the Board declared a $0.22 quarterly cash dividend per share, payable on February 16, 2021, to shareholders on record by February 5, 2021. The company continues to focus on delivering specialized financing programs and enhancing customer experience across various industries.

Positive

• Share repurchase program of $1.6 billion, potentially increasing shareholder value.
• Quarterly cash dividend of $0.22 per share, reflecting financial stability.

Negative

• None.

STAMFORD, Conn., Jan. 26, 2021 /PRNewswire/ -- Synchrony Financial (NYSE: SYF) announced today that its Board of Directors has approved a share repurchase program of up to $1.6 billion, commencing this quarter through December 31, 2021. The company expects to repurchase shares from time to time subject to the company's repurchase program limit, its capital plan, market conditions and other factors, including regulatory restrictions and required approvals, if any.  

The Board of Directors also declared a quarterly cash dividend of $0.22 per share of common stock, payable on February 16, 2021 to holders of record at the close of business on February 5, 2021.

In addition, the Board of Directors declared a quarterly cash dividend on the outstanding shares of its 5.625% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A (the "Series A Preferred Stock").  Each outstanding share of the Series A Preferred Stock is represented by depositary shares, each representing a 1/40th interest in a share of Series A Preferred Stock.  The dividend of approximately $14.06 per share (equivalent to $0.351563 per outstanding depositary share) is payable on February 16, 2021 to holders of record at the close of business on February 5, 2021.

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                                                         

Jennifer Church                                                
(203) 585-6508                                            

InvestorRelations@syf.com                                          

Media Relations:
Sue Bishop
(203) 585-2802
susan.bishopmangino@syf.com

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SOURCE Synchrony

FAQ

What is the amount of Synchrony Financial's share repurchase program?

Synchrony Financial's share repurchase program is approved for up to $1.6 billion.

When does the share buyback for SYF begin?

The share buyback program for SYF begins this quarter.

What is the dividend amount declared by Synchrony Financial?

The dividend amount declared is $0.22 per share.

When will the dividend for SYF be paid?

The dividend for SYF will be paid on February 16, 2021.

What is the record date for the dividend payment for SYF?

The record date for the dividend payment is February 5, 2021.