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Synchrony Financial - Stock Quote SYF

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Morningstar's Synchrony Financial Stock Analysis

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Strong Start to 2022 for Synchrony Financial as Low Credit Losses Continue to Power Results

Michael Miller Equity Analyst

Analyst Note

| Michael Miller |

No-moat-rated Synchrony Financial reported solid first-quarter results as it benefited from accelerating loan growth and low credit costs during the period. Revenue grew 10.2% year over year to $3.9 billion, while diluted earnings per share grew a more modest 2.3% from the year-prior quarter to $1.77. These results equate to a return on equity of 27.5%, well above the bank’s historical average. Along with the results, Synchrony announced an additional $2.8 billion in share repurchases and a 5% increase in its dividend. While these were good results, they do not materially change our thesis for Synchrony, and we will maintain our $43 fair value estimate.

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Synchrony Financial's Company Profile

Business Description

Synchrony Financial, originally a spin-off of GE Capital's retail financing business, is the largest provider of private-label credit cards in the United States by both outstanding receivables and purchasing volume. Synchrony partners with other firms to market its credit products in their physical stores as well as on their websites and mobile applications. Synchrony operates through three segments: retail card (private-label and co-branded general-purpose credit cards), payment solutions (promotional financing for large ticket purchases), and CareCredit (financing for elective healthcare procedures).

777 Long Ridge Road
Stamford, CT, 06902
T +1 203 585-2400
Sector Financial Services
Industry Credit Services
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 18,000

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