STAMFORD, CT - Synchrony Financial (NYSE:SYF), a premier consumer financial services company, disclosed its monthly charge-off and delinquency statistics in a recent 8-K filing with the Securities and Exchange Commission. The data, which covers the thirteen months up to June 30, 2024, indicates the company's credit performance metrics.
The report, filed today, includes key financial indicators such as the rate of charge-offs, which refers to the amount of debt that the company believes it cannot collect and has written off as a loss. Additionally, the filing provides delinquency data, showcasing the percentage of loans where payments are overdue.
Synchrony Financial has stated its intention to continue providing these monthly statistics. Notably, for the final month of each calendar quarter, the statistics will be released concurrently with the company’s quarterly financial results announcement.
Charge-off rates can affect a company's bottom line and are an important indicator of the quality of its loan portfolio.
The company, headquartered at 777 Long Ridge Road, Stamford, Connecticut, is recognized within the finance services sector under the SIC code 6199. The data provided in this 8-K filing is based on a press release statement and is intended to keep investors informed about Synchrony Financial's recent financial performance metrics.
In other recent news, Synchrony Financial has been the focus of several key developments. Jefferies has maintained a Buy rating on the company's stock, increasing the shares target to $55.00. The firm's Q2 earnings per share estimate is set at $1.29, slightly below the consensus of $1.35. Jefferies also projects Synchrony Financial's net interest income for the quarter to be $4.4 billion, with a total operating expense forecast of $1.230 billion.
Synchrony Financial has also made significant changes to its executive team, appointing Amy Tiliakos as the new Senior Vice President, Chief Accounting Officer, and Controller. The company has also approved a new long-term incentive plan for its executives.
Analysts from BofA Securities, Goldman Sachs (NYSE:GS), BTIG, and Keefe, Bruyette & Woods have provided their assessments of the company. BofA Securities and Goldman Sachs have maintained their Neutral and Buy ratings respectively, while BTIG initiated coverage with a Buy rating and Keefe, Bruyette & Woods upgraded the company's rating to Outperform.
These are among the recent developments for Synchrony Financial.
InvestingPro Insights
As Synchrony Financial (NYSE:SYF) sheds light on its credit performance metrics with the latest 8-K filing, investors may find additional context in the company's broader financial landscape. An InvestingPro analysis highlights that Synchrony Financial is currently trading at a low P/E ratio of 7.4, indicating potential undervaluation relative to near-term earnings growth. This insight is particularly relevant as it suggests that the company's earnings potential may not be fully reflected in its current stock price.
Moreover, Synchrony Financial has demonstrated a robust performance with a significant return of 7.53% over the last week and 20.0% over the last month, showcasing strong short-term momentum. These figures, coupled with a consistent dividend payment history over the past 9 years and a dividend yield of 1.93%, can be attractive to income-focused investors.
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