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July 31, 2014
06:09 EDTSYFSynchrony Financial 125M share IPO priced at $23.00
The deal priced at the low-end of the $23.00-$26.00 range. Goldman, JPMorgan, Citigroup, Morgan Stanley, Barclays, BofA/Merrill, Credit Suisse and Deutsche Bank acted as joint book running managers for the offering.
News For SYF From The Last 14 Days
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July 22, 2015
15:01 EDTSYFEarnings Watch: American Express reports after several 'top pick' mentions
American Express (AXP) is expected to report second quarter earnings after the close on July 22, with a conference call scheduled for 5:00 pm ET. American Express is a global financial services company specializing in credit card and pre-paid card products and services. EXPECTATIONS: Analysts are looking for earnings per share of $1.32 on revenue of $8.46B. The consensus range is $1.23-$1.41 for EPS and $8.29B-$9.01B for revenue, according to First Call. LAST QUARTER: On April 16, American Express reported first quarter EPS of $1.48 against expectations for $1.37, and revenue of $7.95B versus estimates of $8.21B. The company reported ROE of 29% and guided towards flat to modestly down FY15 EPS as it ramps investments to offset the March 2016 expiration of its Costco (COST) partnership. NEWS: On May 12, American Express authorized the repurchase of up to 150M company shares while also raising its dividend 12% to 29c per share. During the Bernstein Strategic Decisions Conference on May 28, company executives remarked that a "range" of co-brand deals would be coming up for American Express, adding that the loss of the Costco contract was not the "be-all, end-all" for the company. On June 17, Reuters reported that a U.S. appeals court affirmed a prior ruling that American Express can no longer block businesses from steering customers towards competitor cards, such as those of Visa (V) or Mastercard (MA). STREET RESEARCH: On April 27, Nomura downgraded American Express to Neutral from Buy, citing minimal upside to 2015 and 2016 estimates amid a lack of near-term catalysts. Meanwhile, Bernstein upgraded the stock to Outperform from Market Perform on May 6. On May 18, Deutsche Bank reiterated a Buy rating and $90 price target on American Express shares, saying it sees a $750M-$850M annual revenue opportunity through the "Plenti" loyalty program coalition. On June 2, Bernstein said it expects credit card volumes to grow 10%-12% annually over the next five years, adding that American Express, Capital One (COF) and Synchrony Financial (SYF) are its favorites in the sector. Following meetings with American Express executives, Citi called American's risk/reward ratio "attractive" on June 4, and on July 8, Deutsche Bank said it was positive on credit card stocks going into second quarter earnings, with American Express named a top pick. PRICE ACTION: Shares of American Express are near flat to $78.96 ahead of Wednesday's earnings report.
July 20, 2015
07:33 EDTSYFSynchrony Financial price target raised to $40 from $33.50 at JPMorgan
JPMorgan raised its price target for Synchrony Financial to $40 following the company's earnings beat in Q2. The firm reiterates an Overweight rating on the stock.
July 17, 2015
11:19 EDTSYFSynchrony Financial says appetite to grow with new acquisitions 'very strong'
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11:04 EDTSYFSynchrony Financial says 'always looking' at M&A opportunities
11:01 EDTSYFSynchrony Financial says preparing as if company will be subject to CCAR
10:59 EDTSYFSynchrony Financial sees 'stable' credit trends for balance of year
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10:01 EDTSYFSynchrony Financial says making continued progress on separation
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09:04 EDTSYFSynchrony Financial reports Q2 total Platform revenue $2.67B
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09:03 EDTSYFSynchrony Financial reports Q2 Retail Card platform revenue up 10%
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09:03 EDTSYFSynchrony Financial reports Q2 EPS 65c, consensus 62c
Provision for loan losses increased $59 million to $740 million largely due to loan receivables growth. Net interest income increased $187 million, or 7%, to $2.9 billion, driven by strong loan receivables growth, partially offset by higher interest expense from funding issued to increase liquidity in 2014. Net interest income after retailer share arrangements increased 7%. Period-end loan receivables growth remained strong at 12%, primarily driven by purchase volume growth of 11% and average active account growth of 4%, and included the acquisition of the BP portfolio during the quarter. Deposits grew to $38 billion, up $7 billion, or 24%, from the second quarter of 2014, and now comprise 61% of funding compared to 57% last year. The estimated Common Equity Tier 1 ratio under Basel III subject to transition provisions was 17.2% and the estimated fully phased-in Common Equity Tier 1 ratio under Basel III was 16.4%. Return on assets was 2.9% and return on equity was 19.2%. Net interest margin declined 207 basis points to 15.77% primarily due to the impact from the significant increase in liquidity. Efficiency ratio was 33.5%. Loans 30+ days past due as a percentage of period-end loan receivables improved 29 basis points to 3.53%. Net charge-offs as a percentage of total average loan receivables improved 25 basis points to 4.63%. The allowance for loan losses as a percentage of total period-end receivables was 5.38%.

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