Nomura Securities Reiterates Buy on Synchrony Financial (SYF) Following Better-Than-Expected Payout

Nomura Securities reiterated a Buy rating and $34.00 price target on Synchrony Financial (NYSE: SYF) following the approval of a better-than-expected payout of ~60%. Expectations for the payout were ~50%.

Analyst Bill Carcache commented, "SYF revealed its capital plan for the 2016 CCAR period (3Q16-2Q17) after the close on July 7, 2016, surprising positively with a payout of ~60% (better than our / consensus expectations of ~50%). SYF announced that it has received Board approval to repurchase shares up to $925mn over the four-quarter period ending June 30, 2017 (above our estimate of $640mn), and is initiating a quarterly dividend of $0.13 per share (payable on August 25, 2016), which translates into a dividend yield of ~2% (roughly in line with regional bank and card issuer peers)."

For an analyst ratings summary and ratings history on Synchrony Financial click here. For more ratings news on Synchrony Financial click here.

Shares of Synchrony Financial closed at $26.02 yesterday.

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