- The stock price of Synchrony Financial (NYSE: SYF) increased by over 1.9% pre-market today. This is why.
The stock price of Synchrony Financial (NYSE: SYF) increased by over 1.9% pre-market today. Investors are responding positively to the company’s first-quarter 2022 results for the period ending March 31, 2022.
Synchrony Financial had reported a first-quarter EPS of $1.77, which is $0.23 better than the analyst estimate of $1.54. The company announced revenue of $3.38 billion (-0.6% year-over-year), which beat expectations by $720 million.
Plus Synchrony Financial had announced that its Board of Directors has approved an incremental share repurchase program of up to $2.8 billion, commencing this quarter through June 30, 2023. And the company intends to increase the quarterly cash dividend from $0.22 to $0.23 per share of common stock, commencing in the third quarter of 2022. The company had approximately $250 million remaining under its prior share repurchase program as of March 31, 2022, so this increase will bring the total amount of share repurchase authorization to approximately $3.1 billion through June 30, 2023.
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