Synchrony Posts a Solid Third Quarter; We Are Maintaining Our Fair Value Estimate
Narrow-moat-rated Synchrony Financial posted a solid third quarter, generating earnings of $604 million, a 24% increase from the previous quarter. Net interest margin (based on how we calculate it) was 14.6% during the quarter, a sequential increase of 90 basis points. Much of this improvement in performance was driven by sequential growth in average receivables of 3.4%, increasing interest rates, and what we suspect was an increase in late fees. Net charge-offs decreased to 4.4% from 4.5% durin...Synchrony Financial is a savings and loan holding company and financial holding company. Through its subsidiaries, the company delivers a range of financing programs, as well as consumer banking products, across key industries including digital, retail, home, auto, travel, health and pet. The company provides a range of credit products through its financing programs which it has established with a group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which it refers to as its partners. Through its partners, the company provides their customers a variety of credit products to finance the purchase of goods and services.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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