Synchrony Financial and Chevron Corporation extended their 17-year partnership for the Techron Advantage Credit Card. This renewal coincides with Chevron’s 100th anniversary of its first credit card and offers cardholders various benefits, including digital applications, access to the Synchrony Car Care network, and fuel discounts. The extended partnership reflects the companies’ commitment to providing innovative financial solutions.
Synchrony Financial (SYF) delivered strong third-quarter results, exceeding analyst estimates for net interest income and earnings per share. The company also raised its full-year 2024 earnings outlook, driven by robust loan growth, expanded partnerships, and a favorable economic environment. This news has boosted SYF shares in premarket trading.
Synchrony Financial (SYF) has witnessed a significant recovery in market sentiment, with its stock price surging nearly 65% since October 2023. Despite a recent downgrade to a regular ‘Buy’ rating, the stock has still returned 18.6% in the past quarter, outperforming the Financial sector average. The company’s loan receivables continue to grow, with delinquencies showing signs of peaking. Synchrony has also made strategic moves, including the sale of its Pets Best pet insurance business and the acquisition of Ally Financial’s point-of-sale lending portfolio. The company’s valuation remains attractive, with a non-GAAP P/E of 7.5 and a P/B of 1.14. While risks remain, including higher charge-offs and reduced late fee income, Synchrony’s strong growth and improving credit quality position it well for future success.
