STAMFORD, Conn., April 24,
2024 /PRNewswire/ -- Synchrony Financial (NYSE: SYF)
today announced its first quarter 2024 results for the period
ending March 31, 2024. The earnings news release, financial
tables and related materials can be found on the company's investor
relations website
at https://investors.synchrony.com/financial-information/financial-results.
Today at 8:00 AM ET, Brian
Doubles, President and Chief Executive Officer,
and Brian Wenzel Sr., Executive
Vice President and Chief Financial Officer, will host a conference
call to review the financial results and outlook for certain
business drivers. The conference call can be accessed via an audio
webcast through the investor relations website at
http://www.investors.synchronyfinancial.com/, under events and
presentations. A replay will also be available on
the website.
The Company also announced that its Board of Directors (the
"Board") declared a quarterly cash dividend of $0.25 per share of common stock, payable on
May 15, 2024 to holders of record at
the close of business on May 6, 2024.
The Board also declared a quarterly cash dividend on the
outstanding shares of its 5.625% Fixed Rate Non-Cumulative
Perpetual Preferred Stock, Series A (the "Series A Preferred
Stock") and 8.250% Fixed Rate Reset Non-Cumulative Perpetual
Preferred Stock, Series B (the "Series B Preferred Stock"). Each
outstanding share of the Series A Preferred Stock and Series B
Preferred Stock is represented by depositary shares, each
representing a 1/40th interest in a share. The dividends of
approximately $14.06 per share on the
Series A Preferred Stock (equivalent to $0.351563 per outstanding depositary share) and
approximately $18.79 per share on the
Series B Preferred Stock (equivalent to $0.469792 per outstanding depositary share) are
payable on May 15, 2024 to holders of
record at the close of business on May 6,
2024.
Additionally, the Company announced that the Board approved an
incremental share repurchase program of up to $1.0 billion, commencing this quarter through
June 30, 2025. The Company had
approximately $300 million remaining
under its prior share repurchase program as of March 31, 2024; this increase will bring the
total amount of share repurchase authorization to approximately
$1.3 billion through June 30, 2025.
About Synchrony
Synchrony (NYSE: SYF) is a premier consumer financial
services company delivering one of the industry's most complete
digitally-enabled product suites. Our experience, expertise and
scale encompass a broad spectrum of industries including digital,
health and wellness, retail, telecommunications, home, auto,
outdoor, pet and more. We have an established and diverse group of
national and regional retailers, local merchants, manufacturers,
buying groups, industry associations and healthcare service
providers, which we refer to as our "partners." We connect
our partners and consumers through our dynamic financial ecosystem
and provide them with a diverse set of financing solutions and
innovative digital capabilities to address their specific needs and
deliver seamless, omnichannel experiences. We offer the right
financing products to the right customers in their channel of
choice. For more information, visit www.synchrony.com.
Contact
Investor Relations
Kathryn Miller
(203) 585-6291
Kathryn.miller@syf.com
Media Relations
Lisa Lanspery
(203) 219-7984
lisa.lanspery@syf.com
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SOURCE Synchrony Financial