Synchrony Reports First Quarter 2024 Results; Company also Announces Quarterly Stock Dividends and Approval of an Incremental $1.0 Billion Share Repurchase Program
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
