Yahoo Finance Synchrony (SYF), LG Electronics to Enhance ESS Financing Options
Synchrony Financial SYF recently expanded its partnership with LG Electronics USA in a bid to make it easier for homeowners and installers to purchase the award-winning Home 8 Energy Systems (ESS). This partnership will offer LG’s independent Pro Dealers a financing program, aiding homeowners in achieving their energy independence goals.
This partnership is expected to provide a private-label credit card, inclusive of features like fixed payment, deferred interest, and equal monthly payment promotion options. Homeowners will be able to spread the cost of their product over time. LG’s ESS financing program will contain several SYF capabilities, which will enhance customer experience by simplifying and streamlining the application process for financing. Customers will also be given the option to apply safely using their mobile, tablet, or computer.
This move bodes well for SYF’s Home and Auto segment, whose period-end loan receivables climbed 10% year over year in the first quarter of 2024. The latest partnership is expected to enhance SYF’s financing capabilities throughout the electronics space. The company aims to gradually extend the partnership to encompass more retailers in the future. The move is likely to boost period-end loan receivables in its Home & Auto sales platform.
This is a time-opportune move on the part of SYF as homeowners are increasingly concerned about their rising electric bills and power shortages. SYF’s financing solution, clubbed up with LG’s Home 8 ESS, is a great offer for customers. Synchrony partners with several firms to bolster its business and enhance digital capabilities and diversification. Its partners are incessantly increasing, with 60-plus partners being added or relationships being renewed in 2023.
Price Performance
Shares of Synchrony have gained 39.7% in the past year compared with the industry’s 15.3% rise.
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Zacks Rank & Key Picks
Synchrony currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Finance space are StepStone Group LP STEP, Virtu Financial, Inc. VIRT and Axos Financial, Inc. AX. StepStone Group and Virtu Financial sport a Zacks Rank #1 (Strong Buy), while Axos Financial carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for StepStone Group’s 2024 earnings is pegged at $1.70 per share, which remained stable over the past week. STEP beat earnings estimates in three of the past four quarters and missed once, with an average surprise of 15.7%.
The Zacks Consensus Estimate for Virtu Financial’s 2024 earnings is pegged at $2.48 per share. The consensus mark for VIRT’s revenues in 2024 is pegged at $1.3 billion.
The Zacks Consensus Estimate for Axos Financial’s 2024 earnings is pegged at $7.72 per share, which indicates a year-over-year increase of 52.3%. The estimate remained stable over the past month. AX beat earnings estimates in the past four quarters, with an average surprise of 12.6%.
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Synchrony Financial (SYF) : Free Stock Analysis Report
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