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Synchrony (SYF) & JAB Partner to Grow Pet Insurance Footprint
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Synchrony Financial’s (SYF - Free Report) Pets Best Insurance Services, LLC expanded its partnership with Independence American Insurance Company to avail its comprehensive underwriting services for pet insurance. Synchrony’s shares gained 2.3% on Jul 13, implying investors’ confidence in the company’s prospects.
This move bodes well for Synchrony, given the growing demand for pet insurance products in the United States. Synchrony relies on agency underwriting to market its insurance products and decreases its fixed costs associated with in-house underwriting. This partnership should boost Synchrony’s Health and Wellness top line in the future, which contributed 16% to total interest and fees on loans in the first quarter of 2023. The company provides pet owners with insurance products and financing options through CareCredit. Hence, strengthening its foothold in the pet insurance market will increase its interest income from credit products.
The U.S. pet insurance market holds promising prospects, driven by growing demand for pet insurance plans to minimize the out-of-pocket costs for serious illnesses or unanticipated injuries. Per BlueWeave Consulting, the U.S. pet insurance market is anticipated to witness a CAGR of 10.6% over the 2022-2028 forecasted period.
As a result of this partnership, Pets Best should deliver well on its mission to offer customized, comprehensive and affordable pet insurance for pet owners. Per North American Pet Health Insurance Association, pets insured increased 22% in 2022, implying an attractive market for SYF to tap the growing demand.
Synchrony acquired Pets Best, a leading U.S. pet insurance agency, back in 2019 to capture a significant share of the rapidly-growing pet insurance market. Pets Best offers a diverse range of affordable pricing and coverage options to address multiple vet expenses that rise frequently.
Price Performance
Shares of Synchrony Financial have gained 13.6% in the past year compared with the industry’s growth of 2.8%.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Synchrony Financial currently carries a Zacks Rank #3 (Hold).
WisdomTree’s bottom line outpaced estimates in one of the trailing four quarters, met twice and missed once. The average of earnings surprises is 6.9%.
The Zacks Consensus Estimate for WT’s 2023 earnings indicates a 34.6% rise, while the same for revenues suggests 15.1% growth from the respective prior-year reported figures.
The bottom line of Moody’s Corporation outpaced estimates in two of the trailing four quarters, while it missed twice, the average surprise being 7.3%.
The Zacks Consensus Estimate for MCO’s 2023 earnings per share is pegged at $9.84, while the same for revenues is pegged at $5.9 billion for 2023. The consensus mark for MCO’s 2023 earnings has moved 0.7% north in the past 30 days.
The bottom line of StoneX Group outpaced the Zacks Consensus Estimate in three of the trailing four quarters and missed once, the average surprise being 20.5%. The consensus mark for SNEX’s 2023 earnings has moved 0.8% north in the past 30 days.
The Zacks Consensus Estimate for SNEX’s 2023 earnings indicates a 3.4% rise, while the same for revenues suggests 38.7% growth from the respective prior-year reported figures.
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Synchrony (SYF) & JAB Partner to Grow Pet Insurance Footprint
Synchrony Financial’s (SYF - Free Report) Pets Best Insurance Services, LLC expanded its partnership with Independence American Insurance Company to avail its comprehensive underwriting services for pet insurance. Synchrony’s shares gained 2.3% on Jul 13, implying investors’ confidence in the company’s prospects.
This move bodes well for Synchrony, given the growing demand for pet insurance products in the United States. Synchrony relies on agency underwriting to market its insurance products and decreases its fixed costs associated with in-house underwriting. This partnership should boost Synchrony’s Health and Wellness top line in the future, which contributed 16% to total interest and fees on loans in the first quarter of 2023. The company provides pet owners with insurance products and financing options through CareCredit. Hence, strengthening its foothold in the pet insurance market will increase its interest income from credit products.
The U.S. pet insurance market holds promising prospects, driven by growing demand for pet insurance plans to minimize the out-of-pocket costs for serious illnesses or unanticipated injuries. Per BlueWeave Consulting, the U.S. pet insurance market is anticipated to witness a CAGR of 10.6% over the 2022-2028 forecasted period.
As a result of this partnership, Pets Best should deliver well on its mission to offer customized, comprehensive and affordable pet insurance for pet owners. Per North American Pet Health Insurance Association, pets insured increased 22% in 2022, implying an attractive market for SYF to tap the growing demand.
Synchrony acquired Pets Best, a leading U.S. pet insurance agency, back in 2019 to capture a significant share of the rapidly-growing pet insurance market. Pets Best offers a diverse range of affordable pricing and coverage options to address multiple vet expenses that rise frequently.
Price Performance
Shares of Synchrony Financial have gained 13.6% in the past year compared with the industry’s growth of 2.8%.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Synchrony Financial currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the Financial – Miscellaneous Space are WisdomTree, Inc. (WT - Free Report) , Moody's Corporation (MCO - Free Report) and StoneX Group Inc. (SNEX - Free Report) . Wisdom Tree sports a Zacks Rank #1 (Strong Buy), while Moody’s and StoneX carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
WisdomTree’s bottom line outpaced estimates in one of the trailing four quarters, met twice and missed once. The average of earnings surprises is 6.9%.
The Zacks Consensus Estimate for WT’s 2023 earnings indicates a 34.6% rise, while the same for revenues suggests 15.1% growth from the respective prior-year reported figures.
The bottom line of Moody’s Corporation outpaced estimates in two of the trailing four quarters, while it missed twice, the average surprise being 7.3%.
The Zacks Consensus Estimate for MCO’s 2023 earnings per share is pegged at $9.84, while the same for revenues is pegged at $5.9 billion for 2023. The consensus mark for MCO’s 2023 earnings has moved 0.7% north in the past 30 days.
The bottom line of StoneX Group outpaced the Zacks Consensus Estimate in three of the trailing four quarters and missed once, the average surprise being 20.5%. The consensus mark for SNEX’s 2023 earnings has moved 0.8% north in the past 30 days.
The Zacks Consensus Estimate for SNEX’s 2023 earnings indicates a 3.4% rise, while the same for revenues suggests 38.7% growth from the respective prior-year reported figures.