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Synchrony (SYF) & Veterinary Growth to Offer Pet Care Financing
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Synchrony Financial (SYF - Free Report) recently announced its partnership with the Veterinary Growth Partners (“VGP”) to offer financing options for pet care to VGP’s 7,300-plus members. VGP members can now access innovative digital features and marketing solutions, coupled with financing options, to expand their practices.
This move bodes well for Synchrony Financial, as wider adoption of CareCredit is expected to boost the top line in the future. With SYF’s CareCredit expansion, it is evident that the company is focused on expanding the business with attention paid to health systems. Health and Wellness accounted for 16% of the total interest and fees on loans of SYF in the second quarter of 2023. This move will also lead to increased contributions from this segment and a rise in the loan receivables portfolio, paving the way for higher interest income and fees on loans. The company expects loan receivables growth of more than 10% in 2023.
Synchrony Financial’s CareCredit will provide flexible financial solutions to pet owners and provide efficient and seamless service to vet practices and pet owners. Synchrony Financial will also offer education opportunities and member-only events to members of VGP and an opportunity to collaborate for marketing, co-branding, improve productivity. Pet parents can check if they prequalify for a CareCredit credit card without impacting their credit score in real time. They can apply on any smart device or over their phone. Once approved, pet parents can make the payment immediately. Short-term and long-term promotional financing options will be available depending on the purchase amount.
Partnerships similar to the latest one are expected to boost the presence of CareCredit across the pet care space. CareCredit is presently offered in 25,000-plus vet practices in the United States, and expanding the reach of CareCredit financing solutions also bolsters the purchasing power of consumers. It reduces hurdles for patients in availing of quality health care. SYF pursues uninterrupted efforts to offer advanced credit products best suited to address evolving customer expectations and serve diversified industries.
Shares of Synchrony Financial gained 1% in the past six months while the industry remained stable. SYF currently carries a Zacks Rank #2 (Buy).
The bottom line of Axos Financial outpaced estimates in each of the last four quarters, the average surprise being 11.6%. The Zacks Consensus Estimate for AX’s 2023 earnings and revenues suggests an improvement of 6.9% and 8.6%, respectively, from the year-ago reported figures.
Blue Owl Capital’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 4.5%. The Zacks Consensus Estimate for OBDC’s 2023 earnings and revenues suggests an improvement of 31.2% and 28.7%, respectively, from the year-ago reported figures. The consensus mark for OBDC’s 2023 earnings has moved 1% north in the past 60 days.
The bottom line of Globe Life outpaced estimates in each of the last four quarters, the average surprise being 2.2%. The Zacks Consensus Estimate for GL’s 2023 earnings and revenues suggests an improvement of 28.7% and 4.1%, respectively, from the year-ago reported figures.
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Synchrony (SYF) & Veterinary Growth to Offer Pet Care Financing
Synchrony Financial (SYF - Free Report) recently announced its partnership with the Veterinary Growth Partners (“VGP”) to offer financing options for pet care to VGP’s 7,300-plus members. VGP members can now access innovative digital features and marketing solutions, coupled with financing options, to expand their practices.
This move bodes well for Synchrony Financial, as wider adoption of CareCredit is expected to boost the top line in the future. With SYF’s CareCredit expansion, it is evident that the company is focused on expanding the business with attention paid to health systems. Health and Wellness accounted for 16% of the total interest and fees on loans of SYF in the second quarter of 2023. This move will also lead to increased contributions from this segment and a rise in the loan receivables portfolio, paving the way for higher interest income and fees on loans. The company expects loan receivables growth of more than 10% in 2023.
Synchrony Financial’s CareCredit will provide flexible financial solutions to pet owners and provide efficient and seamless service to vet practices and pet owners. Synchrony Financial will also offer education opportunities and member-only events to members of VGP and an opportunity to collaborate for marketing, co-branding, improve productivity. Pet parents can check if they prequalify for a CareCredit credit card without impacting their credit score in real time. They can apply on any smart device or over their phone. Once approved, pet parents can make the payment immediately. Short-term and long-term promotional financing options will be available depending on the purchase amount.
Partnerships similar to the latest one are expected to boost the presence of CareCredit across the pet care space. CareCredit is presently offered in 25,000-plus vet practices in the United States, and expanding the reach of CareCredit financing solutions also bolsters the purchasing power of consumers. It reduces hurdles for patients in availing of quality health care. SYF pursues uninterrupted efforts to offer advanced credit products best suited to address evolving customer expectations and serve diversified industries.
Shares of Synchrony Financial gained 1% in the past six months while the industry remained stable. SYF currently carries a Zacks Rank #2 (Buy).
Image Source: Zacks Investment Research
Other Stocks to Consider
Some other top-ranked stocks in the Financial – Miscellaneous Services space are Axos Financial, Inc. (AX - Free Report) , Blue Owl Capital Corporation (OBDC - Free Report) and Globe Life Inc. (GL - Free Report) . Each of these companies presently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The bottom line of Axos Financial outpaced estimates in each of the last four quarters, the average surprise being 11.6%. The Zacks Consensus Estimate for AX’s 2023 earnings and revenues suggests an improvement of 6.9% and 8.6%, respectively, from the year-ago reported figures.
Blue Owl Capital’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 4.5%. The Zacks Consensus Estimate for OBDC’s 2023 earnings and revenues suggests an improvement of 31.2% and 28.7%, respectively, from the year-ago reported figures. The consensus mark for OBDC’s 2023 earnings has moved 1% north in the past 60 days.
The bottom line of Globe Life outpaced estimates in each of the last four quarters, the average surprise being 2.2%. The Zacks Consensus Estimate for GL’s 2023 earnings and revenues suggests an improvement of 28.7% and 4.1%, respectively, from the year-ago reported figures.