Synchrony Collaborates With Pet Paradise, Expands CareCredit Offering

Synchrony Financial SYF recently announced its partnership with Pet Paradise, a pet care provider, to expand access to a plethora of care for pets. Through this partnership, SYF’s CareCredit health and wellness credit card can be used to pay for services like day camp packages, dog training, and extended boarding stays at 60 Pet Paradise locations by 2025-end.With this partnership, SYF is solidifying its position as the preferred financing solution for pet parents by expanding its reach with Pet Paradise. The move bodes well for Synchrony, as wider use of CareCredit should boost the top line in the future. The partnership demonstrates that SYF aims to expand its CareCredit offerings to new customers, with attention paid to health systems. Health and Wellness accounted for 17.3% of the total interest and fees on loans of SYF in the third quarter of 2024.This is a time-opportune move on SYF’s part, as the United States is the largest shareholder in the global pet boarding market, which is estimated to be worth $20 billion. As pet parents look for financing options to afford increasing spending on grooming and pet daycare, SYF’s CareCredit will come to the rescue. This partnership will also lead to higher contributions from this segment and a rise in the loan receivables portfolio, leading to higher interest income and fees on loans.Pet parents can check if they prequalify for a CareCredit credit card without impacting their credit score in real time. They can apply from any smart device, including their phones. Once approved, pet parents can make the payment immediately.Partnerships similar to the current one are expected to solidify CareCredit’s presence in the pet care space. CareCredit is currently 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.Synchrony’s Price PerformanceShares of Synchrony have gained 30.3% in the past six months compared with the industry’s 7.2% growth.Image Source: Zacks Investment ResearchSYF’s Zacks Rank & Key PicksSynchrony currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks in the broader Finance space are ProAssurance Corporation PRA, Kemper Corporation KMPR  and CNO Financial Group, Inc. CNO. ProAssurance and Kemper sport a Zacks Rank #1 (Strong Buy), while CNO Financial currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.ProAsssurance’s earnings surpassed the Zacks Consensus Estimate in three of the last four quarters and missed the mark once, the average surprise being 61.5%. The Zacks Consensus Estimate for PRA’s 2024 earnings is pegged at 80 cents per share. A loss of 14 cents per share was incurred in the prior year. The consensus mark for PRA’s earnings has moved 21.2% north in the past 60 days.Kemper’s earnings surpassed the Zacks Consensus Estimate in two of the last four quarters, met once and missed the other time, with an average surprise of 10.5%. The Zacks Consensus Estimate for KMPR’s 2024 earnings indicates an 824.3% year-over-year rise. Its revenues for 2024 are projected to be $4.6 billion. The consensus mark for KMPR’s earnings has moved 3.7% north in the past 60 days.CNO Financial’s earnings surpassed estimates in three of the last four quarters and missed once, with an average surprise of 24.5%. The Zacks Consensus Estimate for CNO’s 2024 earnings indicates a 20.7% year-over-year rise. Its revenues are projected to be $3.7 billion in 2024. The consensus mark for CNO’s 2024 earnings has remained stable in the past 30 days. Zacks Names #1 Semiconductor StockIt's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.See This Stock Now for Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CNO Financial Group, Inc. (CNO): Free Stock Analysis Report ProAssurance Corporation (PRA): Free Stock Analysis Report Kemper Corporation (KMPR): Free Stock Analysis Report Synchrony Financial (SYF): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks