Synchrony (SYF), the Dutch introduced an extended pet insurance plan and other news

Synchrony Financial SYF recently collaborated with a Dutch veterinary telemedicine company. Under the terms of the deal, the Pets Best subsidiary will be the first to extend the benefits of its insurance plans to participants in the second year’s veterinary care. An offer called “Dutch x Pets Best Insurance Plan” is available on the Dutch website.

The Enhanced Pet Insurance Plan, formed by integrating Pets Best’s Accident Only insurance plan with Dutch Veterinary Care’s ongoing online services, is likely to provide a range of cost-effective and virtual pet care solutions for urgent and daily needs. .

The new proposal aims to simplify the pet insurance process, whereby pet parents can easily cover the costs of medical treatment or other costs associated with owning a pet, which often causes financial stress. In the event of pet accidents requiring emergency personal assistance, the insurance plan will act as a cushion for the pet parents.

The recent collaboration reflects Synchrony’s sincere efforts to strengthen its presence in the US pet insurance market. The market is looking promising, driven by growing demand for pet insurance plans to minimize out-of-pocket costs in the event of serious illness or unforeseen injury. According to BlueWeave Consulting, the US pet insurance market is expected to have a CAGR of 10.6% during the 2022-2028 forecast period.

As the leading provider of telemedicine, personalized treatment plans, and pet prescription drug providers in most US states, Dutch seems like a suitable partner to complement SYF’s efforts. Both partners are implementing API-based solutions and advanced pet insurance products to meet the growing demand for veterinary services.

Synchrony acquired Pets Best, the leading US pet insurance agency, back in 2019 to capture a significant share of the rapidly growing pet insurance market. Pets Best offers a wide range of affordable pricing and coverage options to help cover the many veterinary expenses that can come up frequently.

The last move can also be called timely. According to the American Pet Products Association (APPA), 70% of American households own a pet. Despite having a large population of pets, only 3% of pets in the United States remain insured, according to the North American Pet Health Insurance Association (NAPHIA).

Synchrony’s stock has risen 10.9% over the past six months against the industry’s 5.7% drop. SYF currently holds Zacks Rank #3 (Hold).

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Some of the best-rated stocks in finance are: Carter Banksharz, Inc. CARE, Howard Hughes Corporation HHC and lakeland finance corporation LKFN. While Carter Bankshares flaunts Zacks Rank #1 (strong buy), Howard Hughes and Lakeland Financial currently have Zacks Rank #2 (buy). You can see full list of today’s Zacks #1 Rank stocks here.

Carter Bankshares’ earnings beat estimates in three of the last four quarters and fell short once, averaging 4.92%. The Zacks consensus estimate for CARE revenue in 2022 suggests an improvement of 84.1%, while the same for revenue suggests a 13.3% increase from the corresponding data released a year ago. The consensus mark for CARE earnings for 2022 has shifted by 7.7% over the past 30 days.

Howard Hughes’ bottom line has outperformed estimates in three of the last four quarters and missed once, with an average surprise rate of 83.81%. The Zacks consensus estimate for HHC’s 2022 earnings is pegged at $3.49 per share, more than three times the figure reported a year ago. The same for revenue suggests an 8.4% improvement over last year. The consensus mark for HHC earnings for 2022 has shifted 0.3% over the last 30 days.

Lakeland Financial’s earnings have outperformed estimates in three of the last four quarters and fell short once, with an average surprise rate of 4.14%. The Zacks consensus estimate for LKFN revenue in 2022 suggests an improvement of 11.5%, while the same for revenue suggests a 9.9% increase from the corresponding data released a year ago. The consensus mark for LKFN earnings for 2022 has shifted by 4% over the last 30 days.

Shares of Carter Bankshares and Lakeland Financial are up 25.4% and 9.4%, respectively, over the past six months. However, over the same period, Howard Hughes shares lost 15.2%.

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The views and opinions expressed herein are those of the author and do not necessarily reflect the views and opinions of Nasdaq, Inc.

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