Synchrony Financial (NYSE: SYF), a leading consumer financial services company, has recently made an exciting announcement regarding its dividend payments for the third quarter of 2023. The company's Board of Directors has approved an increase in both its common stock and preferred stock dividends, delivering positive news to its shareholders.

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Dividend Increase for Common Stock

The Board of Directors at Synchrony Financial has declared a quarterly cash dividend of $0.25 per share of common stock. This dividend is set to be paid on August 10, 2023, to all eligible shareholders of record as of July 31, 2023. With this announcement, Synchrony continues to demonstrate its commitment to rewarding its investors with consistent and attractive dividends.

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Dividend for Preferred Stockholders

In addition to the common stock dividend increase, Synchrony Financial's Board of Directors has also declared a quarterly cash dividend for the outstanding shares of its 5.625% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A. Each share of the Series A Preferred Stock is represented by depositary shares, with each depositary share equivalent to a 1/40th interest in a share of Series A Preferred Stock.

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The dividend for the Series A Preferred Stock amounts to approximately $14.06 per share, which is equivalent to $0.351563 per outstanding depositary share. Eligible shareholders of the Series A Preferred Stock will receive this dividend on August 14, 2023, provided they are recorded as shareholders at the close of business on July 31, 2023.