Chemical Bank Trims Position in Southwest Airlines Company (LUV)
Chemical Bank decreased its stake in shares of Southwest Airlines Company (NYSE:LUV) by 25.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,619 shares of the airline’s stock after selling 10,855 shares during the period. Chemical Bank’s holdings in Southwest Airlines were worth $2,027,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. BDO Wealth Advisors LLC acquired a new position in Southwest Airlines during the 2nd quarter worth about $102,000. Pittenger & Anderson Inc. lifted its position in Southwest Airlines by 13.5% during the 2nd quarter. Pittenger & Anderson Inc. now owns 2,100 shares of the airline’s stock worth $130,000 after buying an additional 250 shares in the last quarter. National Pension Service acquired a new position in Southwest Airlines during the 2nd quarter worth about $141,000. Guardian Life Insurance Co. of America lifted its position in Southwest Airlines by 0.6% during the 1st quarter. Guardian Life Insurance Co. of America now owns 2,374 shares of the airline’s stock worth $128,000 after buying an additional 15 shares in the last quarter. Finally, Van ECK Associates Corp lifted its position in Southwest Airlines by 6.6% during the 1st quarter. Van ECK Associates Corp now owns 2,502 shares of the airline’s stock worth $135,000 after buying an additional 154 shares in the last quarter. Institutional investors and hedge funds own 79.42% of the company’s stock.
A number of research firms have issued reports on LUV. Zacks Investment Research downgraded shares of Southwest Airlines from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Morgan Stanley restated an “overweight” rating on shares of Southwest Airlines in a research report on Tuesday. Wolfe Research upgraded shares of Southwest Airlines from a “market perform” rating to an “outperform” rating in a research report on Friday, August 18th. Citigroup Inc. restated a “buy” rating and set a $64.00 target price (down from $65.00) on shares of Southwest Airlines in a research report on Thursday, September 7th. Finally, BidaskClub downgraded shares of Southwest Airlines from a “buy” rating to a “hold” rating in a research report on Friday, June 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $67.30.
In related news, Director William H. Dr Cunningham acquired 4,500 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The shares were bought at an average cost of $54.00 per share, with a total value of $243,000.00. Following the completion of the purchase, the director now directly owns 66,969 shares in the company, valued at $3,616,326. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.21% of the stock is owned by insiders.
Shares of Southwest Airlines Company (NYSE LUV) traded up 0.57% during mid-day trading on Wednesday, hitting $54.26. 1,835,766 shares of the company were exchanged. Southwest Airlines Company has a 12-month low of $36.31 and a 12-month high of $64.39. The company has a market capitalization of $32.48 billion, a price-to-earnings ratio of 16.64 and a beta of 1.29. The firm has a 50 day moving average of $54.23 and a 200 day moving average of $57.00.
Southwest Airlines (NYSE:LUV) last posted its quarterly earnings data on Thursday, July 27th. The airline reported $1.24 EPS for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.04. The company had revenue of $5.74 billion for the quarter, compared to analyst estimates of $5.73 billion. Southwest Airlines had a return on equity of 26.07% and a net margin of 9.63%. The firm’s quarterly revenue was up 6.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.19 earnings per share. Equities research analysts forecast that Southwest Airlines Company will post $3.73 earnings per share for the current year.
Southwest Airlines declared that its Board of Directors has initiated a stock buyback plan on Wednesday, May 17th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the airline to repurchase up to 5.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 14th. Investors of record on Thursday, August 24th will be paid a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date of this dividend is Tuesday, August 22nd. Southwest Airlines’s dividend payout ratio is currently 15.34%.
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Southwest Airlines Profile
Southwest Airlines Co (Southwest) operates Southwest Airlines, a passenger airline that provides scheduled air transportation in the United States and near-international markets. The Company provides point-to-point service. The Company offers ancillary service offerings, such as Southwest’s EarlyBird Check-In and transportation of pets and unaccompanied minors, in accordance with Southwest’s respective policies.
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