Synovus Financial Corp lifted its stake in Southwest Airlines Co. (NYSE:LUV) by 9.3% during the first quarter, HoldingsChannel reports. The fund owned 9,387 shares of the airline’s stock after purchasing an additional 800 shares during the quarter. Synovus Financial Corp’s holdings in Southwest Airlines were worth $573,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of LUV. Bay Harbor Wealth Management LLC increased its stake in shares of Southwest Airlines by 2,108.0% in the fourth quarter. Bay Harbor Wealth Management LLC now owns 552 shares of the airline’s stock worth $26,000 after acquiring an additional 527 shares during the last quarter. Lindbrook Capital LLC increased its position in Southwest Airlines by 2,010.0% during the first quarter. Lindbrook Capital LLC now owns 422 shares of the airline’s stock worth $26,000 after buying an additional 402 shares during the last quarter. Phoenix Wealth Advisors acquired a new position in Southwest Airlines during the fourth quarter worth $28,000. SOA Wealth Advisors LLC. acquired a new position in Southwest Airlines during the fourth quarter worth $31,000. Finally, Jacobi Capital Management LLC boosted its holdings in Southwest Airlines by 368.0% during the fourth quarter. Jacobi Capital Management LLC now owns 702 shares of the airline’s stock valued at $33,000 after acquiring an additional 552 shares during the period. 78.17% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have issued reports on LUV. Barclays upped their price target on shares of Southwest Airlines from $51.00 to $64.00 in a report on Thursday, April 15th. Zacks Investment Research upgraded shares of Southwest Airlines from a “sell” rating to a “hold” rating and set a $65.00 price target for the company in a report on Wednesday, March 31st. Deutsche Bank Aktiengesellschaft upgraded shares of Southwest Airlines from a “hold” rating to a “buy” rating and set a $64.00 price target for the company in a report on Monday, February 22nd. Morgan Stanley upped their price target on shares of Southwest Airlines from $59.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday, April 6th. Finally, JPMorgan Chase & Co. upgraded shares of Southwest Airlines from an “underweight” rating to a “neutral” rating and increased their target price for the company from $44.00 to $66.00 in a research note on Wednesday, April 14th. Three analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $60.38.
Southwest Airlines (NYSE:LUV) last announced its quarterly earnings results on Wednesday, April 21st. The airline reported ($1.72) EPS for the quarter, topping analysts’ consensus estimates of ($1.85) by $0.13. The firm had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.02 billion. Southwest Airlines had a negative net margin of 41.71% and a negative return on equity of 46.10%. The company’s revenue for the quarter was down 51.5% compared to the same quarter last year. During the same quarter last year, the company earned ($0.15) earnings per share. On average, analysts expect that Southwest Airlines Co. will post -1.32 earnings per share for the current fiscal year.
In other news, Director John T. Montford sold 500 shares of the firm’s stock in a transaction that occurred on Monday, March 15th. The shares were sold at an average price of $61.85, for a total transaction of $30,925.00. Following the completion of the sale, the director now owns 22,332 shares of the company’s stock, valued at $1,381,234.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.32% of the company’s stock.
About Southwest Airlines
Southwest Airlines Co operates as a passenger airline company that provide scheduled air transportation services in the United States and near-international markets. As of December 31, 2020, the company operated a total fleet of 718 Boeing 737 aircrafts; and served 107 destinations in 40 states, the District of Columbia, and the Commonwealth of Puerto Rico, as well as ten near-international countries, including Mexico, Jamaica, the Bahamas, Aruba, the Dominican Republic, Costa Rica, Belize, Cuba, the Cayman Islands, and Turks and Caicos.
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