Pinnacle Financial Partners Inc. Sells 1,968 Shares of Southwest Airlines Company (NYSE:LUV)
Pinnacle Financial Partners Inc. cut its position in shares of Southwest Airlines Company (NYSE:LUV) by 27.4% during the second quarter, Holdings Channel reports. The firm owned 5,212 shares of the airline’s stock after selling 1,968 shares during the period. Pinnacle Financial Partners Inc.’s holdings in Southwest Airlines were worth $324,000 as of its most recent filing with the SEC.
Several other large investors also recently added to or reduced their stakes in the stock. Huntington National Bank raised its stake in Southwest Airlines by 53.7% in the first quarter. Huntington National Bank now owns 6,847 shares of the airline’s stock worth $368,000 after buying an additional 2,392 shares during the period. Moody National Bank Trust Division acquired a new position in Southwest Airlines during the first quarter worth approximately $466,000. Deschutes Portfolio Strategy LLC acquired a new position in Southwest Airlines during the first quarter worth approximately $283,000. Nisa Investment Advisors LLC raised its position in Southwest Airlines by 5.3% in the first quarter. Nisa Investment Advisors LLC now owns 272,607 shares of the airline’s stock worth $14,654,000 after buying an additional 13,603 shares during the last quarter. Finally, Boston Advisors LLC acquired a new position in Southwest Airlines during the first quarter worth approximately $2,454,000. 80.58% of the stock is owned by institutional investors.
Southwest Airlines Company (LUV) opened at 54.72 on Tuesday. Southwest Airlines Company has a one year low of $36.05 and a one year high of $64.39. The company has a market capitalization of $32.75 billion, a PE ratio of 16.78 and a beta of 1.26. The company has a 50-day moving average price of $59.36 and a 200-day moving average price of $57.29.
Southwest Airlines (NYSE:LUV) last posted its quarterly earnings results on Thursday, July 27th. The airline reported $1.24 EPS for the quarter, beating the consensus estimate of $1.20 by $0.04. Southwest Airlines had a net margin of 9.63% and a return on equity of 26.07%. The company had revenue of $5.74 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same period in the prior year, the company earned $1.19 earnings per share. The firm’s revenue was up 6.7% on a year-over-year basis. Analysts expect that Southwest Airlines Company will post $3.80 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 14th. Shareholders of record on Thursday, August 24th will be issued a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 0.91%. The ex-dividend date of this dividend is Tuesday, August 22nd. Southwest Airlines’s payout ratio is 15.34%.
Southwest Airlines declared that its Board of Directors has authorized a share repurchase program on Wednesday, May 17th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the airline to buy up to 5.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
A number of research analysts have commented on LUV shares. Cowen and Company reaffirmed a “buy” rating and set a $67.00 price target on shares of Southwest Airlines in a research report on Friday, July 28th. BidaskClub lowered Southwest Airlines from a “hold” rating to a “sell” rating in a research report on Sunday, July 30th. Morgan Stanley reaffirmed an “overweight” rating and set a $66.00 price target (up previously from $65.00) on shares of Southwest Airlines in a research report on Monday, July 10th. Imperial Capital upped their price target on Southwest Airlines from $63.00 to $68.00 and gave the company an “outperform” rating in a research report on Friday, April 28th. Finally, Deutsche Bank AG upped their price target on Southwest Airlines from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, April 28th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $65.78.
In other news, Director William H. Dr Cunningham acquired 4,500 shares of the firm’s stock in a transaction on Friday, August 11th. The stock was acquired at an average price of $54.00 per share, for a total transaction of $243,000.00. Following the completion of the transaction, the director now owns 66,969 shares in the company, valued at approximately $3,616,326. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Gary C. Kelly sold 51,000 shares of the company’s stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $57.06, for a total transaction of $2,910,060.00. Following the completion of the transaction, the chairman now owns 556,808 shares of the company’s stock, valued at approximately $31,771,464.48. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 118,740 shares of company stock worth $6,923,568. 0.21% of the stock is owned by corporate insiders.
About Southwest Airlines
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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