Zurich Insurance Group Ltd FI Buys Shares of 57,511 Southwest Airlines Company (LUV)
Zurich Insurance Group Ltd FI bought a new position in Southwest Airlines Company (NYSE:LUV) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 57,511 shares of the airline’s stock, valued at approximately $3,574,000.
Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its position in Southwest Airlines by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 38,498,787 shares of the airline’s stock valued at $2,069,695,000 after buying an additional 286,456 shares in the last quarter. BlackRock Inc. increased its holdings in shares of Southwest Airlines by 4,163.3% in the 1st quarter. BlackRock Inc. now owns 34,983,319 shares of the airline’s stock worth $1,880,703,000 after purchasing an additional 34,162,752 shares in the last quarter. State Street Corp raised its stake in shares of Southwest Airlines by 1.5% in the first quarter. State Street Corp now owns 23,480,558 shares of the airline’s stock worth $1,262,308,000 after purchasing an additional 353,960 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of Southwest Airlines by 13.1% in the second quarter. Ameriprise Financial Inc. now owns 8,836,067 shares of the airline’s stock worth $549,016,000 after purchasing an additional 1,026,892 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Southwest Airlines by 6.2% in the first quarter. Geode Capital Management LLC now owns 5,674,040 shares of the airline’s stock worth $304,649,000 after purchasing an additional 332,285 shares during the last quarter. Institutional investors own 79.42% of the company’s stock.
LUV has been the topic of several research reports. Wolfe Research cut shares of Southwest Airlines from an “outperform” rating to a “market perform” rating and set a $63.00 target price on the stock. in a report on Monday, July 10th. They noted that the move was a valuation call. Morgan Stanley reissued an “overweight” rating and set a $66.00 price target (up previously from $65.00) on shares of Southwest Airlines in a report on Monday, July 10th. BidaskClub downgraded Southwest Airlines from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 12th. Zacks Investment Research upgraded shares of Southwest Airlines from a “hold” rating to a “buy” rating and set a $70.00 price target for the company in a research report on Tuesday, July 4th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $70.00 target price on shares of Southwest Airlines in a report on Thursday, July 13th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and fourteen have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $66.95.
In other Southwest Airlines news, Director William H. Dr Cunningham purchased 4,500 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The stock was purchased at an average cost of $54.00 per share, with a total value of $243,000.00. Following the transaction, the director now owns 66,969 shares in the company, valued at $3,616,326. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.21% of the stock is currently owned by insiders.
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Shares of Southwest Airlines Company (NYSE LUV) traded up 0.96% during midday trading on Wednesday, hitting $59.07. 1,034,602 shares of the company were exchanged. Southwest Airlines Company has a 52-week low of $36.91 and a 52-week high of $64.39. The company has a 50-day moving average price of $53.77 and a 200-day moving average price of $56.86. The stock has a market capitalization of $35.36 billion, a price-to-earnings ratio of 18.11 and a beta of 1.32.
Southwest Airlines (NYSE:LUV) last issued its quarterly earnings results on Thursday, July 27th. The airline reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. Southwest Airlines had a return on equity of 26.07% and a net margin of 9.63%. The company had revenue of $5.74 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same quarter in the prior year, the company posted $1.19 EPS. The business’s revenue for the quarter was up 6.7% compared to the same quarter last year. On average, analysts forecast that Southwest Airlines Company will post $3.64 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 14th. Stockholders of record on Thursday, August 24th were paid a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 0.85%. The ex-dividend date was Tuesday, August 22nd. Southwest Airlines’s dividend payout ratio is currently 15.34%.
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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