First Citizens Bank & Trust Co. lowered its position in Southwest Airlines Co. (NYSE:LUV) by 8.3% during the second quarter, Holdings Channel reports. The firm owned 140,636 shares of the airline’s stock after selling 12,749 shares during the period. First Citizens Bank & Trust Co.’s holdings in Southwest Airlines were worth $5,514,000 as of its most recent filing with the SEC.
A number of other hedge funds have also bought and sold shares of LUV. Franklin Resources Inc. increased its stake in Southwest Airlines by 38.9% in the first quarter. Franklin Resources Inc. now owns 72,037 shares of the airline’s stock worth $3,227,000 after buying an additional 20,161 shares during the period. BlackRock Group LTD increased its stake in Southwest Airlines by 5.7% in the first quarter. BlackRock Group LTD now owns 3,798,226 shares of the airline’s stock worth $170,160,000 after buying an additional 204,229 shares during the period. JPMorgan Chase & Co. increased its stake in Southwest Airlines by 45.6% in the first quarter. JPMorgan Chase & Co. now owns 3,400,713 shares of the airline’s stock worth $152,353,000 after buying an additional 1,065,198 shares during the period. NN Investment Partners Holdings N.V. acquired a new stake in Southwest Airlines during the first quarter worth about $30,700,000. Finally, Bessemer Group Inc. increased its stake in Southwest Airlines by 1.7% in the first quarter. Bessemer Group Inc. now owns 91,663 shares of the airline’s stock worth $4,107,000 after buying an additional 1,541 shares during the period. 78.34% of the stock is owned by hedge funds and other institutional investors.
Shares of Southwest Airlines Co. (NYSE:LUV) traded down 1.825% on Friday, hitting $38.455. The stock had a trading volume of 5,358,084 shares. The company has a market cap of $23.85 billion, a price-to-earnings ratio of 10.200 and a beta of 0.80. Southwest Airlines Co. has a 52 week low of $33.96 and a 52 week high of $51.34. The firm has a 50 day moving average price of $37.42 and a 200-day moving average price of $40.61.
Southwest Airlines (NYSE:LUV) last announced its quarterly earnings data on Thursday, July 21st. The airline reported $1.19 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.21 by $0.02. Southwest Airlines had a return on equity of 34.25% and a net margin of 11.95%. The firm had revenue of $5.38 billion for the quarter, compared to analyst estimates of $5.41 billion. During the same period in the previous year, the business posted $1.03 EPS. Southwest Airlines’s revenue for the quarter was up 5.3% compared to the same quarter last year. Analysts anticipate that Southwest Airlines Co. will post $3.78 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 8th. Investors of record on Thursday, August 18th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.02%. The ex-dividend date of this dividend was Tuesday, August 16th. Southwest Airlines’s dividend payout ratio is 10.61%.
A number of equities analysts have weighed in on LUV shares. Vetr upgraded Southwest Airlines from a “buy” rating to a “strong-buy” rating and set a $43.50 price target for the company in a report on Wednesday, September 28th. Deutsche Bank AG restated a “buy” rating and issued a $57.00 price target on shares of Southwest Airlines in a report on Saturday, June 25th. Credit Suisse Group AG set a $48.00 price target on Southwest Airlines and gave the stock a “buy” rating in a report on Monday, September 12th. Imperial Capital started coverage on Southwest Airlines in a report on Friday, September 9th. They issued an “outperform” rating and a $46.00 price target for the company. Finally, Zacks Investment Research cut Southwest Airlines from a “hold” rating to a “sell” rating in a report on Thursday, July 14th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Southwest Airlines presently has a consensus rating of “Buy” and an average target price of $48.18.
In related news, insider Gary C. Kelly purchased 28,106 shares of the firm’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were acquired at an average price of $35.58 per share, with a total value of $1,000,011.48. Following the purchase, the insider now directly owns 505,119 shares in the company, valued at $17,972,134.02. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO De Ven Michael G. Van purchased 4,200 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was bought at an average cost of $35.77 per share, for a total transaction of $150,234.00. Following the purchase, the chief operating officer now owns 183,245 shares in the company, valued at $6,554,673.65. The disclosure for this purchase can be found here. 0.18% of the stock is owned by corporate insiders.
Southwest Airlines Company Profile
Southwest Airlines Co (Southwest) operates Southwest Airlines. Southwest is a passenger airline that provides scheduled air transportation in the United States and near-international markets. The Company serves approximately 100 destinations in over 40 states, such as the District of Columbia, the Commonwealth of Puerto Rico, and approximately seven near-international countries, including Mexico, Jamaica, The Bahamas, Aruba, Dominican Republic, Costa Rica, and Belize.