Washington Trust Bank increased its stake in Southwest Airlines Company (NYSE:LUV) by 25.1% during the second quarter, Holdings Channel reports. The firm owned 3,165 shares of the airline’s stock after buying an additional 635 shares during the period. Washington Trust Bank’s holdings in Southwest Airlines were worth $197,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in LUV. Guardian Life Insurance Co. of America increased its stake in Southwest Airlines by 0.6% in the first 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 during the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Southwest Airlines by 0.5% in the first quarter. Quadrant Capital Group LLC now owns 3,488 shares of the airline’s stock worth $184,000 after buying an additional 16 shares during the period. Buckingham Asset Management LLC boosted its stake in shares of Southwest Airlines by 0.3% in the first quarter. Buckingham Asset Management LLC now owns 5,690 shares of the airline’s stock worth $306,000 after buying an additional 16 shares during the period. Bank of Hawaii boosted its stake in shares of Southwest Airlines by 0.3% in the first quarter. Bank of Hawaii now owns 12,867 shares of the airline’s stock worth $692,000 after buying an additional 35 shares during the period. Finally, First Heartland Consultants Inc. boosted its stake in shares of Southwest Airlines by 0.3% in the first quarter. First Heartland Consultants Inc. now owns 16,293 shares of the airline’s stock worth $876,000 after buying an additional 43 shares during the period. Institutional investors own 79.69% of the company’s stock.
Shares of Southwest Airlines Company (LUV) traded down 0.158% on Monday, reaching $60.185. 399,921 shares of the company’s stock traded hands. The stock has a market cap of $36.39 billion, a price-to-earnings ratio of 18.052 and a beta of 1.29. The firm’s 50-day moving average is $61.22 and its 200-day moving average is $56.59. Southwest Airlines Company has a 52-week low of $35.42 and a 52-week high of $64.39.
Southwest Airlines (NYSE:LUV) last announced its quarterly earnings data on Thursday, April 27th. The airline reported $0.61 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.62 by $0.01. The firm had revenue of $4.88 billion during the quarter, compared to analysts’ expectations of $4.91 billion. Southwest Airlines had a return on equity of 26.75% and a net margin of 10.16%. The business’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period last year, the company earned $0.88 earnings per share. Analysts anticipate that Southwest Airlines Company will post $3.90 EPS for the current fiscal year.
Southwest Airlines declared that its board has approved a stock buyback plan on Wednesday, May 17th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the airline to reacquire up to 5.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 28th. Stockholders of record on Wednesday, June 7th were paid a $0.125 dividend. The ex-dividend date of this dividend was Monday, June 5th. This is a boost from Southwest Airlines’s previous quarterly dividend of $0.10. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.83%. Southwest Airlines’s dividend payout ratio is 15.11%.
LUV has been the topic of a number of research analyst reports. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $70.00 price target on shares of Southwest Airlines in a research report on Thursday, July 13th. Morgan Stanley reaffirmed an “overweight” rating on shares of Southwest Airlines in a research report on Friday, April 7th. BidaskClub cut shares of Southwest Airlines from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 12th. Vetr raised shares of Southwest Airlines from a “hold” rating to a “buy” rating and set a $64.21 price objective on the stock in a research report on Tuesday, June 27th. Finally, ValuEngine raised shares of Southwest Airlines from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $63.80.
In related news, CFO Tammy Romo sold 8,322 shares of the company’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $59.15, for a total transaction of $492,246.30. Following the completion of the transaction, the chief financial officer now owns 87,387 shares in the company, valued at $5,168,941.05. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Mark R. Shaw sold 3,823 shares of the company’s stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $59.13, for a total transaction of $226,053.99. Following the transaction, the senior vice president now owns 7,784 shares of the company’s stock, valued at approximately $460,267.92. The disclosure for this sale can be found here. Over the last three months, insiders sold 118,740 shares of company stock valued at $6,923,568. Corporate insiders own 0.18% of the company’s stock.
Southwest Airlines Company 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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