Econ Financial Services Corp Grows Stake in Southwest Airlines Co. (NYSE:LUV)

Econ Financial Services Corp lifted its holdings in Southwest Airlines Co. (NYSE:LUV - Free Report) by 78.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 74,453 shares of the airline's stock after buying an additional 32,817 shares during the quarter. Southwest Airlines accounts for 1.3% of Econ Financial Services Corp's portfolio, making the stock its 16th biggest holding. Econ Financial Services Corp's holdings in Southwest Airlines were worth $2,500,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Asset Management One Co. Ltd. boosted its position in shares of Southwest Airlines by 7.5% during the 1st quarter. Asset Management One Co. Ltd. now owns 70,410 shares of the airline's stock worth $2,364,000 after purchasing an additional 4,937 shares in the last quarter. Advisor Resource Council purchased a new position in Southwest Airlines in the 1st quarter valued at approximately $448,000. State of Alaska Department of Revenue raised its holdings in Southwest Airlines by 1.5% during the first quarter. State of Alaska Department of Revenue now owns 69,413 shares of the airline's stock worth $2,330,000 after purchasing an additional 1,035 shares during the last quarter. Inscription Capital LLC purchased a new stake in Southwest Airlines during the first quarter worth $366,000. Finally, QRG Capital Management Inc. purchased a new stake in Southwest Airlines during the first quarter worth $223,000. Institutional investors and hedge funds own 80.82% of the company's stock.

Southwest Airlines Trading Up 0.6%

Southwest Airlines stock traded up $0.20 during trading on Thursday, hitting $31.54. The company's stock had a trading volume of 6,318,065 shares, compared to its average volume of 10,249,733. The stock's fifty day moving average is $30.65 and its 200 day moving average is $31.10. Southwest Airlines Co. has a 1-year low of $23.58 and a 1-year high of $36.12. The stock has a market capitalization of $17.97 billion, a price-to-earnings ratio of 37.10, a P/E/G ratio of 4.53 and a beta of 1.23. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.72 and a current ratio of 0.77.

Southwest Airlines (NYSE:LUV - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The airline reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.05. The company had revenue of $6.43 billion during the quarter, compared to analysts' expectations of $6.47 billion. Southwest Airlines had a return on equity of 7.27% and a net margin of 1.98%. The firm's revenue was up 1.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.36) EPS. As a group, equities research analysts predict that Southwest Airlines Co. will post 1.55 EPS for the current year.

Southwest Airlines Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 9th. Investors of record on Wednesday, June 18th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.28%. The ex-dividend date of this dividend is Wednesday, June 18th. Southwest Airlines's dividend payout ratio (DPR) is 84.71%.

Insiders Place Their Bets

In other news, Director David P. Hess bought 7,500 shares of the firm's stock in a transaction dated Monday, April 28th. The stock was acquired at an average price of $26.52 per share, for a total transaction of $198,900.00. Following the acquisition, the director now owns 23,156 shares of the company's stock, valued at $614,097.12. This trade represents a 47.90% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Gregg A. Saretsky bought 3,670 shares of the company's stock in a transaction that occurred on Wednesday, April 30th. The shares were acquired at an average cost of $27.29 per share, with a total value of $100,154.30. Following the transaction, the director now owns 14,881 shares in the company, valued at approximately $406,102.49. This represents a 32.74% increase in their position. The disclosure for this purchase can be found here. 0.79% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on LUV shares. Jefferies Financial Group raised Southwest Airlines from an "underperform" rating to a "hold" rating and lifted their price target for the stock from $24.00 to $33.00 in a research note on Tuesday, May 27th. Barclays cut their target price on shares of Southwest Airlines from $32.00 to $26.00 and set an "equal weight" rating for the company in a research report on Thursday, April 24th. UBS Group lowered their price target on shares of Southwest Airlines from $36.00 to $27.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Susquehanna dropped their price objective on shares of Southwest Airlines from $34.00 to $25.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. Finally, Raymond James Financial reaffirmed an "outperform" rating and issued a $40.00 target price (down previously from $42.00) on shares of Southwest Airlines in a research note on Tuesday, April 29th. Five equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Southwest Airlines has a consensus rating of "Hold" and a consensus target price of $31.88.

Southwest Airlines Company Profile

Southwest Airlines Co operates as a passenger airline company that provides scheduled air transportation services in the United States and near-international markets. As of December 31, 2023, the company operated a total fleet of 817 Boeing 737 aircraft; and served 121 destinations in 42 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.