Synovus Financial Corp Has $1.40 Million Stock Holdings in Rush Enterprises, Inc. $RUSHA

Key Points

• Synovus Financial Corp increased its stake in Rush Enterprises, Inc. by 24% in Q1, now holding 26,194 shares valued at approximately $1.40 million.
• Rush Enterprises recently reported an earnings per share (EPS) of $0.90 for the last quarter, surpassing estimates, while announcing an increase in its quarterly dividend to $0.19.
• Institutional investors own 84.43% of Rush Enterprises' stock, indicating a strong institutional interest in the company.

Synovus Financial Corp boosted its holdings in Rush Enterprises, Inc. (NASDAQ:RUSHA - Free Report) by 24.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 26,194 shares of the company's stock after purchasing an additional 5,073 shares during the quarter. Synovus Financial Corp's holdings in Rush Enterprises were worth $1,399,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Oliver Luxxe Assets LLC raised its stake in Rush Enterprises by 33.6% in the 1st quarter. Oliver Luxxe Assets LLC now owns 38,215 shares of the company's stock worth $2,041,000 after purchasing an additional 9,612 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in Rush Enterprises by 26.7% in the 1st quarter. Smartleaf Asset Management LLC now owns 1,078 shares of the company's stock worth $58,000 after purchasing an additional 227 shares in the last quarter. AlphaQuest LLC acquired a new stake in Rush Enterprises in the 1st quarter worth about $30,000. T. Rowe Price Investment Management Inc. raised its stake in Rush Enterprises by 1.9% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 2,218,650 shares of the company's stock worth $118,499,000 after purchasing an additional 41,407 shares in the last quarter. Finally, Hsbc Holdings PLC raised its stake in Rush Enterprises by 18.5% in the 1st quarter. Hsbc Holdings PLC now owns 14,078 shares of the company's stock worth $749,000 after purchasing an additional 2,201 shares in the last quarter. Institutional investors and hedge funds own 84.43% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on RUSHA. Stephens reiterated an "overweight" rating on shares of Rush Enterprises in a research note on Monday, August 4th. Wall Street Zen cut shares of Rush Enterprises from a "buy" rating to a "hold" rating in a research note on Sunday, July 13th. One analyst has rated the stock with a Buy rating, According to MarketBeat.com, Rush Enterprises has an average rating of "Buy" and a consensus price target of $61.00.

Insider Activity

In other news, SVP Michael L. Goldstone sold 4,500 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $57.25, for a total value of $257,625.00. Following the completion of the transaction, the senior vice president directly owned 12,510 shares in the company, valued at approximately $716,197.50. The trade was a 26.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jason Wilder sold 4,980 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $55.55, for a total transaction of $276,639.00. Following the transaction, the chief operating officer owned 79,692 shares of the company's stock, valued at approximately $4,426,890.60. This represents a 5.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,480 shares of company stock worth $862,104. 12.28% of the stock is currently owned by corporate insiders.

Rush Enterprises Price Performance

Shares of NASDAQ:RUSHA traded down $0.49 during midday trading on Monday, hitting $57.40. The stock had a trading volume of 230,994 shares, compared to its average volume of 302,738. The company's 50-day moving average price is $54.72 and its 200-day moving average price is $53.23. The company has a market capitalization of $4.47 billion, a P/E ratio of 16.35, a price-to-earnings-growth ratio of 1.62 and a beta of 0.88. The company has a quick ratio of 0.32, a current ratio of 1.39 and a debt-to-equity ratio of 0.23. Rush Enterprises, Inc. has a fifty-two week low of $46.30 and a fifty-two week high of $65.43.

Rush Enterprises (NASDAQ:RUSHA - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. The company had revenue of $1.93 billion during the quarter, compared to analysts' expectations of $1.89 billion. Rush Enterprises had a net margin of 3.73% and a return on equity of 13.29%. As a group, equities research analysts predict that Rush Enterprises, Inc. will post 3.91 EPS for the current fiscal year.

Rush Enterprises Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Tuesday, August 12th will be given a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Tuesday, August 12th. This is a boost from Rush Enterprises's previous quarterly dividend of $0.18. Rush Enterprises's dividend payout ratio is presently 21.65%.

About Rush Enterprises

Rush Enterprises, Inc, through its subsidiaries, operates as an integrated retailer of commercial vehicles and related services in the United States and Canada. The company operates a network of commercial vehicle dealerships under the Rush Truck Centers name. Its Rush Truck Centers primarily sell commercial vehicles manufactured by Peterbilt, International, Hino, Ford, Isuzu, IC Bus, Blue Bird, and Dennis Eagle.