Synovus Financial Corp Sells 11,088 Shares of CSX Corporation $CSX

Key Points

• Synovus Financial Corp has reduced its stake in CSX Corporation by 9.1%, now holding 111,266 shares valued at approximately $3.28 million.
• Multiple institutional investors have increased their positions in CSX, with Ameriprise Financial raising its stake by nearly 90%, now owning over 20.8 million shares.
• The stock recently closed down 5.1%, with a current share price of $32.81, while analysts have set a consensus target price of $37.00 with a "Moderate Buy" rating.

Synovus Financial Corp decreased its stake in CSX Corporation (NASDAQ:CSX - Free Report) by 9.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 111,266 shares of the transportation company's stock after selling 11,088 shares during the period. Synovus Financial Corp's holdings in CSX were worth $3,275,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of CSX. Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of CSX in the 4th quarter valued at $27,000. Rossby Financial LCC purchased a new stake in CSX during the 1st quarter worth $28,000. Accredited Wealth Management LLC purchased a new stake in CSX during the 4th quarter worth $29,000. Fourth Dimension Wealth LLC purchased a new stake in CSX during the 4th quarter worth $29,000. Finally, Barnes Dennig Private Wealth Management LLC purchased a new stake in CSX during the 1st quarter worth $30,000. Hedge funds and other institutional investors own 73.57% of the company's stock.

CSX Stock Performance

Shares of NASDAQ CSX traded down $0.15 during trading hours on Friday, hitting $32.51. 13,464,388 shares of the stock were exchanged, compared to its average volume of 17,100,004. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.77 and a quick ratio of 0.63. The company's 50 day moving average is $34.36 and its 200 day moving average is $31.67. The firm has a market capitalization of $60.61 billion, a P/E ratio of 20.07, a P/E/G ratio of 2.43 and a beta of 1.25. CSX Corporation has a one year low of $26.22 and a one year high of $37.25.

CSX (NASDAQ:CSX - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The transportation company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.02. The business had revenue of $3.57 billion during the quarter, compared to the consensus estimate of $3.57 billion. CSX had a net margin of 21.92% and a return on equity of 25.48%. CSX's quarterly revenue was down 3.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.49 EPS. On average, research analysts expect that CSX Corporation will post 1.83 EPS for the current year.

CSX Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be paid a $0.13 dividend. The ex-dividend date is Friday, August 29th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.6%. CSX's dividend payout ratio is currently 32.10%.

Wall Street Analyst Weigh In

CSX has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. upped their target price on shares of CSX from $34.00 to $41.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Wells Fargo & Company raised their price target on shares of CSX from $35.00 to $37.00 and gave the company an "equal weight" rating in a research note on Thursday, July 24th. Raymond James Financial increased their target price on shares of CSX from $33.00 to $37.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Robert W. Baird lifted their price target on CSX from $38.00 to $44.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of CSX from a "hold" rating to a "buy" rating and set a $40.00 target price on the stock in a report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $37.00.

About CSX

CSX Corporation, together with its subsidiaries, provides rail-based freight transportation services. The company offers rail services; and transportation of intermodal containers and trailers, as well as other transportation services, such as rail-to-truck transfers and bulk commodity operations. It also transports chemicals, agricultural and food products, minerals, automotive, forest products, fertilizers, and metals and equipment; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants, as well as exports coal to deep-water port facilities.