Synovus Financial Corp Has $1.45 Million Stock Holdings in International Paper (NYSE:IP)

Synovus Financial Corp cut its holdings in shares of International Paper (NYSE:IP) by 4.9% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 29,696 shares of the basic materials company’s stock after selling 1,528 shares during the period. Synovus Financial Corp’s holdings in International Paper were worth $1,451,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brooklyn Investment Group bought a new position in shares of International Paper during the 3rd quarter valued at about $25,000. Legacy Investment Solutions LLC acquired a new stake in International Paper during the 3rd quarter worth approximately $28,000. Ashton Thomas Securities LLC bought a new position in International Paper in the third quarter valued at approximately $28,000. Innealta Capital LLC acquired a new position in shares of International Paper in the second quarter valued at approximately $26,000. Finally, Eastern Bank bought a new stake in shares of International Paper during the third quarter worth $40,000. 81.95% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at International Paper

In other news, Director Kathryn D. Sullivan sold 600 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $48.08, for a total value of $28,848.00. Following the completion of the sale, the director now owns 38,945 shares of the company’s stock, valued at approximately $1,872,475.60. The trade was a 1.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 3,000 shares of company stock worth $158,904 over the last quarter. Company insiders own 0.55% of the company’s stock.

International Paper Stock Performance

Shares of NYSE IP opened at $55.54 on Monday. The company has a current ratio of 1.53, a quick ratio of 1.11 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $19.30 billion, a P/E ratio of 47.47 and a beta of 1.02. International Paper has a 12 month low of $32.70 and a 12 month high of $60.36. The stock has a 50 day moving average of $53.95 and a 200-day moving average of $49.02.

International Paper (NYSE:IP) last released its quarterly earnings data on Thursday, October 31st. The basic materials company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.20. The firm had revenue of $4.69 billion during the quarter, compared to analysts’ expectations of $4.70 billion. International Paper had a net margin of 2.25% and a return on equity of 6.49%. The company’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.64 earnings per share. As a group, equities research analysts predict that International Paper will post 1.18 EPS for the current year.

International Paper Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 15th will be given a dividend of $0.4625 per share. The ex-dividend date is Friday, November 15th. This represents a $1.85 annualized dividend and a yield of 3.33%. International Paper’s dividend payout ratio (DPR) is presently 158.12%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on IP shares. Truist Financial reiterated a “buy” rating and set a $61.00 price objective (up from $57.00) on shares of International Paper in a report on Friday, November 1st. BNP Paribas lowered International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 target price on the stock. in a report on Wednesday, November 13th. Finally, Royal Bank of Canada increased their price target on International Paper from $56.00 to $64.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $51.54.

International Paper Profile

International Paper Company produces and sells renewable fiber-based packaging and pulp products in North America, Latin America, Europe, and North Africa. It operates through two segments, Industrial Packaging and Global Cellulose Fibers. The company offers linerboard, medium, whitetop, recycled linerboard, recycled medium and saturating kraft; and pulp for a range of applications, such as diapers, towel and tissue products, feminine care, incontinence, and other personal care products, as well as specialty pulps for use in textiles, construction materials, paints, coatings, and others.