Synovus Financial Corp Lowers Holdings in General Dynamics Co. (NYSE:GD)

Synovus Financial Corp lowered its holdings in shares of General Dynamics Co. (NYSE:GD) by 0.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,961 shares of the aerospace company’s stock after selling 441 shares during the quarter. Synovus Financial Corp’s holdings in General Dynamics were worth $22,956,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Diversified Trust Co increased its holdings in shares of General Dynamics by 34.4% in the second quarter. Diversified Trust Co now owns 2,020 shares of the aerospace company’s stock worth $586,000 after purchasing an additional 517 shares during the last quarter. Fiduciary Financial Group LLC purchased a new stake in shares of General Dynamics during the 2nd quarter worth approximately $339,000. Triad Wealth Partners LLC bought a new position in shares of General Dynamics during the 2nd quarter valued at approximately $95,000. Blue Trust Inc. increased its position in General Dynamics by 31.4% in the second quarter. Blue Trust Inc. now owns 1,398 shares of the aerospace company’s stock worth $395,000 after purchasing an additional 334 shares during the last quarter. Finally, Brookstone Capital Management lifted its position in General Dynamics by 4.3% during the second quarter. Brookstone Capital Management now owns 22,288 shares of the aerospace company’s stock valued at $6,508,000 after purchasing an additional 920 shares during the last quarter. Institutional investors own 86.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on GD. Seaport Res Ptn downgraded shares of General Dynamics from a “strong-buy” rating to a “hold” rating in a report on Friday, October 11th. The Goldman Sachs Group downgraded General Dynamics from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $283.00 to $245.00 in a research report on Thursday. Wolfe Research cut General Dynamics from an “outperform” rating to a “peer perform” rating in a report on Wednesday. Citigroup increased their price target on General Dynamics from $331.00 to $354.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $300.00 price objective (down from $345.00) on shares of General Dynamics in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $317.38.

Insider Transactions at General Dynamics

In related news, VP Christopher J. Brady sold 5,540 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $280.91, for a total value of $1,556,241.40. Following the completion of the transaction, the vice president now owns 20,296 shares in the company, valued at $5,701,349.36. This trade represents a 21.44 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Peter A. Wall sold 1,320 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $308.05, for a total value of $406,626.00. Following the completion of the transaction, the director now directly owns 3,592 shares in the company, valued at $1,106,515.60. This represents a 26.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.52% of the company’s stock.

General Dynamics Stock Performance

Shares of GD stock opened at $263.04 on Friday. The company’s 50 day moving average is $292.58 and its 200 day moving average is $293.98. The company has a quick ratio of 0.80, a current ratio of 1.32 and a debt-to-equity ratio of 0.32. The firm has a market cap of $72.33 billion, a price-to-earnings ratio of 20.03, a PEG ratio of 1.63 and a beta of 0.59. General Dynamics Co. has a 52-week low of $247.36 and a 52-week high of $316.90.

General Dynamics (NYSE:GD) last issued its quarterly earnings data on Wednesday, October 23rd. The aerospace company reported $3.35 earnings per share for the quarter, missing analysts’ consensus estimates of $3.48 by ($0.13). General Dynamics had a net margin of 7.90% and a return on equity of 16.59%. The company had revenue of $11.67 billion for the quarter, compared to the consensus estimate of $11.65 billion. During the same period in the previous year, the business earned $3.04 EPS. General Dynamics’s revenue for the quarter was up 10.4% compared to the same quarter last year. On average, sell-side analysts anticipate that General Dynamics Co. will post 13.87 EPS for the current fiscal year.

General Dynamics Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, January 17th will be issued a $1.42 dividend. This represents a $5.68 annualized dividend and a yield of 2.16%. The ex-dividend date is Friday, January 17th. General Dynamics’s dividend payout ratio is currently 43.26%.

General Dynamics announced that its Board of Directors has approved a stock repurchase plan on Wednesday, December 4th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the aerospace company to purchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

About General Dynamics

General Dynamics Corporation operates as an aerospace and defense company worldwide. It operates through four segments: Aerospace, Marine Systems, Combat Systems, and Technologies. The Aerospace segment produces and sells business jets; and offers aircraft maintenance and repair, management, aircraft-on-ground support and completion, charter, staffing, and fixed-base operator services.