Synovus Financial Corp Sells 10,170 Shares of NIKE, Inc. (NYSE:NKE)

Synovus Financial Corp trimmed its position in shares of NIKE, Inc. (NYSE:NKE) by 11.2% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 80,301 shares of the footwear maker’s stock after selling 10,170 shares during the quarter. Synovus Financial Corp’s holdings in NIKE were worth $7,099,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Teachers Insurance & Annuity Association of America purchased a new stake in NIKE during the third quarter valued at approximately $30,000. VitalStone Financial LLC boosted its position in shares of NIKE by 52.6% in the 3rd quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker’s stock worth $38,000 after purchasing an additional 150 shares in the last quarter. Triad Wealth Partners LLC purchased a new position in NIKE during the 2nd quarter worth $44,000. Dunhill Financial LLC increased its position in NIKE by 52.2% during the 3rd quarter. Dunhill Financial LLC now owns 493 shares of the footwear maker’s stock valued at $44,000 after buying an additional 169 shares in the last quarter. Finally, MFA Wealth Advisors LLC purchased a new stake in NIKE in the second quarter valued at about $46,000. 64.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. UBS Group cut their price objective on shares of NIKE from $82.00 to $80.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Deutsche Bank Aktiengesellschaft cut their price target on shares of NIKE from $95.00 to $92.00 and set a “buy” rating on the stock in a research note on Wednesday, October 2nd. Needham & Company LLC assumed coverage on shares of NIKE in a research note on Friday, November 22nd. They set a “buy” rating and a $84.00 price objective for the company. Wells Fargo & Company boosted their price objective on shares of NIKE from $86.00 to $95.00 and gave the company an “overweight” rating in a report on Friday, September 20th. Finally, Truist Financial upgraded NIKE from a “hold” rating to a “buy” rating and raised their target price for the stock from $83.00 to $97.00 in a research note on Thursday, October 10th. Fourteen equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $94.04.

NIKE Price Performance

Shares of NIKE stock opened at $77.25 on Friday. The firm has a market cap of $115.83 billion, a PE ratio of 22.13, a P/E/G ratio of 1.93 and a beta of 1.02. NIKE, Inc. has a twelve month low of $70.75 and a twelve month high of $123.39. The company has a quick ratio of 1.58, a current ratio of 2.36 and a debt-to-equity ratio of 0.57. The business has a 50-day moving average price of $78.52 and a 200 day moving average price of $81.21.

NIKE (NYSE:NKE) last posted its quarterly earnings data on Tuesday, October 1st. The footwear maker reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.18. The business had revenue of $11.59 billion during the quarter, compared to analysts’ expectations of $11.64 billion. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The business’s revenue was down 10.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.94 earnings per share. Sell-side analysts predict that NIKE, Inc. will post 2.73 earnings per share for the current fiscal year.

NIKE Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, December 2nd. This is a boost from NIKE’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a yield of 2.07%. NIKE’s dividend payout ratio is currently 45.85%.

NIKE Company Profile

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, accessories, and services worldwide. The company provides athletic and casual footwear, apparel, and accessories under the Jumpman trademark; and casual sneakers, apparel, and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks.