Synovus Financial Corp Has $1.06 Million Stock Holdings in Fastenal (NASDAQ:FAST)

Synovus Financial Corp reduced its position in shares of Fastenal (NASDAQ:FAST) by 49.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,792 shares of the company’s stock after selling 14,527 shares during the period. Synovus Financial Corp’s holdings in Fastenal were worth $1,064,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. HB Wealth Management LLC raised its holdings in shares of Fastenal by 1.2% during the 4th quarter. HB Wealth Management LLC now owns 11,674 shares of the company’s stock worth $840,000 after buying an additional 142 shares in the last quarter. Cozad Asset Management Inc. grew its position in Fastenal by 5.5% in the fourth quarter. Cozad Asset Management Inc. now owns 2,985 shares of the company’s stock valued at $215,000 after acquiring an additional 155 shares during the last quarter. Neuberger Berman Group LLC raised its stake in Fastenal by 0.7% during the fourth quarter. Neuberger Berman Group LLC now owns 21,857 shares of the company’s stock worth $1,572,000 after acquiring an additional 159 shares in the last quarter. Checchi Capital Advisers LLC lifted its holdings in shares of Fastenal by 2.4% in the fourth quarter. Checchi Capital Advisers LLC now owns 7,008 shares of the company’s stock worth $504,000 after acquiring an additional 164 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in shares of Fastenal by 8.9% in the 4th quarter. Geneos Wealth Management Inc. now owns 2,038 shares of the company’s stock valued at $147,000 after purchasing an additional 166 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors.

Fastenal Stock Performance

FAST stock opened at $81.65 on Wednesday. The firm has a market cap of $46.82 billion, a PE ratio of 40.62, a price-to-earnings-growth ratio of 3.58 and a beta of 1.05. The company has a current ratio of 4.67, a quick ratio of 2.28 and a debt-to-equity ratio of 0.03. The stock has a 50-day moving average price of $75.85 and a 200-day moving average price of $76.47. Fastenal has a 1-year low of $61.36 and a 1-year high of $84.88.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Friday, April 11th. The company reported $0.52 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.52. The firm had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.94 billion. Fastenal had a return on equity of 32.55% and a net margin of 15.25%. The company’s revenue was up 3.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.52 earnings per share. As a group, equities research analysts expect that Fastenal will post 2.15 earnings per share for the current year.

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Friday, April 25th will be issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 2.16%. This is a boost from Fastenal’s previous quarterly dividend of $0.43. The ex-dividend date is Friday, April 25th. Fastenal’s dividend payout ratio (DPR) is presently 87.56%.

Insider Buying and Selling at Fastenal

In other Fastenal news, EVP William Joseph Drazkowski sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $81.31, for a total value of $1,219,650.00. Following the completion of the sale, the executive vice president now owns 5,997 shares of the company’s stock, valued at approximately $487,616.07. This trade represents a 71.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.37% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on FAST shares. William Blair upgraded shares of Fastenal from a “market perform” rating to an “outperform” rating in a research report on Monday, March 10th. Stifel Nicolaus dropped their price target on Fastenal from $86.00 to $82.00 and set a “hold” rating for the company in a research note on Tuesday, January 21st. Wolfe Research raised Fastenal from an “underperform” rating to a “peer perform” rating in a report on Thursday, April 3rd. Stephens upped their target price on Fastenal from $75.00 to $80.00 and gave the stock an “equal weight” rating in a report on Tuesday. Finally, Robert W. Baird raised their price objective on shares of Fastenal from $80.00 to $86.00 and gave the company a “neutral” rating in a report on Monday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $79.10.

Fastenal Company Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company’s fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.