Synovus Financial Corp Increases Holdings in Gentex Co. (NASDAQ:GNTX)

Synovus Financial Corp increased its holdings in Gentex Co. (NASDAQ:GNTX - Free Report) by 119.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 47,136 shares of the auto parts company's stock after acquiring an additional 25,693 shares during the quarter. Synovus Financial Corp's holdings in Gentex were worth $1,400,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Disciplined Growth Investors Inc. MN boosted its stake in shares of Gentex by 1.0% during the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 4,259,831 shares of the auto parts company's stock valued at $143,599,000 after purchasing an additional 43,457 shares in the last quarter. Thrivent Financial for Lutherans boosted its position in Gentex by 10.1% during the 3rd quarter. Thrivent Financial for Lutherans now owns 392,445 shares of the auto parts company's stock valued at $11,651,000 after acquiring an additional 36,134 shares in the last quarter. Ensign Peak Advisors Inc raised its position in shares of Gentex by 56.4% in the 2nd quarter. Ensign Peak Advisors Inc now owns 109,451 shares of the auto parts company's stock worth $3,690,000 after acquiring an additional 39,470 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Gentex by 5.6% in the 3rd quarter. Geode Capital Management LLC now owns 5,368,004 shares of the auto parts company's stock valued at $159,406,000 after purchasing an additional 285,802 shares during the period. Finally, Intech Investment Management LLC bought a new stake in shares of Gentex during the second quarter valued at approximately $1,037,000. Institutional investors own 86.76% of the company's stock.

Gentex Stock Down 0.8 %

NASDAQ:GNTX traded down $0.26 during mid-day trading on Monday, hitting $30.33. 1,476,823 shares of the company traded hands, compared to its average volume of 1,441,232. The stock's fifty day moving average price is $30.13 and its 200-day moving average price is $31.19. The firm has a market cap of $6.90 billion, a price-to-earnings ratio of 16.36, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91. Gentex Co. has a one year low of $28.30 and a one year high of $37.58.

Gentex Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders of record on Wednesday, January 8th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.58%. The ex-dividend date is Wednesday, January 8th. Gentex's dividend payout ratio is currently 25.67%.

Analysts Set New Price Targets

GNTX has been the topic of a number of recent research reports. The Goldman Sachs Group reduced their target price on shares of Gentex from $33.00 to $31.00 and set a "neutral" rating on the stock in a research report on Tuesday, October 1st. UBS Group started coverage on shares of Gentex in a research note on Wednesday, September 4th. They set a "neutral" rating and a $34.00 target price for the company. Robert W. Baird boosted their price target on Gentex from $35.00 to $37.00 and gave the stock an "outperform" rating in a research report on Monday, October 28th. Bank of America reduced their price objective on Gentex from $39.00 to $35.00 and set a "neutral" rating for the company in a research report on Monday, October 14th. Finally, Guggenheim reduced their price objective on shares of Gentex from $35.00 to $34.00 and set a "buy" rating for the company in a research note on Thursday, November 21st. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $35.13.

Gentex Company Profile

Gentex Corporation designs, develops, manufactures, markets, and supplies digital vision, connected car, dimmable glass, and fire protection products in the United States, Germany, Japan, Mexico, Republic of Korea, and internationally. It operates through Automotive Products and Other segments. The company offers automotive products, including interior and exterior electrochromic automatic-dimming rearview mirrors, automotive electronics, and non-automatic-dimming rearview mirrors for automotive passenger cars, light trucks, pick-up trucks, sport utility vehicles, and vans for original equipment manufacturers, automotive suppliers, and various aftermarket and accessory customers.