REV Group, Inc. (NYSE:REVG) Stake Reduced by Synovus Financial Corp

Synovus Financial Corp lessened its stake in shares of REV Group, Inc. (NYSE:REVG - Free Report) by 51.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 48,356 shares of the company's stock after selling 50,834 shares during the quarter. Synovus Financial Corp owned 0.09% of REV Group worth $1,357,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Hennion & Walsh Asset Management Inc. boosted its stake in shares of REV Group by 45.4% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 17,692 shares of the company's stock valued at $440,000 after purchasing an additional 5,528 shares during the period. Hennessy Advisors Inc. acquired a new position in REV Group in the 2nd quarter worth $9,535,000. Bank of New York Mellon Corp boosted its position in REV Group by 19.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 364,336 shares of the company's stock valued at $9,068,000 after buying an additional 59,306 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of REV Group by 11.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,806 shares of the company's stock valued at $269,000 after acquiring an additional 1,067 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of REV Group by 29.5% during the second quarter. Principal Financial Group Inc. now owns 19,990 shares of the company's stock worth $498,000 after acquiring an additional 4,559 shares during the last quarter.

REV Group Stock Performance

Shares of NYSE REVG traded down $1.57 during trading on Tuesday, reaching $32.60. The stock had a trading volume of 886,625 shares, compared to its average volume of 767,329. The firm's 50 day moving average price is $29.58 and its two-hundred day moving average price is $28.04. REV Group, Inc. has a one year low of $16.00 and a one year high of $35.96. The stock has a market cap of $1.70 billion, a PE ratio of 7.31 and a beta of 1.61. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.57 and a current ratio of 1.72.

REV Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Thursday, December 26th will be given a $0.06 dividend. This is an increase from REV Group's previous quarterly dividend of $0.05. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.74%. The ex-dividend date is Thursday, December 26th. REV Group's dividend payout ratio (DPR) is presently 5.35%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on REVG. StockNews.com lowered REV Group from a "buy" rating to a "hold" rating in a research note on Thursday, September 5th. The Goldman Sachs Group lifted their price target on shares of REV Group from $25.00 to $28.50 and gave the stock a "sell" rating in a research note on Thursday, December 12th. DA Davidson increased their price objective on shares of REV Group from $33.00 to $39.00 and gave the company a "buy" rating in a research note on Friday. Finally, Robert W. Baird boosted their target price on shares of REV Group from $32.00 to $38.00 and gave the stock an "outperform" rating in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, REV Group presently has an average rating of "Hold" and an average target price of $33.75.

REV Group Profile

REV Group, Inc, together with its subsidiaries, designs, manufactures, and distributes specialty vehicles, and related aftermarket parts and services in the United States, Canada, and internationally. It operates through three segments: Fire & Emergency, Commercial, and Recreation. The Fire & Emergency segment provides fire apparatus equipment under the Emergency One, Kovatch Mobile Equipment, Ferrara, Spartan Emergency Response, Smeal, Spartan Fire Chassis, and Ladder Tower brand names; and ambulances under the American Emergency Vehicles, Horton Emergency Vehicles, Leader Emergency Vehicles, Road Rescue, and Wheeled Coach brand names.