Synovus Financial Corp Sells 944 Shares of Installed Building Products, Inc. (NYSE:IBP)

Synovus Financial Corp reduced its position in Installed Building Products, Inc. (NYSE:IBP) by 27.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,498 shares of the construction company’s stock after selling 944 shares during the quarter. Synovus Financial Corp’s holdings in Installed Building Products were worth $615,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. V Square Quantitative Management LLC bought a new stake in shares of Installed Building Products in the 3rd quarter valued at $29,000. GHP Investment Advisors Inc. boosted its stake in shares of Installed Building Products by 185.7% in the 3rd quarter. GHP Investment Advisors Inc. now owns 120 shares of the construction company’s stock valued at $30,000 after purchasing an additional 78 shares during the last quarter. CWM LLC boosted its stake in shares of Installed Building Products by 32.1% in the 2nd quarter. CWM LLC now owns 255 shares of the construction company’s stock valued at $52,000 after purchasing an additional 62 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in Installed Building Products by 152.2% during the third quarter. Advisors Asset Management Inc. now owns 232 shares of the construction company’s stock worth $57,000 after acquiring an additional 140 shares in the last quarter. Finally, Quarry LP boosted its stake in Installed Building Products by 953.3% during the third quarter. Quarry LP now owns 316 shares of the construction company’s stock worth $78,000 after acquiring an additional 286 shares in the last quarter. 99.61% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on IBP. Royal Bank of Canada lowered shares of Installed Building Products from a “sector perform” rating to an “underperform” rating and cut their target price for the stock from $203.00 to $197.00 in a research note on Friday, November 8th. JPMorgan Chase & Co. increased their target price on shares of Installed Building Products from $236.00 to $241.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. DA Davidson cut their target price on shares of Installed Building Products from $275.00 to $260.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Jefferies Financial Group increased their target price on shares of Installed Building Products from $240.00 to $252.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Finally, StockNews.com raised shares of Installed Building Products from a “hold” rating to a “buy” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $247.10.

Installed Building Products Stock Performance

Shares of IBP stock opened at $191.98 on Wednesday. The firm has a 50-day moving average of $222.97 and a 200-day moving average of $222.87. The company has a market cap of $5.40 billion, a P/E ratio of 21.33 and a beta of 1.93. The company has a debt-to-equity ratio of 1.18, a current ratio of 2.99 and a quick ratio of 2.50. Installed Building Products, Inc. has a one year low of $168.08 and a one year high of $281.04.

Installed Building Products Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Sunday, December 15th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.40 annualized dividend and a dividend yield of 0.73%. Installed Building Products’s dividend payout ratio is currently 15.56%.

Installed Building Products Company Profile

Installed Building Products, Inc, together with its subsidiaries, engages in the installation of insulation, waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors, and other products in the United States. It operates through Installation, Distribution, and Manufacturing operation segments.