25,700 Shares in KB Home $KBH Acquired by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems acquired 25,700 KB Home shares worth approximately $1.61 million during the second quarter. Institutional investors now own 96.09% of the company, with BlackRock and California State Teachers Retirement System among the largest recent buyers.
• KB Home’s latest quarterly results showed weakening performance: earnings per share came in at $0.43 versus $0.44 expected, while revenue fell 27.3% year over year to $1.11 billion.
• The company maintains a quarterly dividend of $0.25 per share, equivalent to a 2.0% yield. Analysts have a consensus “Hold” rating and an average price target of $60, compared with a recent share price of $49.11.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in KB Home (NYSE:KBH - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 25,700 shares of the construction company's stock, valued at approximately $1,609,000.

Several other institutional investors and hedge funds have also bought and sold shares of KBH. BlackRock Inc. bought a new stake in shares of KB Home in the second quarter valued at $618,489,000. California State Teachers Retirement System grew its stake in shares of KB Home by 5,315.4% during the 2nd quarter. California State Teachers Retirement System now owns 4,186,082 shares of the construction company's stock worth $262,007,000 after acquiring an additional 4,108,783 shares during the period. Freestone Grove Partners LP purchased a new stake in KB Home in the 3rd quarter worth about $111,050,000. Donald Smith & CO. Inc. purchased a new stake in KB Home in the 2nd quarter worth about $108,652,000. Finally, Norges Bank bought a new stake in KB Home in the 4th quarter valued at about $48,418,000. 96.09% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Albert Praw sold 22,015 shares of the company's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $58.70, for a total transaction of $1,292,280.50. Following the sale, the executive vice president owned 104,062 shares of the company's stock, valued at approximately $6,108,439.40. This represents a 17.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Arthur Collins sold 4,000 shares of the stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $56.96, for a total transaction of $227,840.00. Following the completion of the sale, the director owned 9,157 shares in the company, valued at $521,582.72. This represents a 30.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 4.69% of the company's stock.

KB Home Stock Performance

Shares of KBH opened at $49.11 on Friday. KB Home has a 52-week low of $44.03 and a 52-week high of $68.41. The stock's 50-day simple moving average is $55.34 and its 200 day simple moving average is $54.19. The stock has a market capitalization of $3.01 billion, a price-to-earnings ratio of 17.11, a price-to-earnings-growth ratio of 2.47 and a beta of 1.34.

KB Home (NYSE:KBH - Get Free Report) last posted its earnings results on Tuesday, June 23rd. The construction company reported $0.43 earnings per share for the quarter, missing analysts' consensus estimates of $0.44 by ($0.01). KB Home had a net margin of 4.94% and a return on equity of 7.67%. The company had revenue of $1.11 billion for the quarter, compared to analysts' expectations of $1.09 billion. During the same period in the previous year, the firm earned $1.50 EPS. The firm's quarterly revenue was down 27.3% compared to the same quarter last year. On average, research analysts forecast that KB Home will post 3.27 earnings per share for the current fiscal year.

KB Home Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 6th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, August 6th. This represents a $1.00 annualized dividend and a yield of 2.0%. KB Home's payout ratio is currently 34.84%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on KBH shares. Citizens Jmp reaffirmed a "market outperform" rating and set a $77.00 price objective on shares of KB Home in a report on Thursday. Barclays lifted their target price on shares of KB Home from $56.00 to $57.00 and gave the stock an "overweight" rating in a research note on Thursday, June 25th. Truist Financial boosted their price target on shares of KB Home from $50.00 to $56.00 and gave the company a "hold" rating in a research report on Wednesday, June 24th. Zacks Research upgraded shares of KB Home from a "strong sell" rating to a "hold" rating in a research note on Thursday, June 25th. Finally, UBS Group raised their price objective on shares of KB Home from $63.00 to $66.00 and gave the stock a "buy" rating in a report on Wednesday, June 24th. Four analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, KB Home has an average rating of "Hold" and a consensus price target of $60.00.

KB Home Company Profile

KB Home NYSE: KBH is a homebuilding company that designs, constructs and sells residential properties in the United States. Its offerings primarily include single-family homes, with communities and floor plans intended for first-time buyers, move-up buyers and other owner-occupants. The company also provides homebuyers with opportunities to personalize selected features and finishes through its build-to-order approach.

The company operates in several major housing markets across the United States, including locations in Arizona, California, Colorado, Florida, Idaho, Nevada, North Carolina, South Carolina, Texas and Washington.

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