638,954 Shares in Home BancShares, Inc. $HOMB Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 638,954 Home BancShares shares worth approximately $18.2 million in the second quarter, representing about 0.32% of the company. Other institutional investors also initiated or expanded positions, with institutions and hedge funds owning 67.31% of the stock.
• Analysts maintain a generally positive outlook, with five Buy ratings and four Hold ratings resulting in a consensus “Moderate Buy” rating and a $33.00 target price. Home BancShares also exceeded quarterly earnings and revenue expectations, reporting $0.64 EPS and $295.1 million in revenue.
• The company increased its quarterly dividend to $0.23 per share, equivalent to an annualized $0.92 payout and a 3.2% yield. Shares recently opened at $28.98, within a 52-week range of $25.50 to $31.70.

Bank of America Corp DE acquired a new position in Home BancShares, Inc. (NYSE:HOMB - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 638,954 shares of the financial services provider's stock, valued at approximately $18,242,000. Bank of America Corp DE owned about 0.32% of Home BancShares at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Basswood Capital Management L.L.C. acquired a new stake in Home BancShares in the second quarter worth about $4,755,000. Freestone Grove Partners LP acquired a new position in Home BancShares during the 2nd quarter valued at about $3,106,000. Odyssean LLC boosted its stake in shares of Home BancShares by 93.8% in the 2nd quarter. Odyssean LLC now owns 105,232 shares of the financial services provider's stock valued at $3,004,000 after purchasing an additional 50,943 shares during the last quarter. Man Group plc acquired a new stake in shares of Home BancShares during the 2nd quarter worth approximately $290,000. Finally, Jupiter Topco LLC acquired a new stake in shares of Home BancShares during the 2nd quarter worth approximately $2,329,000. Institutional investors and hedge funds own 67.31% of the company's stock.

Insider Activity at Home BancShares

In related news, CEO John Tipton sold 12,000 shares of the company's stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $31.59, for a total value of $379,080.00. Following the completion of the transaction, the chief executive officer directly owned 76,308 shares of the company's stock, valued at approximately $2,410,569.72. This represents a 13.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 6.39% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on HOMB shares. Piper Sandler reaffirmed an "overweight" rating and issued a $36.00 price objective (up from $33.00) on shares of Home BancShares in a research note on Friday, July 17th. Cantor Fitzgerald reissued an "overweight" rating and issued a $31.00 price target (up from $30.00) on shares of Home BancShares in a research note on Wednesday, August 19th. Citigroup restated a "neutral" rating and issued a $32.00 price target (up from $29.00) on shares of Home BancShares in a research report on Tuesday, July 21st. Keefe, Bruyette & Woods upped their price objective on Home BancShares from $30.00 to $32.00 and gave the company a "market perform" rating in a report on Friday, July 17th. Finally, Weiss Ratings upgraded Home BancShares from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, August 5th. Five research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $33.00.

Home BancShares Stock Up 0.5%

Shares of Home BancShares stock opened at $28.98 on Friday. The company has a market capitalization of $5.80 billion, a P/E ratio of 11.98 and a beta of 0.67. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.92 and a quick ratio of 0.92. The business has a 50-day moving average of $30.34 and a two-hundred day moving average of $28.36. Home BancShares, Inc. has a 1 year low of $25.50 and a 1 year high of $31.70.

Home BancShares (NYSE:HOMB - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.02. The business had revenue of $295.10 million during the quarter, compared to analyst estimates of $288.70 million. Home BancShares had a return on equity of 11.12% and a net margin of 32.10%.Home BancShares's quarterly revenue was up 8.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.58 EPS. As a group, equities analysts predict that Home BancShares, Inc. will post 2.51 EPS for the current year.

Home BancShares Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 12th were given a dividend of $0.23 per share. This is a positive change from Home BancShares's previous quarterly dividend of $0.21. This represents a $0.92 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Wednesday, August 12th. Home BancShares's payout ratio is currently 38.02%.

Home BancShares Profile

Home BancShares, Inc is a bank holding company headquartered in Conway, Arkansas. Its principal subsidiary, Centennial Bank, provides community banking services to individuals, businesses and institutional customers.

Centennial Bank offers a range of deposit products, including checking, savings, money market and certificate of deposit accounts, as well as commercial, residential mortgage, real estate, agricultural and consumer loans. The bank also provides treasury management, online and mobile banking, cash management and other financial services designed for business and retail customers.

Home BancShares was founded in 1998 and has grown through a combination of organic expansion and acquisitions.

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