Bank of America Corp DE Acquires New Holdings in Century Communities, Inc. $CCS

Key Points

• Bank of America acquired 175,683 shares of Century Communities during the second quarter, valued at approximately $12.6 million and representing about 0.62% of the homebuilder. Institutional investors collectively own 99.54% of the company.
• Century Communities exceeded quarterly expectations, reporting $1.30 earnings per share versus the $0.63 consensus estimate and $927.2 million in revenue. However, revenue declined 8.1% year over year.
• The company declared a quarterly dividend of $0.32, or $1.28 annually, yielding approximately 2.0%. Analysts maintain a consensus “Hold” rating with a $67 target price, compared with a recent share price of $62.60.

Bank of America Corp DE bought a new stake in Century Communities, Inc. (NYSE:CCS - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 175,683 shares of the construction company's stock, valued at approximately $12,589,000. Bank of America Corp DE owned approximately 0.62% of Century Communities as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. ProShare Advisors LLC lifted its stake in Century Communities by 3.2% during the 4th quarter. ProShare Advisors LLC now owns 5,064 shares of the construction company's stock valued at $301,000 after acquiring an additional 155 shares in the last quarter. Illinois Municipal Retirement Fund grew its position in Century Communities by 2.4% in the 1st quarter. Illinois Municipal Retirement Fund now owns 15,108 shares of the construction company's stock worth $867,000 after purchasing an additional 359 shares in the last quarter. Campbell Newman Asset Management Inc. grew its position in Century Communities by 1.7% in the 1st quarter. Campbell Newman Asset Management Inc. now owns 26,241 shares of the construction company's stock worth $1,506,000 after purchasing an additional 440 shares in the last quarter. Amundi increased its stake in Century Communities by 10.3% in the 1st quarter. Amundi now owns 5,079 shares of the construction company's stock valued at $291,000 after buying an additional 475 shares during the last quarter. Finally, Royal Bank of Canada increased its stake in Century Communities by 6.2% in the 1st quarter. Royal Bank of Canada now owns 9,895 shares of the construction company's stock valued at $567,000 after buying an additional 575 shares during the last quarter. Hedge funds and other institutional investors own 99.54% of the company's stock.

Century Communities Price Performance

CCS stock opened at $62.60 on Friday. The firm has a 50 day moving average of $66.53 and a 200-day moving average of $61.69. The firm has a market capitalization of $1.78 billion, a P/E ratio of 13.73 and a beta of 1.30. Century Communities, Inc. has a 12 month low of $47.28 and a 12 month high of $76.00. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.44.

Century Communities (NYSE:CCS - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The construction company reported $1.30 EPS for the quarter, topping the consensus estimate of $0.63 by $0.67. The business had revenue of $927.23 million during the quarter, compared to analysts' expectations of $857.23 million. Century Communities had a return on equity of 6.06% and a net margin of 3.41%.The firm's revenue was down 8.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.37 earnings per share. As a group, sell-side analysts predict that Century Communities, Inc. will post 4.86 earnings per share for the current fiscal year.

Century Communities Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 9th. Stockholders of record on Wednesday, August 26th were issued a $0.32 dividend. The ex-dividend date of this dividend was Wednesday, August 26th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.0%. Century Communities's dividend payout ratio is presently 28.07%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CCS shares. Wall Street Zen raised Century Communities from a "sell" rating to a "hold" rating in a report on Saturday, June 20th. Zacks Research lowered Century Communities from a "strong-buy" rating to a "hold" rating in a report on Monday, September 21st. Zelman & Associates cut Century Communities from a "neutral" rating to an "underperform" rating in a research report on Tuesday, July 7th. Finally, Weiss Ratings upgraded Century Communities from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, August 24th. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $67.00.

Century Communities Profile

Century Communities, Inc is a homebuilding company headquartered in Denver, Colorado. Founded in 2002, the company develops and constructs single-family homes and townhomes for first-time, move-up and active-adult buyers.

The company markets homes under the Century Communities and Century Complete brands. Century Communities generally offers homes through its traditional sales model, while Century Complete focuses on streamlined, value-oriented homebuying, including online purchasing in select communities.

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