Bank of America Corp DE Buys New Stake in LGI Homes, Inc. $LGIH

Key Points

• Bank of America acquired 79,274 shares of LGI Homes in the second quarter, valued at approximately $5.05 million and representing about 0.34% of the company. Institutional investors collectively own 84.89% of LGIH.
• LGI Homes reported quarterly EPS of $1.16, exceeding analyst expectations of $0.98, while revenue rose 6.7% year over year to $516.05 million.
• LGIH was trading at $49.02, down 1.9%, with analysts holding a consensus “Hold” rating and an average price target of $72.75.

Bank of America Corp DE purchased a new stake in LGI Homes, Inc. (NASDAQ:LGIH - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 79,274 shares of the financial services provider's stock, valued at approximately $5,048,000. Bank of America Corp DE owned approximately 0.34% of LGI Homes at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of LGIH. GAMMA Investing LLC lifted its holdings in shares of LGI Homes by 14.7% during the second quarter. GAMMA Investing LLC now owns 2,093 shares of the financial services provider's stock valued at $133,000 after acquiring an additional 269 shares during the period. Rockefeller Capital Management L.P. increased its holdings in shares of LGI Homes by 1,759.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 874 shares of the financial services provider's stock worth $38,000 after buying an additional 827 shares in the last quarter. Allworth Financial LP bought a new position in shares of LGI Homes in the second quarter valued at approximately $56,000. Versant Capital Management Inc raised its stake in shares of LGI Homes by 105.9% in the second quarter. Versant Capital Management Inc now owns 2,314 shares of the financial services provider's stock valued at $147,000 after acquiring an additional 1,190 shares during the last quarter. Finally, Illinois Municipal Retirement Fund boosted its holdings in shares of LGI Homes by 10.4% in the 1st quarter. Illinois Municipal Retirement Fund now owns 13,177 shares of the financial services provider's stock worth $521,000 after acquiring an additional 1,241 shares in the last quarter. 84.89% of the stock is currently owned by institutional investors.

LGI Homes Trading Down 1.9%

LGIH opened at $49.02 on Tuesday. LGI Homes, Inc. has a 1-year low of $33.55 and a 1-year high of $66.25. The stock has a market capitalization of $1.14 billion, a PE ratio of 17.20 and a beta of 1.84. The company has a current ratio of 17.74, a quick ratio of 0.61 and a debt-to-equity ratio of 0.74. The firm has a 50-day moving average price of $55.40 and a two-hundred day moving average price of $50.67.

LGI Homes (NASDAQ:LGIH - Get Free Report) last announced its earnings results on Tuesday, August 4th. The financial services provider reported $1.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.98 by $0.18. LGI Homes had a net margin of 3.88% and a return on equity of 3.55%. The company had revenue of $516.05 million for the quarter, compared to analyst estimates of $489.23 million. During the same period in the prior year, the business earned $1.36 earnings per share. LGI Homes's quarterly revenue was up 6.7% on a year-over-year basis.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Wall Street Zen upgraded LGI Homes from a "sell" rating to a "hold" rating in a research report on Sunday, August 16th. Weiss Ratings lowered LGI Homes from a "sell (d+)" rating to a "sell (d)" rating in a research note on Monday, September 21st. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $72.75.

About LGI Homes

LGI Homes, Inc is a residential homebuilder that designs, constructs and sells homes primarily to first-time, move-up and active-adult buyers. The company offers a range of single-family homes, with floor plans and communities designed to provide standardized features, functional layouts and purchase options suited to different household needs.

In addition to home construction and sales, LGI Homes acquires and develops residential land, manages community development activities and provides related customer services.

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