Bank of America Corp DE Lowers Stock Holdings in Smith Douglas Homes Corp. (NYSE:SDHC)

Bank of America Corp DE decreased its holdings in Smith Douglas Homes Corp. (NYSE:SDHC - Free Report) by 51.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,767 shares of the company's stock after selling 20,051 shares during the quarter. Bank of America Corp DE's holdings in Smith Douglas Homes were worth $481,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Arcadia Investment Management Corp MI acquired a new position in shares of Smith Douglas Homes in the 4th quarter valued at about $27,000. Artisan Partners Limited Partnership lifted its holdings in shares of Smith Douglas Homes by 4.6% in the 4th quarter. Artisan Partners Limited Partnership now owns 813,082 shares of the company's stock valued at $20,847,000 after buying an additional 35,702 shares during the period. Jane Street Group LLC lifted its holdings in shares of Smith Douglas Homes by 69.9% in the 4th quarter. Jane Street Group LLC now owns 23,837 shares of the company's stock valued at $611,000 after buying an additional 9,805 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of Smith Douglas Homes in the 4th quarter valued at about $328,000. Finally, Renaissance Technologies LLC lifted its holdings in shares of Smith Douglas Homes by 31.9% in the 4th quarter. Renaissance Technologies LLC now owns 99,200 shares of the company's stock valued at $2,543,000 after buying an additional 24,000 shares during the period.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on SDHC shares. Royal Bank of Canada set a $16.00 price target on Smith Douglas Homes and gave the company a "sector perform" rating in a research note on Tuesday, May 20th. JPMorgan Chase & Co. cut their price target on Smith Douglas Homes from $24.00 to $18.50 and set a "neutral" rating for the company in a research note on Wednesday, May 21st. Wells Fargo & Company cut their price objective on Smith Douglas Homes from $21.00 to $20.00 and set an "equal weight" rating for the company in a research note on Monday, April 14th. Finally, Wedbush reiterated a "neutral" rating and set a $18.00 price objective on shares of Smith Douglas Homes in a research note on Wednesday, May 14th. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $18.90.

Smith Douglas Homes Price Performance

Smith Douglas Homes stock traded down $1.67 during trading on Friday, reaching $17.76. 175,235 shares of the company were exchanged, compared to its average volume of 101,268. The stock's 50 day simple moving average is $18.91 and its two-hundred day simple moving average is $22.53. The company has a market capitalization of $913.34 million, a P/E ratio of 10.27, a PEG ratio of 6.87 and a beta of 1.06. Smith Douglas Homes Corp. has a 52-week low of $16.28 and a 52-week high of $39.50.

Smith Douglas Homes (NYSE:SDHC - Get Free Report) last posted its quarterly earnings results on Wednesday, March 12th. The company reported $0.46 earnings per share for the quarter, meeting the consensus estimate of $0.46. The business had revenue of $287.49 million during the quarter, compared to analysts' expectations of $265.85 million. Smith Douglas Homes had a net margin of 4.60% and a return on equity of 21.01%. As a group, equities analysts forecast that Smith Douglas Homes Corp. will post 1.73 earnings per share for the current year.

Smith Douglas Homes announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 28th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 5.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Neill B. Faucett acquired 7,000 shares of Smith Douglas Homes stock in a transaction dated Friday, May 23rd. The shares were acquired at an average cost of $17.36 per share, for a total transaction of $121,520.00. Following the completion of the purchase, the director now owns 14,505 shares in the company, valued at approximately $251,806.80. The trade was a 93.27% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jeffrey T. Jackson acquired 6,000 shares of Smith Douglas Homes stock in a transaction dated Friday, May 16th. The stock was bought at an average price of $18.49 per share, for a total transaction of $110,940.00. Following the completion of the purchase, the director now owns 25,682 shares of the company's stock, valued at approximately $474,860.18. This represents a 30.48% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 35,252 shares of company stock worth $644,624. Company insiders own 82.71% of the company's stock.

Smith Douglas Homes Company Profile

Smith Douglas Homes Corp., together with its subsidiaries, engages in the design, construction, and sale of single-family homes in the southeastern United States. It also provides closing, escrow, and title insurance services. The company sells its products to entry-level and empty-nest homebuyers. Smith Douglas Homes Corp.