Bank of America Corp DE Sells 20,051 Shares of Smith Douglas Homes Corp. (NYSE:SDHC)

Bank of America Corp DE cut its holdings in Smith Douglas Homes Corp. (NYSE:SDHC - Free Report) by 51.7% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. 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 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Geode Capital Management LLC boosted its stake in shares of Smith Douglas Homes by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 90,038 shares of the company's stock valued at $2,310,000 after purchasing an additional 457 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new stake in shares of Smith Douglas Homes during the fourth quarter valued at about $27,000. Trexquant Investment LP acquired a new stake in shares of Smith Douglas Homes during the fourth quarter valued at about $218,000. Jane Street Group LLC raised its position in shares of Smith Douglas Homes by 69.9% during the fourth quarter. Jane Street Group LLC now owns 23,837 shares of the company's stock worth $611,000 after acquiring an additional 9,805 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of Smith Douglas Homes during the fourth quarter worth about $328,000.

Wall Street Analyst Weigh In

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

Smith Douglas Homes Stock Performance

Shares of NYSE SDHC traded down $1.67 during midday trading on Friday, hitting $17.76. 175,235 shares of the stock traded hands, compared to its average volume of 101,347. The company has a market cap of $913.34 million, a PE ratio of 10.27, a P/E/G ratio of 6.87 and a beta of 1.06. Smith Douglas Homes Corp. has a one year low of $16.28 and a one year high of $39.50. The business has a 50 day moving average price of $18.91 and a two-hundred day moving average price of $22.60.

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

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

Insider Activity at Smith Douglas Homes

In other Smith Douglas Homes news, insider Russell Devendorf acquired 3,000 shares of the business's stock in a transaction on Wednesday, May 21st. The shares were acquired at an average price of $16.80 per share, with a total value of $50,400.00. Following the completion of the transaction, the insider now owns 299,952 shares in the company, valued at approximately $5,039,193.60. This trade represents a 1.01% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director George Ervin Perdue III acquired 6,840 shares of the business's stock in a transaction on Monday, June 2nd. The stock was acquired at an average cost of $18.34 per share, for a total transaction of $125,445.60. Following the transaction, the director now owns 14,345 shares of the company's stock, valued at approximately $263,087.30. The trade was a 91.14% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 35,252 shares of company stock valued at $644,624 over the last 90 days. Insiders own 82.71% of the company's stock.

Smith Douglas Homes 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.