Bank of America Corp DE boosted its position in LandBridge Co LLC (NYSE:LB - Free Report) by 12,067.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 32,243 shares of the company's stock after acquiring an additional 31,978 shares during the quarter. Bank of America Corp DE's holdings in LandBridge were worth $2,083,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in the company. Horizon Kinetics Asset Management LLC grew its stake in shares of LandBridge by 4.0% during the fourth quarter. Horizon Kinetics Asset Management LLC now owns 5,399,275 shares of the company's stock worth $348,793,000 after buying an additional 208,408 shares during the last quarter. Hood River Capital Management LLC bought a new stake in shares of LandBridge during the fourth quarter worth $41,431,000. Vanguard Group Inc. bought a new stake in shares of LandBridge during the fourth quarter worth $38,480,000. Schwartz Investment Counsel Inc. grew its stake in shares of LandBridge by 1.0% during the fourth quarter. Schwartz Investment Counsel Inc. now owns 426,568 shares of the company's stock worth $27,556,000 after buying an additional 4,400 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of LandBridge during the fourth quarter worth $20,928,000.
Wall Street Analysts Forecast Growth
A number of research firms have weighed in on LB. The Goldman Sachs Group boosted their target price on shares of LandBridge from $73.00 to $88.00 and gave the stock a "buy" rating in a research note on Wednesday, March 26th. Johnson Rice cut shares of LandBridge from a "buy" rating to an "accumulate" rating in a research note on Wednesday, May 21st. Piper Sandler decreased their target price on shares of LandBridge from $79.00 to $70.00 and set a "neutral" rating on the stock in a research note on Friday, March 7th. Barclays boosted their target price on shares of LandBridge from $79.00 to $80.00 and gave the stock an "equal weight" rating in a research note on Friday, March 21st. Finally, Wells Fargo & Company boosted their target price on shares of LandBridge from $82.00 to $93.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $60.67.
Get Our Latest Research Report on LandBridge
LandBridge Trading Up 2.1%
LB traded up $1.51 during midday trading on Friday, hitting $73.41. 389,101 shares of the company were exchanged, compared to its average volume of 494,699. The firm has a market capitalization of $5.37 billion and a P/E ratio of 20.62. LandBridge Co LLC has a 1-year low of $18.75 and a 1-year high of $87.60. The firm's 50 day moving average price is $72.44 and its 200-day moving average price is $70.27. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.60.
LandBridge Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Thursday, June 19th. Shareholders of record on Thursday, June 5th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.54%. The ex-dividend date is Thursday, June 5th. LandBridge's payout ratio is presently 11.24%.
Insiders Place Their Bets
In other news, Director David N. Capobianco sold 1,900,000 shares of the business's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $75.25, for a total value of $142,975,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 70.42% of the company's stock.
About LandBridge
(
Free Report)
LandBridge Company LLC owns and manages land and resources to support and enhance oil and natural gas development in the United States. It owns surface acres in and around the Delaware Basin in Texas and New Mexico. The company holds a portfolio of oil and gas royalties. It also sells brackish water and other surface composite materials.
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