Bank of America Corp DE Has $2.08 Million Stock Position in LandBridge Co LLC (NYSE:LB)

Bank of America Corp DE grew its holdings in shares of LandBridge Co LLC (NYSE:LB - Free Report) by 12,067.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 32,243 shares of the company's stock after acquiring an additional 31,978 shares during the period. Bank of America Corp DE's holdings in LandBridge were worth $2,083,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of LB. Jane Street Group LLC bought a new stake in shares of LandBridge in the fourth quarter worth $4,378,000. Monashee Investment Management LLC bought a new stake in shares of LandBridge in the 4th quarter worth about $8,071,000. Comerica Bank increased its position in shares of LandBridge by 29.7% in the 4th quarter. Comerica Bank now owns 1,158 shares of the company's stock worth $75,000 after purchasing an additional 265 shares during the last quarter. PDT Partners LLC acquired a new stake in shares of LandBridge in the 4th quarter valued at about $2,314,000. Finally, Lido Advisors LLC bought a new position in shares of LandBridge during the fourth quarter worth about $511,000.

LandBridge Stock Performance

Shares of LandBridge stock traded down $0.06 during trading on Thursday, hitting $72.16. 149,510 shares of the stock were exchanged, compared to its average volume of 576,693. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.73 and a current ratio of 0.73. LandBridge Co LLC has a 12 month low of $18.75 and a 12 month high of $87.60. The stock's fifty day moving average is $72.42 and its 200 day moving average is $70.17. The stock has a market cap of $5.28 billion and a PE ratio of 20.27.

LandBridge Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 19th. Investors of record on Thursday, June 5th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date is Thursday, June 5th. LandBridge's dividend payout ratio (DPR) is 11.24%.

Insider Activity at LandBridge

In other news, Director David N. Capobianco sold 1,900,000 shares of the company's stock in a transaction on 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 70.42% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on LB. Piper Sandler lowered their price objective on LandBridge from $79.00 to $70.00 and set a "neutral" rating for the company in a report on Friday, March 7th. Johnson Rice downgraded LandBridge from a "buy" rating to an "accumulate" rating in a report on Wednesday, May 21st. Wells Fargo & Company upped their price target on LandBridge from $82.00 to $93.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Barclays lifted their price objective on shares of LandBridge from $79.00 to $80.00 and gave the stock an "equal weight" rating in a report on Friday, March 21st. Finally, The Goldman Sachs Group increased their target price on shares of LandBridge from $73.00 to $88.00 and gave the stock a "buy" rating in a report on Wednesday, March 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $60.67.

LandBridge Profile

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.