Bank of America Corp DE Purchases 111,888 Shares of Home BancShares, Inc. $HOMB

Key Points

• Bank of America increased its Home BancShares position by 14.5% in the first quarter, adding 111,888 shares for a total of 886,006 shares valued at approximately $23.9 million. Institutional investors collectively own 67.31% of HOMB.
• Home BancShares beat quarterly earnings and revenue expectations, reporting $0.64 in EPS and $295.1 million in revenue, with year-over-year revenue growth of 8.9%.
• The company raised its quarterly dividend from $0.21 to $0.23 per share, representing an annualized dividend of $0.92 and a 3.0% yield. Analysts maintain a consensus “Hold” rating with a $32.67 target price.

Bank of America Corp DE grew its position in Home BancShares, Inc. (NYSE:HOMB - Free Report) by 14.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 886,006 shares of the financial services provider's stock after buying an additional 111,888 shares during the period. Bank of America Corp DE owned approximately 0.44% of Home BancShares worth $23,860,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in HOMB. Millennium Capital Advisors LLC bought a new position in shares of Home BancShares during the fourth quarter valued at $1,450,000. Vanguard Group Inc. boosted its position in shares of Home BancShares by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 20,423,768 shares of the financial services provider's stock valued at $567,372,000 after buying an additional 621,751 shares during the last quarter. Norges Bank bought a new stake in Home BancShares in the 4th quarter worth about $66,673,000. Capital Research Global Investors increased its holdings in Home BancShares by 4.5% in the 4th quarter. Capital Research Global Investors now owns 5,588,267 shares of the financial services provider's stock worth $155,242,000 after buying an additional 238,548 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Home BancShares by 9.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,720,491 shares of the financial services provider's stock worth $180,979,000 after buying an additional 559,603 shares during the last quarter. Institutional investors own 67.31% of the company's stock.

Insider Activity at Home BancShares

In other news, CEO John Stephen Tipton sold 12,000 shares of the company's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $31.59, for a total value of $379,080.00. Following the transaction, the chief executive officer directly owned 76,308 shares in the company, valued at approximately $2,410,569.72. This represents a 13.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 6.39% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on HOMB. Weiss Ratings upgraded shares of Home BancShares from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, August 5th. Keefe, Bruyette & Woods increased their price objective on shares of Home BancShares from $30.00 to $32.00 and gave the company a "market perform" rating in a research report on Friday, July 17th. Benchmark initiated coverage on shares of Home BancShares in a report on Wednesday, June 24th. They issued a "hold" rating on the stock. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Home BancShares in a research report on Thursday, July 16th. Finally, Wall Street Zen upgraded shares of Home BancShares from a "sell" rating to a "hold" rating in a research note on Sunday. Three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $32.67.

Home BancShares Stock Performance

Shares of NYSE HOMB opened at $31.14 on Tuesday. The firm has a 50 day moving average of $29.58 and a 200 day moving average of $28.19. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $6.23 billion, a price-to-earnings ratio of 12.87 and a beta of 0.69. Home BancShares, Inc. has a 12-month low of $25.50 and a 12-month high of $31.70.

Home BancShares (NYSE:HOMB - Get Free Report) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $0.64 EPS for the quarter, beating analysts' consensus estimates of $0.62 by $0.02. The business had revenue of $295.10 million during the quarter, compared to analysts' expectations of $288.70 million. Home BancShares had a net margin of 32.10% and a return on equity of 11.12%. The firm's revenue was up 8.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.58 earnings per share. On average, research analysts anticipate that Home BancShares, Inc. will post 2.51 earnings per share for the current year.

Home BancShares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 12th will be paid a dividend of $0.23 per share. This is an increase from Home BancShares's previous quarterly dividend of $0.21. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, August 12th. Home BancShares's payout ratio is presently 38.02%.

About Home BancShares

Home BancShares, Inc is a bank holding company based in Conway, Arkansas, operating through its primary subsidiary, Home Bank, National Association. Founded in March 1999, the company provides a comprehensive suite of banking services to individuals, small and middle-market businesses, and public entities. These services encompass deposit accounts, consumer and commercial lending, mortgage origination and servicing, treasury management, and wealth management solutions.

The company's core products include checking and savings accounts, certificates of deposit, and money market accounts, as well as a variety of loan offerings such as commercial real estate financing, equipment loans, agricultural lending, and residential mortgages.

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