Bank of Nova Scotia Sells 1,395 Shares of NVR, Inc. (NYSE:NVR)

Key Points

• The Bank of Nova Scotia reduced its stake in NVR, Inc. by 69.5%, selling 1,395 shares and ending with 613 shares valued at approximately $4.44 million.
• NVR recently reported earnings of $108.54 EPS, exceeding analysts' estimates, despite a 0.5% decrease in revenue year-over-year.
• The company has authorized a $750 million stock buyback plan, indicating management's confidence that its stock is undervalued.

Bank of Nova Scotia trimmed its holdings in NVR, Inc. (NYSE:NVR - Free Report) by 69.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 613 shares of the construction company's stock after selling 1,395 shares during the period. Bank of Nova Scotia's holdings in NVR were worth $4,441,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Spire Wealth Management grew its holdings in shares of NVR by 21.2% during the 1st quarter. Spire Wealth Management now owns 63 shares of the construction company's stock worth $456,000 after purchasing an additional 11 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of NVR by 12.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 331 shares of the construction company's stock worth $2,377,000 after purchasing an additional 36 shares in the last quarter. Asset Management One Co. Ltd. grew its holdings in shares of NVR by 5.2% during the 1st quarter. Asset Management One Co. Ltd. now owns 1,275 shares of the construction company's stock worth $9,237,000 after purchasing an additional 63 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of NVR by 15.8% during the 1st quarter. GAMMA Investing LLC now owns 22 shares of the construction company's stock worth $159,000 after purchasing an additional 3 shares in the last quarter. Finally, Vise Technologies Inc. grew its holdings in shares of NVR by 105.7% during the 4th quarter. Vise Technologies Inc. now owns 109 shares of the construction company's stock worth $892,000 after purchasing an additional 56 shares in the last quarter. 83.67% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on NVR shares. JPMorgan Chase & Co. raised their price objective on NVR from $7,200.00 to $7,600.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. UBS Group increased their target price on NVR from $7,900.00 to $8,150.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Finally, Wall Street Zen downgraded NVR from a "hold" rating to a "sell" rating in a research report on Monday, June 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, NVR presently has an average rating of "Hold" and a consensus target price of $8,783.33.

Insiders Place Their Bets

In other NVR news, Director Susan Williamson Ross sold 125 shares of the firm's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $7,850.28, for a total value of $981,285.00. Following the completion of the sale, the director owned 386 shares of the company's stock, valued at approximately $3,030,208.08. This trade represents a 24.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 7.00% of the company's stock.

NVR Trading Up 0.3%

Shares of NVR traded up $20.98 during mid-day trading on Friday, reaching $7,851.42. 13,301 shares of the company were exchanged, compared to its average volume of 17,849. NVR, Inc. has a 52 week low of $6,562.85 and a 52 week high of $9,964.77. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.97 and a current ratio of 5.79. The stock has a market capitalization of $22.53 billion, a PE ratio of 16.57, a PEG ratio of 11.13 and a beta of 0.94. The business has a 50 day simple moving average of $7,464.34 and a two-hundred day simple moving average of $7,372.05.

NVR (NYSE:NVR - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The construction company reported $108.54 earnings per share for the quarter, topping analysts' consensus estimates of $104.89 by $3.65. The business had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.46 billion. NVR had a return on equity of 37.35% and a net margin of 14.68%. The firm's revenue for the quarter was down .5% on a year-over-year basis. During the same period in the previous year, the company posted $120.69 earnings per share. On average, analysts predict that NVR, Inc. will post 505.2 earnings per share for the current fiscal year.

NVR announced that its Board of Directors has approved a stock repurchase program on Tuesday, May 6th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the construction company to purchase up to 3.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

NVR Company Profile

NVR, Inc operates as a homebuilder in the United States. The company operates through, Homebuilding and Mortgage Banking segments. It engages in the construction and sale of single-family detached homes, townhomes, and condominium buildings under the Ryan Homes, NVHomes, and Heartland Homes names. The company markets its Ryan Homes products to first-time and first-time move-up buyers; and NVHomes and Heartland Homes products to move-up and luxury buyers.