Bank of Nova Scotia Sells 24,438 Shares of Invitation Home (NYSE:INVH)

Key Points

• Bank of Nova Scotia reduced its stake in Invitation Home by 22.0% during the first quarter, lowering its holdings to 86,408 shares valued at approximately $3.01 million.
• Research analysts have mixed ratings on Invitation Home, with targets ranging from $34.00 to $43.00, and a consensus rating of "Moderate Buy".
• CEO Dallas B. Tanner sold 148,749 shares of Invitation Home stock for nearly $4.97 million, reducing his ownership by 18.79% to 642,973 shares.

Bank of Nova Scotia cut its position in Invitation Home (NYSE:INVH - Free Report) by 22.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 86,408 shares of the company's stock after selling 24,438 shares during the quarter. Bank of Nova Scotia's holdings in Invitation Home were worth $3,011,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Cohen & Steers Inc. grew its position in Invitation Home by 1.7% in the 4th quarter. Cohen & Steers Inc. now owns 61,645,138 shares of the company's stock worth $1,970,744,000 after purchasing an additional 1,019,377 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Invitation Home by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,827,708 shares of the company's stock worth $282,221,000 after purchasing an additional 33,235 shares in the last quarter. Northern Trust Corp increased its position in shares of Invitation Home by 27.3% during the fourth quarter. Northern Trust Corp now owns 6,820,769 shares of the company's stock valued at $218,060,000 after purchasing an additional 1,463,236 shares during the period. Ameriprise Financial Inc. lifted its position in Invitation Home by 36.5% in the fourth quarter. Ameriprise Financial Inc. now owns 3,969,533 shares of the company's stock worth $123,634,000 after purchasing an additional 1,060,805 shares during the period. Finally, Hsbc Holdings PLC boosted its stake in Invitation Home by 25.1% during the fourth quarter. Hsbc Holdings PLC now owns 3,617,193 shares of the company's stock worth $115,410,000 after buying an additional 726,762 shares in the last quarter. Institutional investors own 96.79% of the company's stock.

Insider Activity at Invitation Home

In other news, CEO Dallas B. Tanner sold 148,749 shares of the stock in a transaction on Friday, June 13th. The shares were sold at an average price of $33.41, for a total transaction of $4,969,704.09. Following the completion of the sale, the chief executive officer directly owned 642,973 shares in the company, valued at $21,481,727.93. This represents a 18.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.29% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on INVH shares. Keefe, Bruyette & Woods lowered their target price on shares of Invitation Home from $37.00 to $33.00 and set a "market perform" rating on the stock in a report on Wednesday. Citigroup upgraded Invitation Home from a "neutral" rating to a "buy" rating and raised their price target for the company from $35.00 to $38.50 in a report on Friday, June 6th. Raymond James Financial boosted their price target on shares of Invitation Home from $36.00 to $39.00 and gave the stock an "outperform" rating in a research note on Friday, May 9th. Oppenheimer increased their price target on Invitation Home from $39.00 to $41.00 and gave the company an "outperform" rating in a research note on Tuesday, May 6th. Finally, Barclays reissued an "overweight" rating on shares of Invitation Home in a research note on Tuesday, July 15th. Nine analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.64.

Invitation Home Stock Down 0.1%

INVH traded down $0.05 during trading on Thursday, reaching $30.22. 2,622,781 shares of the stock were exchanged, compared to its average volume of 3,708,049. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.02 and a current ratio of 0.02. The stock's 50 day moving average price is $32.51 and its two-hundred day moving average price is $32.86. Invitation Home has a twelve month low of $29.37 and a twelve month high of $37.80. The stock has a market cap of $18.52 billion, a P/E ratio of 34.34, a price-to-earnings-growth ratio of 3.10 and a beta of 0.78.

Invitation Home (NYSE:INVH - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.48 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.48. Invitation Home had a net margin of 20.36% and a return on equity of 5.56%. The company had revenue of $681.40 million during the quarter, compared to the consensus estimate of $675.01 million. During the same period in the prior year, the business earned $0.47 earnings per share. The company's revenue for the quarter was up 4.3% compared to the same quarter last year. Equities analysts expect that Invitation Home will post 1.83 EPS for the current year.

Invitation Home Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, June 26th were given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Thursday, June 26th. Invitation Home's payout ratio is 131.82%.

Invitation Home Profile

Invitation Homes, an S&P 500 company, is the nation's premier single-family home leasing and management company, meeting changing lifestyle demands by providing access to high-quality, updated homes with valued features such as close proximity to jobs and access to good schools. The company's mission, Together with you, we make a house a home, reflects its commitment to providing homes where individuals and families can thrive and high-touch service that continuously enhances residents' living experiences.