Great Lakes Advisors LLC Makes New $7.56 Million Investment in Home BancShares, Inc. $HOMB

Key Points

• Great Lakes Advisors bought 264,951 Home BancShares shares worth approximately $7.56 million, while institutional investors collectively own 67.31% of the company.
• Home BancShares exceeded quarterly earnings and revenue expectations, reporting $0.64 EPS and $295.1 million in revenue; revenue increased 8.9% year over year.
• The company raised its quarterly dividend from $0.21 to $0.23 per share, implying a $0.92 annualized payout and a 3.0% yield. Analysts maintain a “Moderate Buy” consensus with a $32.83 price target.

Great Lakes Advisors LLC purchased a new position in shares of Home BancShares, Inc. (NYSE:HOMB - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 264,951 shares of the financial services provider's stock, valued at approximately $7,564,000. Great Lakes Advisors LLC owned 0.13% of Home BancShares at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of HOMB. Root Financial Partners LLC grew its position in shares of Home BancShares by 76.9% in the 1st quarter. Root Financial Partners LLC now owns 1,090 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 474 shares during the period. CIBC Private Wealth Group LLC raised its holdings in Home BancShares by 164.8% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,083 shares of the financial services provider's stock worth $30,000 after buying an additional 674 shares during the period. Kestra Advisory Services LLC acquired a new stake in Home BancShares during the 4th quarter worth approximately $36,000. Covestor Ltd lifted its stake in Home BancShares by 110.6% in the fourth quarter. Covestor Ltd now owns 1,327 shares of the financial services provider's stock valued at $37,000 after buying an additional 697 shares in the last quarter. Finally, Binnacle Investments Inc lifted its stake in Home BancShares by 76.7% in the second quarter. Binnacle Investments Inc now owns 1,329 shares of the financial services provider's stock valued at $38,000 after buying an additional 577 shares in the last quarter. Institutional investors own 67.31% of the company's stock.

Home BancShares Stock Performance

Shares of HOMB opened at $30.41 on Thursday. Home BancShares, Inc. has a 12 month low of $25.50 and a 12 month high of $31.70. The firm has a fifty day simple moving average of $29.71 and a 200 day simple moving average of $28.22. The stock has a market capitalization of $6.08 billion, a price-to-earnings ratio of 12.56 and a beta of 0.69. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.16.

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

Home BancShares Increases Dividend

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

Insider Activity at Home BancShares

In other news, CEO John Stephen Tipton sold 12,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $31.59, for a total value of $379,080.00. Following the completion of the sale, the chief executive officer owned 76,308 shares of the company's stock, valued at approximately $2,410,569.72. This represents a 13.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 6.39% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on HOMB shares. Stephens increased their price objective on shares of Home BancShares from $32.00 to $35.00 and gave the stock an "overweight" rating in a research report on Friday, July 17th. Weiss Ratings raised shares of Home BancShares from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, August 5th. Cantor Fitzgerald reiterated an "overweight" rating and set a $31.00 target price (up from $30.00) on shares of Home BancShares in a report on Wednesday. Wall Street Zen upgraded Home BancShares from a "sell" rating to a "hold" rating in a report on Sunday. Finally, Keefe, Bruyette & Woods upped their price objective on Home BancShares from $30.00 to $32.00 and gave the stock a "market perform" rating in a research report on Friday, July 17th. Four equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $32.83.

Home BancShares Company Profile

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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