First Republic Investment Management Inc. Takes Position in NVR, Inc. (NVR)
First Republic Investment Management Inc. bought a new position in shares of NVR, Inc. (NYSE:NVR) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 168 shares of the construction company’s stock, valued at approximately $479,000.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Prudential Financial Inc. grew its holdings in NVR by 16.0% during the 2nd quarter. Prudential Financial Inc. now owns 40,440 shares of the construction company’s stock worth $97,485,000 after acquiring an additional 5,580 shares during the period. Birinyi Associates Inc. acquired a new stake in NVR during the 2nd quarter worth $1,005,000. Kayne Anderson Rudnick Investment Management LLC grew its holdings in shares of NVR by 1.6% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 42,434 shares of the construction company’s stock valued at $102,292,000 after buying an additional 683 shares during the period. Andra AP fonden acquired a new position in shares of NVR in the 2nd quarter valued at $4,797,000. Finally, Pacer Advisors Inc. grew its holdings in shares of NVR by 18.2% in the 2nd quarter. Pacer Advisors Inc. now owns 577 shares of the construction company’s stock valued at $1,391,000 after buying an additional 89 shares during the period. 78.48% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have recently issued reports on the stock. MKM Partners reissued a “neutral” rating on shares of NVR in a report on Tuesday, September 5th. Wells Fargo & Company reissued a “market perform” rating on shares of NVR in a report on Friday, October 20th. Zacks Investment Research raised shares of NVR from a “hold” rating to a “strong-buy” rating and set a $3,707.00 price target for the company in a report on Tuesday, October 24th. UBS assumed coverage on shares of NVR in a report on Wednesday, October 25th. They issued a “neutral” rating and a $3,450.00 price target for the company. Finally, ValuEngine lowered shares of NVR from a “buy” rating to a “hold” rating in a report on Friday, October 20th. Five equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $3,111.75.
NVR (NYSE:NVR) last announced its quarterly earnings results on Thursday, October 19th. The construction company reported $38.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $35.77 by $2.25. The company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.71 billion. NVR had a net margin of 9.22% and a return on equity of 38.23%. The firm’s revenue was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $28.46 EPS. sell-side analysts expect that NVR, Inc. will post 147.66 earnings per share for the current fiscal year.
NVR declared that its Board of Directors has authorized a share buyback program on Tuesday, December 12th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the construction company to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.
In related news, Director Timothy M. Donahue sold 326 shares of the company’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $3,266.87, for a total value of $1,064,999.62. Following the completion of the transaction, the director now directly owns 844 shares of the company’s stock, valued at approximately $2,757,238.28. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director William A. Moran sold 4,949 shares of the company’s stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $3,261.99, for a total transaction of $16,143,588.51. Following the completion of the transaction, the director now directly owns 26,085 shares of the company’s stock, valued at $85,089,009.15. The disclosure for this sale can be found here. 11.30% of the stock is currently owned by corporate insiders.
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NVR, Inc is engaged in the construction and sale of single-family detached homes, townhomes and condominium buildings. The Company’s segments are Homebuilding Mid Atlantic, Homebuilding North East, Homebuilding Mid East, Homebuilding South East and Mortgage Banking. Its Homebuilding Mid Atlantic segment operates in various geographic regions, which include Maryland, Virginia, West Virginia, Delaware and Washington, District of Columbia (DC).
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