Bank of America Corp DE Increases Stock Position in LandBridge Co LLC (NYSE:LB)

Bank of America Corp DE grew its holdings in LandBridge Co LLC (NYSE:LB) by 12,067.2% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 32,243 shares of the company’s stock after buying an additional 31,978 shares during the period. Bank of America Corp DE’s holdings in LandBridge were worth $2,083,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Horizon Kinetics Asset Management LLC increased its holdings in LandBridge by 4.0% in the fourth quarter. Horizon Kinetics Asset Management LLC now owns 5,399,275 shares of the company’s stock valued at $348,793,000 after buying an additional 208,408 shares in the last quarter. Hood River Capital Management LLC purchased a new position in shares of LandBridge during the 4th quarter worth approximately $41,431,000. Vanguard Group Inc. purchased a new position in shares of LandBridge during the 4th quarter worth approximately $38,480,000. Schwartz Investment Counsel Inc. increased its stake in shares of LandBridge by 1.0% during the 4th quarter. Schwartz Investment Counsel Inc. now owns 426,568 shares of the company’s stock worth $27,556,000 after purchasing an additional 4,400 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of LandBridge during the 4th quarter worth approximately $20,928,000.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on LB. Piper Sandler decreased their target price on shares of LandBridge from $79.00 to $70.00 and set a “neutral” rating on the stock in a research report on Friday, March 7th. Barclays lifted their price target on shares of LandBridge from $79.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Friday, March 21st. Johnson Rice downgraded shares of LandBridge from a “buy” rating to an “accumulate” rating in a research report on Wednesday, May 21st. The Goldman Sachs Group boosted their target price on shares of LandBridge from $73.00 to $88.00 and gave the stock a “buy” rating in a research report on Wednesday, March 26th. Finally, Wells Fargo & Company boosted their price objective on shares of LandBridge from $82.00 to $93.00 and gave the company an “overweight” rating in a research report on Friday, May 16th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $60.67.

LandBridge Trading Up 1.7%

Shares of NYSE:LB opened at $72.69 on Tuesday. The company has a 50 day moving average of $72.44 and a 200-day moving average of $70.14. The firm has a market cap of $5.32 billion and a P/E ratio of 20.42. LandBridge Co LLC has a twelve month low of $18.75 and a twelve month high of $87.60. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.60.

LandBridge Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Stockholders of record on Thursday, June 5th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date is Thursday, June 5th. LandBridge’s dividend payout ratio is currently 11.24%.

Insider Transactions at LandBridge

In other news, Director David N. Capobianco sold 1,900,000 shares of the business’s stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $75.25, for a total transaction of $142,975,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 70.42% of the company’s stock.

LandBridge Company Profile

LandBridge Company LLC owns and manages land and resources to support and enhance oil and natural gas development in the United States. It owns surface acres in and around the Delaware Basin in Texas and New Mexico. The company holds a portfolio of oil and gas royalties. It also sells brackish water and other surface composite materials.