Green Brick Partners (GRBK) Upgraded to “Buy” by Citigroup

Citigroup upgraded shares of Green Brick Partners (NASDAQ:GRBK) from a neutral rating to a buy rating in a research report sent to investors on Thursday, August 9th, MarketBeat.com reports. They currently have $12.00 target price on the financial services provider’s stock, up from their prior target price of $11.00.

Separately, BidaskClub cut Green Brick Partners from a buy rating to a hold rating in a report on Tuesday, June 26th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus price target of $11.33.

GRBK traded up $0.20 on Thursday, reaching $10.45. 77,000 shares of the stock were exchanged, compared to its average volume of 134,254. Green Brick Partners has a fifty-two week low of $8.90 and a fifty-two week high of $12.50. The stock has a market cap of $514.81 million, a P/E ratio of 8.46 and a beta of 1.46.

Green Brick Partners (NASDAQ:GRBK) last issued its quarterly earnings results on Monday, August 6th. The financial services provider reported $0.41 EPS for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.14. Green Brick Partners had a return on equity of 13.67% and a net margin of 5.09%. The company had revenue of $155.01 million during the quarter.

In related news, major shareholder Daniel S. Loeb sold 7,140,233 shares of the company’s stock in a transaction dated Tuesday, June 26th. The stock was sold at an average price of $9.07, for a total value of $64,761,913.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Summer Loveland purchased 5,300 shares of Green Brick Partners stock in a transaction that occurred on Wednesday, June 27th. The stock was acquired at an average cost of $9.47 per share, with a total value of $50,191.00. Following the acquisition, the chief accounting officer now directly owns 5,300 shares in the company, valued at approximately $50,191. The disclosure for this purchase can be found here. In the last three months, insiders bought 60,900 shares of company stock valued at $577,111. Insiders own 52.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GRBK. Metropolitan Life Insurance Co. NY purchased a new stake in Green Brick Partners during the 4th quarter worth approximately $105,000. Elgethun Capital Management purchased a new stake in Green Brick Partners during the 2nd quarter worth approximately $107,000. Cubist Systematic Strategies LLC purchased a new stake in Green Brick Partners during the 2nd quarter worth approximately $114,000. Shikiar Asset Management Inc. purchased a new stake in Green Brick Partners during the 2nd quarter worth approximately $120,000. Finally, MetLife Investment Advisors LLC purchased a new stake in Green Brick Partners during the 2nd quarter worth approximately $129,000. 76.26% of the stock is owned by institutional investors.

About Green Brick Partners

Green Brick Partners, Inc operates as a homebuilding and land development company in the United States. It operates in Builder Operations and Land Development segments. The company is involved in the land acquisition and development, entitlements, design, construction, marketing, and sale of townhomes, single family, and luxury homes in residential neighborhoods and master planned communities; development and sale of lots for public and large private builders; and land and construction financing business.

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