SouthState Corp Trims Position in The Home Depot, Inc. (NYSE:HD)

SouthState Corp cut its holdings in shares of The Home Depot, Inc. (NYSE:HD) by 6.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 56,958 shares of the home improvement retailer’s stock after selling 4,064 shares during the period. Home Depot accounts for 1.6% of SouthState Corp’s portfolio, making the stock its 13th biggest position. SouthState Corp’s holdings in Home Depot were worth $23,079,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in HD. Fairway Wealth LLC purchased a new stake in Home Depot in the second quarter worth $25,000. Kings Path Partners LLC purchased a new stake in Home Depot in the second quarter worth $33,000. Livelsberger Financial Advisory purchased a new stake in Home Depot in the third quarter worth $46,000. Denver PWM LLC purchased a new stake in Home Depot in the second quarter worth $40,000. Finally, Abich Financial Wealth Management LLC grew its stake in Home Depot by 68.0% in the first quarter. Abich Financial Wealth Management LLC now owns 126 shares of the home improvement retailer’s stock worth $48,000 after purchasing an additional 51 shares during the period. 70.86% of the stock is owned by hedge funds and other institutional investors.

Home Depot Stock Up 0.6 %

Home Depot stock opened at $410.44 on Tuesday. The stock has a market cap of $407.69 billion, a PE ratio of 27.88, a price-to-earnings-growth ratio of 2.84 and a beta of 1.01. The company has a debt-to-equity ratio of 8.65, a quick ratio of 0.31 and a current ratio of 1.13. The Home Depot, Inc. has a one year low of $302.34 and a one year high of $421.56. The stock has a fifty day moving average of $400.41 and a 200 day moving average of $367.33.

Home Depot (NYSE:HD) last issued its quarterly earnings results on Tuesday, November 12th. The home improvement retailer reported $3.78 EPS for the quarter, topping analysts’ consensus estimates of $3.64 by $0.14. The business had revenue of $40.22 billion during the quarter, compared to analysts’ expectations of $39.31 billion. Home Depot had a return on equity of 452.60% and a net margin of 9.45%. The business’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.81 earnings per share. As a group, sell-side analysts predict that The Home Depot, Inc. will post 15.12 EPS for the current year.

Home Depot Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Wednesday, November 27th will be given a $2.25 dividend. This represents a $9.00 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend is Wednesday, November 27th. Home Depot’s payout ratio is 61.14%.

Analysts Set New Price Targets

HD has been the topic of several recent research reports. Royal Bank of Canada upped their price target on Home Depot from $363.00 to $413.00 and gave the stock a “sector perform” rating in a research note on Monday, November 11th. Evercore ISI boosted their target price on Home Depot from $420.00 to $430.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. TD Cowen boosted their target price on Home Depot from $440.00 to $460.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Morgan Stanley boosted their target price on Home Depot from $380.00 to $450.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Finally, Melius Research began coverage on Home Depot in a report on Monday, September 23rd. They issued a “buy” rating and a $420.00 target price on the stock. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $426.00.

Insiders Place Their Bets

In other Home Depot news, EVP Teresa Wynn Roseborough sold 22,084 shares of the company’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $408.91, for a total value of $9,030,368.44. Following the completion of the sale, the executive vice president now owns 20,404 shares in the company, valued at $8,343,399.64. This represents a 51.98 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.10% of the company’s stock.

Home Depot Company Profile

The Home Depot, Inc operates as a home improvement retailer in the United States and internationally. It sells various building materials, home improvement products, lawn and garden products, and décor products, as well as facilities maintenance, repair, and operations products. The company also offers installation services for flooring, water heaters, bath, garage doors, cabinets, cabinet makeovers, countertops, sheds, furnaces and central air systems, and windows.