Bank of America Corp DE increased its position in Installed Building Products by 101,967 shares. This transaction grew the bank's total holdings by 51.8% to 298,729 shares. The expanded stake is valued at approximately $79.2 million.
The purchase follows strong second-quarter financial results reported on August 6. Installed Building Products posted record Q2 revenue of $777.8 million. Adjusted earnings reached $2.91 per share, exceeding consensus estimates.
Strength in the commercial construction sector and recent acquisitions drove the company's performance. These factors helped offset weaker demand in the residential sector.