Bovis Homes
It was perhaps Bovis Homes’ misfortune to report some perfectly respectable halfway figures on the day that JP Morgan’s equity strategists suggested that housebuilders’ shares were likely to be outpaced by the property companies.
This sent the sector into reverse, Bovis falling 23p to 813p. The housebuilder, which is focused on the higher-priced southeast market but has only one site within the M25, is one of those that are keener to grow rather than push out spare cash to investors by means of special dividends.
The yield on the shares, then, though a decent enough 5.5 per cent, is a little below some of the big payers, such as Berkeley Group. Bovis reckons to be one of the few to have more than