Meritage Homes (NYSE:MTH) Issues FY 2024 Earnings Guidance

Meritage Homes (NYSE:MTH) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 19.200-20.700 for the period, compared to the consensus EPS estimate of 17.690. The company issued revenue guidance of -. Meritage Homes also updated its FY24 guidance to $19.20-20.70 EPS.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Seaport Res Ptn cut Meritage Homes from a buy rating to a neutral rating in a research note on Monday, January 22nd. Zelman & Associates upgraded Meritage Homes from a neutral rating to an outperform rating in a research note on Monday, February 26th. StockNews.com cut Meritage Homes from a buy rating to a hold rating in a report on Wednesday, January 31st. The Goldman Sachs Group raised their price target on Meritage Homes from $151.00 to $182.00 and gave the company a neutral rating in a report on Thursday, January 11th. Finally, Wedbush reiterated an underperform rating and issued a $148.00 price target on shares of Meritage Homes in a report on Thursday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Hold and an average target price of $172.67.

Meritage Homes Stock Performance

MTH traded up $3.96 during trading on Friday, hitting $169.03. The stock had a trading volume of 479,055 shares, compared to its average volume of 406,478. The firm has a market cap of $6.14 billion, a price-to-earnings ratio of 7.70 and a beta of 1.77. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.77 and a quick ratio of 1.77. The company has a 50 day moving average price of $159.18 and a 200-day moving average price of $152.58. Meritage Homes has a one year low of $109.23 and a one year high of $179.68.

Meritage Homes (NYSE:MTH) last posted its quarterly earnings results on Wednesday, April 24th. The construction company reported $5.06 EPS for the quarter, topping analysts’ consensus estimates of $3.54 by $1.52. Meritage Homes had a return on equity of 17.92% and a net margin of 12.54%. The company had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.28 billion. As a group, research analysts predict that Meritage Homes will post 17.77 EPS for the current year.

Meritage Homes Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date was Thursday, March 14th. This is a positive change from Meritage Homes’s previous quarterly dividend of $0.27. Meritage Homes’s dividend payout ratio (DPR) is currently 13.99%.

Insider Activity

In related news, CAO Alison Sasser sold 355 shares of the business’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $152.61, for a total transaction of $54,176.55. Following the completion of the transaction, the chief accounting officer now directly owns 869 shares in the company, valued at $132,618.09. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Meritage Homes news, CAO Alison Sasser sold 355 shares of Meritage Homes stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $152.61, for a total transaction of $54,176.55. Following the completion of the sale, the chief accounting officer now owns 869 shares of the company’s stock, valued at $132,618.09. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Clinton Szubinski sold 797 shares of Meritage Homes stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $152.62, for a total value of $121,638.14. Following the sale, the chief operating officer now directly owns 5,234 shares of the company’s stock, valued at approximately $798,813.08. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,998 shares of company stock worth $635,171. 2.00% of the stock is owned by corporate insiders.

Meritage Homes Company Profile

Meritage Homes Corporation, together with its subsidiaries, designs and builds single-family attached and detached homes in the United States. The company operates through two segments, Homebuilding and Financial Services. It acquires and develops land; and constructs, markets, and sells homes for entry-level and first move-up buyers in Arizona, California, Colorado, Utah, Texas, Florida, Georgia, North Carolina, South Carolina, and Tennessee.