CalAtlantic Group Inc. (CAA) Research Coverage Started at Wells Fargo & Co.
Research analysts at Wells Fargo & Co. initiated coverage on shares of CalAtlantic Group Inc. (NYSE:CAA) in a report released on Wednesday. The brokerage set a “market perform” rating on the stock.
Several other research analysts also recently weighed in on the stock. MKM Partners raised shares of CalAtlantic Group from a “neutral” rating to a “buy” rating and boosted their target price for the company from $38.00 to $47.00 in a research note on Monday, July 11th. Bank of America Corp. raised shares of CalAtlantic Group from an “underperform” rating to a “buy” rating and set a $42.00 price objective for the company in a research note on Friday, August 12th. Zacks Investment Research downgraded shares of CalAtlantic Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 3rd. Credit Suisse Group AG reaffirmed a “buy” rating and set a $40.00 price objective on shares of CalAtlantic Group in a research note on Wednesday, June 29th. Finally, RBC Capital Markets initiated coverage on shares of CalAtlantic Group in a research note on Tuesday, July 19th. They set a “buy” rating and a $48.00 price objective for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $42.69.
CalAtlantic Group (NYSE:CAA) traded up 0.15% on Wednesday, hitting $34.19. 1,164,422 shares of the stock traded hands. The stock has a market cap of $4.05 billion, a price-to-earnings ratio of 13.55 and a beta of 1.49. CalAtlantic Group has a 12-month low of $26.97 and a 12-month high of $43.24. The firm’s 50-day moving average price is $35.54 and its 200-day moving average price is $35.58.
CalAtlantic Group (NYSE:CAA) last announced its earnings results on Thursday, July 28th. The company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.58. CalAtlantic Group had a net margin of 5.86% and a return on equity of 11.24%. The firm earned $1.56 billion during the quarter, compared to the consensus estimate of $126.24 million. The company’s revenue was up 124.4% compared to the same quarter last year. On average, equities research analysts anticipate that CalAtlantic Group will post $3.47 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date is Tuesday, September 13th. CalAtlantic Group’s dividend payout ratio is presently 6.40%.
In other CalAtlantic Group news, CMO Wendy L. Marlett sold 18,000 shares of the company’s stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $34.51, for a total value of $621,180.00. Following the completion of the transaction, the chief marketing officer now owns 54,396 shares in the company, valued at approximately $1,877,205.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 37.80% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in CAA. Los Angeles Capital Management & Equity Research Inc. bought a new position in CalAtlantic Group during the first quarter worth $2,910,000. Ngam Advisors L.P. boosted its position in CalAtlantic Group by 26.3% in the first quarter. Ngam Advisors L.P. now owns 159,082 shares of the company’s stock worth $5,316,000 after buying an additional 33,131 shares in the last quarter. Teachers Advisors Inc. boosted its position in CalAtlantic Group by 2.4% in the first quarter. Teachers Advisors Inc. now owns 119,436 shares of the company’s stock worth $3,992,000 after buying an additional 2,818 shares in the last quarter. Prudential Financial Inc. boosted its position in CalAtlantic Group by 509.1% in the first quarter. Prudential Financial Inc. now owns 301,227 shares of the company’s stock worth $10,067,000 after buying an additional 251,776 shares in the last quarter. Finally, BlackRock Inc. boosted its position in CalAtlantic Group by 9.5% in the first quarter. BlackRock Inc. now owns 29,495 shares of the company’s stock worth $985,000 after buying an additional 2,561 shares in the last quarter.
About CalAtlantic Group
CalAtlantic Group, Inc, formerly Standard Pacific Corp., is a diversified builder of single-family attached and detached homes. The Company operates through two segments: homebuilding and financial services. The Company’s homebuilding segment operations include acquiring and developing land, and constructing and selling single-family attached and detached homes.
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