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

Meritage Homes (NYSE:MTH) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 19.200-20.700 for the period, compared to the consensus earnings per share 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 Analyst Weigh In

A number of analysts have recently commented on the company. Wedbush cut Meritage Homes from a neutral rating to an underperform rating and lowered their price target for the company from $155.00 to $148.00 in a research note on Tuesday, April 2nd. The Goldman Sachs Group upped their price target on Meritage Homes from $151.00 to $182.00 and gave the company a neutral rating in a research note on Thursday, January 11th. Zelman & Associates upgraded Meritage Homes from a neutral rating to an outperform rating in a research report on Monday, February 26th. StockNews.com lowered Meritage Homes from a buy rating to a hold rating in a research report on Wednesday, January 31st. Finally, Seaport Res Ptn lowered Meritage Homes from a buy rating to a neutral rating in a research report on Monday, January 22nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $172.67.

Meritage Homes Stock Down 2.2 %

NYSE:MTH traded down $3.50 during trading hours on Wednesday, reaching $154.69. 452,787 shares of the stock were exchanged, compared to its average volume of 399,753. Meritage Homes has a twelve month low of $109.23 and a twelve month high of $179.68. 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 firm has a 50 day moving average of $159.02 and a 200 day moving average of $152.48. The stock has a market cap of $5.62 billion, a PE ratio of 7.94 and a beta of 1.77.

Meritage Homes (NYSE:MTH) last released its quarterly earnings results on Wednesday, January 31st. The construction company reported $5.38 earnings per share for the quarter, topping analysts’ consensus estimates of $5.18 by $0.20. Meritage Homes had a return on equity of 17.03% and a net margin of 12.03%. The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.52 billion. On average, equities analysts expect that Meritage Homes will post 17.78 earnings per share for the current year.

Meritage Homes Increases Dividend

The business also recently disclosed 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 annualized dividend and a dividend yield of 1.94%. The ex-dividend date of this dividend was Thursday, March 14th. This is an increase from Meritage Homes’s previous quarterly dividend of $0.27. Meritage Homes’s dividend payout ratio is presently 15.06%.

Insider Activity at Meritage Homes

In other Meritage Homes news, CEO Phillippe Lord sold 2,500 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $162.79, for a total transaction of $406,975.00. Following the transaction, the chief executive officer now owns 100,266 shares in the company, valued at approximately $16,322,302.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Meritage Homes news, 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 transaction, the chief operating officer now owns 5,234 shares in the company, valued at $798,813.08. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Phillippe Lord sold 2,500 shares of the business’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $162.79, for a total value of $406,975.00. Following the sale, the chief executive officer now owns 100,266 shares in the company, valued at $16,322,302.14. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,998 shares of company stock worth $635,171. Company insiders own 2.00% of the company’s stock.

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.