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 Analysts Forecast Growth

A number of brokerages recently weighed in on MTH. Seaport Res Ptn lowered shares of Meritage Homes from a buy rating to a neutral rating in a report on Monday, January 22nd. Zelman & Associates raised shares of Meritage Homes from a neutral rating to an outperform rating in a report on Monday, February 26th. The Goldman Sachs Group raised their price target on shares of Meritage Homes from $151.00 to $182.00 and gave the company a neutral rating in a report on Thursday, January 11th. Wedbush reissued an underperform rating and issued a $148.00 price target on shares of Meritage Homes in a report on Thursday. Finally, StockNews.com raised shares of Meritage Homes from a hold rating to a buy rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Meritage Homes presently has a consensus rating of Hold and an average price target of $172.67.

Meritage Homes Trading Up 2.7 %

MTH traded up $4.41 during trading on Friday, reaching $169.48. 593,929 shares of the company’s stock were exchanged, compared to its average volume of 339,394. The company’s fifty day moving average price is $159.56 and its 200-day moving average price is $152.95. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.77 and a current ratio of 1.90. Meritage Homes has a fifty-two week low of $109.23 and a fifty-two week high of $179.68. The firm has a market capitalization of $6.16 billion, a PE ratio of 7.90 and a beta of 1.77.

Meritage Homes (NYSE:MTH) last announced its quarterly earnings results on Wednesday, April 24th. The construction company reported $5.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.54 by $1.52. Meritage Homes had a net margin of 12.54% and a return on equity of 17.63%. The company had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.28 billion. As a group, equities analysts forecast that Meritage Homes will post 19.95 EPS for the current year.

Meritage Homes Increases Dividend

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

Insider Activity

In other news, CAO Alison Sasser sold 355 shares of the business’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $152.61, for a total value of $54,176.55. Following the completion of the transaction, the chief accounting officer now owns 869 shares of the company’s stock, valued at approximately $132,618.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CAO Alison Sasser sold 355 shares of the business’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $152.61, for a total value of $54,176.55. Following the sale, the chief accounting officer now directly owns 869 shares of the company’s stock, valued at approximately $132,618.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Clinton Szubinski sold 797 shares of the business’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $152.62, for a total transaction of $121,638.14. Following the sale, the chief operating officer now directly owns 5,234 shares in the company, valued at $798,813.08. The disclosure for this sale can be found here. Insiders sold 3,998 shares of company stock valued at $635,171 in the last quarter. Company insiders own 2.00% of the company’s stock.

About Meritage Homes

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.