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

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

Meritage Homes Price Performance

Shares of NYSE MTH traded up $10.48 during midday trading on Thursday, reaching $165.17. 529,502 shares of the company traded hands, compared to its average volume of 401,123. The firm has a market cap of $6.00 billion, a PE ratio of 8.25 and a beta of 1.77. The stock’s 50-day simple moving average is $159.01 and its 200-day simple moving average is $152.49. Meritage Homes has a 12 month low of $109.23 and a 12 month high of $179.68. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.77 and a current ratio of 1.77.

Meritage Homes (NYSE:MTH) last posted its earnings results on Wednesday, April 24th. The construction company reported $5.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.54 by $1.52. The company had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.28 billion. Meritage Homes had a return on equity of 17.03% and a net margin of 12.03%. As a group, equities analysts anticipate that Meritage Homes will post 17.78 earnings per share for the current fiscal 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 given a dividend of $0.75 per share. This is a positive change from Meritage Homes’s previous quarterly dividend of $0.27. This represents a $3.00 annualized dividend and a dividend yield of 1.82%. The ex-dividend date of this dividend was Thursday, March 14th. Meritage Homes’s payout ratio is presently 15.06%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MTH. The Goldman Sachs Group lifted their price objective on Meritage Homes from $151.00 to $182.00 and gave the company a neutral rating in a report on Thursday, January 11th. StockNews.com cut Meritage Homes from a buy rating to a hold rating in a research note on Wednesday, January 31st. 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. Finally, Wedbush reiterated an underperform rating and set a $148.00 price objective on shares of Meritage Homes in a research note on Thursday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Meritage Homes currently has an average rating of Hold and an average target price of $172.67.

Insider Buying and Selling

In other Meritage Homes news, CEO Phillippe Lord sold 2,500 shares of the company’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $162.79, for a total value of $406,975.00. Following the transaction, the chief executive officer now directly owns 100,266 shares of the company’s stock, valued at approximately $16,322,302.14. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Meritage Homes news, CEO Phillippe Lord sold 2,500 shares of the company’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $162.79, for a total value of $406,975.00. Following the transaction, the chief executive officer now directly owns 100,266 shares of the company’s stock, valued at approximately $16,322,302.14. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Clinton Szubinski sold 797 shares of the stock in a transaction on 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 in the company, valued at $798,813.08. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,998 shares of company stock valued at $635,171. 2.00% of the stock is owned by 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.