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 19.800-21.000 for the period, compared to the consensus earnings per share estimate of 20.210. The company issued revenue guidance of -.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Evercore ISI lifted their price target on shares of Meritage Homes from $219.00 to $221.00 and gave the stock an outperform rating in a report on Monday, July 15th. Wedbush lifted their price target on shares of Meritage Homes from $148.00 to $160.00 and gave the stock an underperform rating in a report on Friday. The Goldman Sachs Group lifted their price target on shares of Meritage Homes from $173.00 to $197.00 and gave the stock a neutral rating in a report on Friday. StockNews.com cut shares of Meritage Homes from a buy rating to a hold rating in a report on Thursday. Finally, Raymond James assumed coverage on shares of Meritage Homes in a report on Wednesday. They set an outperform rating and a $220.00 target price on the stock. Four research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Meritage Homes currently has a consensus rating of Moderate Buy and an average target price of $196.83.

Meritage Homes Stock Performance

MTH stock traded up $6.94 during midday trading on Friday, reaching $200.10. 629,054 shares of the company’s stock traded hands, compared to its average volume of 459,076. The company has a 50-day moving average price of $172.07 and a two-hundred day moving average price of $166.52. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.66 and a current ratio of 1.93. Meritage Homes has a 52 week low of $109.23 and a 52 week high of $205.20. The firm has a market capitalization of $7.27 billion, a PE ratio of 9.34 and a beta of 1.80.

Meritage Homes (NYSE:MTH) last released its quarterly earnings results on Wednesday, July 24th. The construction company reported $6.31 earnings per share for the quarter, topping the consensus estimate of $5.17 by $1.14. The firm had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.57 billion. Meritage Homes had a net margin of 12.98% and a return on equity of 17.99%. The business’s quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $5.02 earnings per share. As a group, equities analysts anticipate that Meritage Homes will post 20.31 EPS for the current year.

Meritage Homes Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $0.75 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $3.00 annualized dividend and a dividend yield of 1.50%. Meritage Homes’s payout ratio is currently 13.99%.

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.