Meritage Homes (NYSE:MTH) Posts Quarterly Earnings Results, Beats Expectations By $1.14 EPS

Meritage Homes (NYSE:MTH) released its earnings results on Wednesday. The construction company reported $6.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.17 by $1.14, Briefing.com reports. Meritage Homes had a return on equity of 18.28% and a net margin of 12.98%. The firm had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.57 billion. During the same quarter last year, the business posted $5.02 earnings per share. The firm’s revenue was up 9.8% on a year-over-year basis. Meritage Homes updated its FY 2024 guidance to 19.800-21.000 EPS.

Meritage Homes Trading Up 3.1 %

Shares of Meritage Homes stock traded up $5.92 on Friday, hitting $199.08. 299,680 shares of the company traded hands, compared to its average volume of 428,129. Meritage Homes has a 52 week low of $109.23 and a 52 week high of $205.20. The company has a market cap of $7.23 billion, a PE ratio of 9.31 and a beta of 1.80. The stock’s 50 day moving average price is $171.73 and its 200-day moving average price is $166.31. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.21.

Meritage Homes Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a $0.75 dividend. The ex-dividend date was Friday, June 14th. This represents a $3.00 dividend on an annualized basis and a yield of 1.51%. Meritage Homes’s dividend payout ratio is currently 13.99%.

Analyst Ratings Changes

Several research firms recently issued reports on MTH. Keefe, Bruyette & Woods increased their target price on Meritage Homes from $180.00 to $195.00 and gave the stock a “market perform” rating in a research report on Wednesday, May 8th. The Goldman Sachs Group increased their target price on Meritage Homes from $173.00 to $197.00 and gave the stock a “neutral” rating in a research report on Friday. Wedbush raised their price target on Meritage Homes from $148.00 to $160.00 and gave the company an “underperform” rating in a report on Friday. StockNews.com cut Meritage Homes from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Raymond James initiated coverage on Meritage Homes in a report on Wednesday. They set an “outperform” rating and a $220.00 price target for the company. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $196.83.

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.