Meritage Homes (NYSE:MTH) Stock Price Target Lowered at Truist Financial

Meritage Homes (NYSE:MTH) had its target price trimmed by Truist Financial from $72.00 to $65.00 in a research report report published on Friday morning,Benzinga reports. The brokerage currently has a hold rating on the construction company’s stock.

Several other analysts also recently commented on MTH. Weiss Ratings downgraded shares of Meritage Homes from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, September 18th. Zacks Research downgraded shares of Meritage Homes from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 8th. Melius Research began coverage on shares of Meritage Homes in a research note on Tuesday, October 6th. They issued a “sell” rating and a $59.00 price objective on the stock. Evercore set a $65.00 price objective on shares of Meritage Homes in a research note on Friday, September 25th. Finally, Wall Street Zen raised shares of Meritage Homes from a “sell” rating to a “hold” rating in a report on Saturday, July 25th. Four analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Meritage Homes currently has an average rating of “Hold” and a consensus price target of $72.78.

Meritage Homes Trading Down 0.2%

NYSE:MTH opened at $64.39 on Friday. The company has a market capitalization of $4.20 billion, a PE ratio of 14.54, a P/E/G ratio of 4.83 and a beta of 1.33. Meritage Homes has a 52-week low of $56.66 and a 52-week high of $85.38. The stock’s 50 day moving average price is $64.29 and its 200 day moving average price is $69.02. The company has a quick ratio of 1.97, a current ratio of 1.72 and a debt-to-equity ratio of 0.37.

Meritage Homes (NYSE:MTH) last posted its quarterly earnings data on Wednesday, October 28th. The construction company reported $1.11 earnings per share for the quarter, missing the consensus estimate of $1.17 by ($0.06). The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.29 billion. Meritage Homes had a net margin of 5.79% and a return on equity of 6.69%. Meritage Homes’s revenue was down 17.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.39 earnings per share. On average, research analysts anticipate that Meritage Homes will post 4.93 EPS for the current year.

Meritage Homes Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Tuesday, September 15th. Meritage Homes’s dividend payout ratio is 43.34%.

Institutional Investors Weigh In On Meritage Homes

Several hedge funds have recently modified their holdings of MTH. Essential Partners LLC boosted its position in shares of Meritage Homes by 163.8% during the 1st quarter. Essential Partners LLC now owns 401 shares of the construction company’s stock worth $25,000 after purchasing an additional 249 shares in the last quarter. Salomon & Ludwin LLC increased its holdings in shares of Meritage Homes by 106.9% in the 3rd quarter. Salomon & Ludwin LLC now owns 573 shares of the construction company’s stock valued at $36,000 after purchasing an additional 296 shares in the last quarter. Reyes Financial Architecture Inc. purchased a new position in shares of Meritage Homes in the 3rd quarter valued at about $39,000. Assetmark Inc. lifted its stake in shares of Meritage Homes by 43.9% in the first quarter. Assetmark Inc. now owns 774 shares of the construction company’s stock valued at $48,000 after purchasing an additional 236 shares during the period. Finally, IFP Advisors Inc lifted its stake in shares of Meritage Homes by 767.6% in the second quarter. IFP Advisors Inc now owns 616 shares of the construction company’s stock valued at $52,000 after purchasing an additional 545 shares during the period. 98.44% of the stock is owned by institutional investors and hedge funds.

About Meritage Homes

Meritage Homes Corporation is a residential construction company that designs and builds single-family homes in the United States. The company primarily serves entry-level and first-time homebuyers, offering homes in a range of floor plans and communities designed around affordability, energy efficiency and modern features.

Meritage Homes sells homes through its own communities and provides related services, including land acquisition and development, home design, construction, sales and customer support.