Meritage Homes Co. (NYSE:MTH) Shares Sold by Truist Financial Corp

Posted by Defense World Staff on Aug 11th, 2023

Truist Financial Corp reduced its position in Meritage Homes Co. (NYSE:MTH – Free Report) by 0.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,812 shares of the construction company’s stock after selling 256 shares during the period. Truist Financial Corp owned approximately 0.19% of Meritage Homes worth $7,918,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of MTH. TFO TDC LLC acquired a new position in shares of Meritage Homes in the 4th quarter valued at about $25,000. OLD Mission Capital LLC acquired a new position in shares of Meritage Homes in the 4th quarter valued at about $29,000. Quantbot Technologies LP acquired a new position in shares of Meritage Homes in the 1st quarter valued at about $48,000. Covestor Ltd lifted its stake in shares of Meritage Homes by 108.3% in the 1st quarter. Covestor Ltd now owns 1,337 shares of the construction company’s stock valued at $106,000 after purchasing an additional 695 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new position in shares of Meritage Homes in the 1st quarter valued at about $114,000. 98.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Meritage Homes

In related news, Director Peter L. Ax sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $149.50, for a total transaction of $448,500.00. Following the completion of the transaction, the director now owns 15,029 shares in the company, valued at approximately $2,246,835.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Meritage Homes news, Director Peter L. Ax sold 3,000 shares of the business’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $149.50, for a total transaction of $448,500.00. Following the completion of the transaction, the director now owns 15,029 shares in the company, valued at approximately $2,246,835.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Phillippe Lord sold 1,350 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $149.03, for a total value of $201,190.50. Following the transaction, the chief executive officer now owns 43,091 shares of the company’s stock, valued at approximately $6,421,851.73. The disclosure for this sale can be found here. Insiders sold 4,831 shares of company stock worth $721,841 in the last 90 days. 1.80% of the stock is currently owned by company insiders.

Meritage Homes Price Performance

MTH stock opened at $145.57 on Friday. The company has a quick ratio of 2.18, a current ratio of 2.18 and a debt-to-equity ratio of 0.27. Meritage Homes Co. has a 52-week low of $65.40 and a 52-week high of $152.55. The stock’s 50 day moving average is $138.15 and its two-hundred day moving average is $123.37. The company has a market capitalization of $5.35 billion, a PE ratio of 6.40 and a beta of 1.64.

Meritage Homes (NYSE:MTH – Get Free Report) last posted its quarterly earnings data on Thursday, July 27th. The construction company reported $5.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.49 by $1.53. Meritage Homes had a return on equity of 21.15% and a net margin of 13.10%. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the previous year, the business earned $6.77 EPS. Meritage Homes’s revenue for the quarter was up 9.5% compared to the same quarter last year. Analysts predict that Meritage Homes Co. will post 19.62 earnings per share for the current fiscal year.

Meritage Homes Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Thursday, June 15th were given a dividend of $0.27 per share. The ex-dividend date was Wednesday, June 14th. This represents a $1.08 dividend on an annualized basis and a yield of 0.74%. Meritage Homes’s dividend payout ratio is currently 4.75%.

Analysts Set New Price Targets

Several research firms have recently weighed in on MTH. UBS Group lifted their price objective on Meritage Homes from $155.00 to $188.00 and gave the company a “buy” rating in a research note on Monday, July 31st. Wedbush raised their target price on Meritage Homes from $137.00 to $141.00 in a report on Friday, July 7th. Seaport Res Ptn reiterated a “neutral” rating on shares of Meritage Homes in a report on Wednesday, June 14th. Deutsche Bank Aktiengesellschaft initiated coverage on Meritage Homes in a report on Wednesday, May 31st. They set a “buy” rating on the stock. Finally, StockNews.com downgraded Meritage Homes from a “buy” rating to a “hold” rating in a report on Saturday, August 5th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $136.33.

View Our Latest Research Report on Meritage Homes

Meritage Homes Company Profile

(Free Report)

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 first-time and first move-up buyers in Texas, Arizona, California, Colorado, Florida, North Carolina, South Carolina, Georgia, and Tennessee.