Amalgamated Bank Acquires 10,012 Shares of Meritage Homes Corporation (NYSE:MTH)

Amalgamated Bank raised its position in shares of Meritage Homes Corporation (NYSE:MTH - Free Report) by 94.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 20,623 shares of the construction company's stock after purchasing an additional 10,012 shares during the period. Amalgamated Bank's holdings in Meritage Homes were worth $1,462,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MTH. Keybank National Association OH acquired a new position in Meritage Homes during the 4th quarter valued at about $279,000. M&T Bank Corp lifted its stake in shares of Meritage Homes by 8.1% in the 4th quarter. M&T Bank Corp now owns 2,293 shares of the construction company's stock worth $353,000 after acquiring an additional 172 shares during the period. Proficio Capital Partners LLC acquired a new stake in shares of Meritage Homes in the 4th quarter worth approximately $3,218,000. Raymond James Financial Inc. acquired a new stake in shares of Meritage Homes in the 4th quarter worth approximately $6,531,000. Finally, Amundi lifted its stake in shares of Meritage Homes by 188.5% in the 4th quarter. Amundi now owns 19,281 shares of the construction company's stock worth $2,966,000 after acquiring an additional 12,598 shares during the period. 98.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Joseph Keough acquired 4,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were purchased at an average cost of $66.16 per share, with a total value of $264,640.00. Following the completion of the transaction, the director owned 41,700 shares of the company's stock, valued at approximately $2,758,872. This trade represents a 10.61% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 2.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on MTH. Bank of America began coverage on shares of Meritage Homes in a research note on Monday, May 5th. They issued a "buy" rating and a $82.00 price target for the company. Keefe, Bruyette & Woods reduced their price target on shares of Meritage Homes from $90.00 to $77.00 and set a "market perform" rating for the company in a research note on Monday, April 28th. UBS Group set a $107.00 price target on shares of Meritage Homes in a research note on Friday, April 25th. Wall Street Zen downgraded shares of Meritage Homes from a "hold" rating to a "sell" rating in a report on Monday, March 24th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Meritage Homes from $89.00 to $70.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. One analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $97.72.

Meritage Homes Trading Up 1.3%

Shares of MTH stock traded up $0.86 during trading hours on Tuesday, reaching $69.51. 848,049 shares of the stock traded hands, compared to its average volume of 935,230. Meritage Homes Corporation has a 1-year low of $59.27 and a 1-year high of $106.99. The business has a fifty day moving average price of $66.52 and a 200 day moving average price of $71.98. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $4.99 billion, a PE ratio of 5.68 and a beta of 1.37.

Meritage Homes (NYSE:MTH - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The construction company reported $1.69 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.71 by ($0.02). Meritage Homes had a net margin of 11.50% and a return on equity of 14.28%. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the prior year, the firm earned $5.06 EPS. The firm's revenue was down 8.5% compared to the same quarter last year. On average, equities research analysts forecast that Meritage Homes Corporation will post 9.44 EPS for the current year.

Meritage Homes Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were issued a dividend of $0.43 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.47%. Meritage Homes's dividend payout ratio is currently 14.06%.

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.