Baird Financial Group Inc. Purchases 71,840 Shares of Meritage Homes Corporation $MTH

Key Points

• Baird Financial Group Inc. increased its stake in Meritage Homes by 91.2%, owning approximately $10.67 million worth of shares after acquiring additional shares in the first quarter.
• Meritage Homes recently announced a quarterly dividend of $0.43 per share, with a yield of 2.3%, effective September 30th, reflecting a payout ratio of 15.47%.
• Analysts have mixed ratings on Meritage Homes, with one rating it as a strong buy, while others have lowered target prices, leading to a consensus rating of Moderate Buy with a target price of $87.71.

Baird Financial Group Inc. grew its holdings in shares of Meritage Homes Corporation (NYSE:MTH - Free Report) by 91.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 150,583 shares of the construction company's stock after acquiring an additional 71,840 shares during the quarter. Baird Financial Group Inc. owned 0.21% of Meritage Homes worth $10,673,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Salem Investment Counselors Inc. raised its stake in Meritage Homes by 100.0% during the first quarter. Salem Investment Counselors Inc. now owns 380 shares of the construction company's stock worth $27,000 after acquiring an additional 190 shares in the last quarter. Assetmark Inc. raised its stake in Meritage Homes by 166.5% during the first quarter. Assetmark Inc. now owns 581 shares of the construction company's stock worth $41,000 after acquiring an additional 363 shares in the last quarter. Versant Capital Management Inc raised its stake in Meritage Homes by 77.7% during the first quarter. Versant Capital Management Inc now owns 606 shares of the construction company's stock worth $43,000 after acquiring an additional 265 shares in the last quarter. Byrne Asset Management LLC raised its stake in Meritage Homes by 329.9% during the first quarter. Byrne Asset Management LLC now owns 619 shares of the construction company's stock worth $44,000 after acquiring an additional 475 shares in the last quarter. Finally, Harbor Capital Advisors Inc. raised its stake in Meritage Homes by 246.4% during the first quarter. Harbor Capital Advisors Inc. now owns 634 shares of the construction company's stock worth $45,000 after acquiring an additional 451 shares in the last quarter. Institutional investors and hedge funds own 98.44% of the company's stock.

Meritage Homes Stock Performance

MTH stock traded down $0.89 during midday trading on Monday, hitting $81.94. The company's stock had a trading volume of 143,002 shares, compared to its average volume of 982,978. The stock's 50-day moving average price is $73.64 and its 200 day moving average price is $69.97. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.35. Meritage Homes Corporation has a 1 year low of $59.27 and a 1 year high of $106.99. The stock has a market cap of $5.83 billion, a price-to-earnings ratio of 7.37 and a beta of 1.35.

Meritage Homes (NYSE:MTH - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The construction company reported $2.04 earnings per share for the quarter, topping the consensus estimate of $1.99 by $0.05. Meritage Homes had a return on equity of 12.37% and a net margin of 10.27%.The business had revenue of $1.62 billion for the quarter, compared to analysts' expectations of $1.60 billion. During the same quarter in the previous year, the firm earned $3.15 earnings per share. The business's revenue was down 4.6% on a year-over-year basis. On average, equities analysts forecast that Meritage Homes Corporation will post 9.44 EPS for the current year.

Meritage Homes Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a dividend of $0.43 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $1.72 dividend on an annualized basis and a yield of 2.1%. Meritage Homes's dividend payout ratio is 15.47%.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Wedbush lowered their target price on Meritage Homes from $103.00 to $90.00 and set a "neutral" rating for the company in a research note on Friday, July 25th. Evercore ISI lifted their price target on Meritage Homes from $97.00 to $100.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Zelman & Associates raised Meritage Homes to a "strong-buy" rating in a research note on Thursday, July 24th. JPMorgan Chase & Co. cut their price target on Meritage Homes from $70.00 to $60.00 and set a "neutral" rating on the stock in a research note on Monday, July 28th. Finally, Keefe, Bruyette & Woods cut their price target on Meritage Homes from $77.00 to $75.00 and set a "market perform" rating on the stock in a research note on Monday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $87.71.

Insiders Place Their Bets

In other Meritage Homes news, Director Joseph Keough bought 4,000 shares of the firm's stock in a transaction on Thursday, June 12th. The shares were acquired at an average cost of $66.16 per share, for a total transaction of $264,640.00. Following the purchase, the director directly owned 41,700 shares of the company's stock, valued at $2,758,872. The trade was a 10.61% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dennis V. Arriola bought 2,200 shares of the firm's stock in a transaction on Friday, July 25th. The stock was acquired at an average price of $70.00 per share, for a total transaction of $154,000.00. Following the completion of the purchase, the director directly owned 9,512 shares in the company, valued at approximately $665,840. The trade was a 30.09% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 2.20% of the company's stock.

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.