Citigroup Inc. Has $12.71 Million Stock Position in Meritage Homes Corporation $MTH

Key Points

• Citigroup Inc. increased its stake in Meritage Homes Corporation by 55.5% during the first quarter, owning 179,312 shares valued at approximately $12.71 million by the end of the quarter.
• Various hedge funds raised their investments in Meritage Homes, with notable increases including Byrne Asset Management's 329.9% boost to their holdings.
• Meritage Homes announced a quarterly dividend of $0.43, contributing to an annualized yield of 2.2%, and its stock has a consensus price target of $87.71.

Citigroup Inc. boosted its stake in shares of Meritage Homes Corporation (NYSE:MTH - Free Report) by 55.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 179,312 shares of the construction company's stock after purchasing an additional 63,982 shares during the quarter. Citigroup Inc. owned about 0.25% of Meritage Homes worth $12,710,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in MTH. Salem Investment Counselors Inc. boosted its position in shares of Meritage Homes by 100.0% in the first quarter. Salem Investment Counselors Inc. now owns 380 shares of the construction company's stock valued at $27,000 after acquiring an additional 190 shares during the period. Assetmark Inc. boosted its position in shares of Meritage Homes by 166.5% in the first quarter. Assetmark Inc. now owns 581 shares of the construction company's stock valued at $41,000 after acquiring an additional 363 shares during the period. Versant Capital Management Inc boosted its position in shares of Meritage Homes by 77.7% in the first quarter. Versant Capital Management Inc now owns 606 shares of the construction company's stock valued at $43,000 after acquiring an additional 265 shares during the period. Byrne Asset Management LLC boosted its position in shares of Meritage Homes by 329.9% in the first quarter. Byrne Asset Management LLC now owns 619 shares of the construction company's stock valued at $44,000 after acquiring an additional 475 shares during the period. Finally, Harbor Capital Advisors Inc. boosted its position in shares of Meritage Homes by 246.4% in the first quarter. Harbor Capital Advisors Inc. now owns 634 shares of the construction company's stock valued at $45,000 after acquiring an additional 451 shares during the period. Institutional investors own 98.44% of the company's stock.

Meritage Homes Price Performance

Shares of NYSE MTH traded up $0.12 during midday trading on Monday, reaching $77.12. 404,149 shares of the company traded hands, compared to its average volume of 984,353. The firm has a market cap of $5.49 billion, a PE ratio of 6.93 and a beta of 1.29. The stock's 50-day simple moving average is $69.84 and its 200-day simple moving average is $69.66. Meritage Homes Corporation has a 12 month low of $59.27 and a 12 month high of $106.99. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.16 and a current ratio of 2.16.

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

Meritage Homes Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Monday, June 16th. Meritage Homes's payout ratio is currently 15.47%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on MTH shares. Bank of America assumed coverage on Meritage Homes in a research report on Monday, May 5th. They issued a "buy" rating and a $82.00 price objective for the company. JPMorgan Chase & Co. cut their price target on Meritage Homes from $70.00 to $60.00 and set a "neutral" rating for the company in a report on Monday, July 28th. Keefe, Bruyette & Woods cut their price target on Meritage Homes from $77.00 to $75.00 and set a "market perform" rating for the company in a report on Monday, July 28th. Evercore ISI raised their target price on Meritage Homes from $97.00 to $100.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Finally, UBS Group set a $107.00 target price on Meritage Homes in a research report on Friday, April 25th. One analyst has rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has issued a strong buy 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 $87.71.

Insider Transactions at Meritage Homes

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

About Meritage Homes

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.