Allspring Global Investments Holdings LLC Has $4.12 Million Holdings in Meritage Homes Corporation (NYSE:MTH)

Allspring Global Investments Holdings LLC boosted its stake in Meritage Homes Corporation (NYSE:MTH) by 128.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 57,922 shares of the construction company’s stock after purchasing an additional 32,553 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.08% of Meritage Homes worth $4,117,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. Smartleaf Asset Management LLC lifted its stake in shares of Meritage Homes by 235.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 677 shares of the construction company’s stock valued at $104,000 after buying an additional 475 shares in the last quarter. Keybank National Association OH purchased a new stake in Meritage Homes during the fourth quarter worth about $279,000. Victory Capital Management Inc. raised its position in shares of Meritage Homes by 2,199.9% in the fourth quarter. Victory Capital Management Inc. now owns 305,605 shares of the construction company’s stock valued at $47,008,000 after purchasing an additional 292,317 shares during the period. M&T Bank Corp raised its position in shares of Meritage Homes by 8.1% in the fourth quarter. M&T Bank Corp now owns 2,293 shares of the construction company’s stock valued at $353,000 after purchasing an additional 172 shares during the period. Finally, Proficio Capital Partners LLC bought a new stake in shares of Meritage Homes in the fourth quarter valued at approximately $3,218,000. 98.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Joseph Keough acquired 4,000 shares of the business’s stock in a transaction dated Thursday, June 12th. The shares were purchased at an average price of $66.16 per share, for a total transaction of $264,640.00. Following the completion of the acquisition, the director directly owned 41,700 shares in the company, valued at $2,758,872. The trade was a 10.61% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

MTH has been the subject of several recent analyst reports. Bank of America started coverage on shares of Meritage Homes in a research note on Monday, May 5th. They set a “buy” rating and a $82.00 price objective for the company. UBS Group set a $107.00 price target on shares of Meritage Homes in a report on Friday, April 25th. Keefe, Bruyette & Woods dropped their target price on shares of Meritage Homes from $90.00 to $77.00 and set a “market perform” rating for the company in a research report on Monday, April 28th. JPMorgan Chase & Co. dropped their target price on shares of Meritage Homes from $89.00 to $70.00 and set a “neutral” rating for the company in a research report on Thursday, May 1st. Finally, Wall Street Zen lowered shares of Meritage Homes from a “hold” rating to a “sell” rating in a research note on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $97.72.

Meritage Homes Stock Performance

Shares of MTH stock opened at $70.63 on Monday. The company has a 50 day moving average price of $66.51 and a 200-day moving average price of $72.04. Meritage Homes Corporation has a 52 week low of $59.27 and a 52 week high of $106.99. The firm has a market capitalization of $5.07 billion, a PE ratio of 5.77 and a beta of 1.37. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.35.

Meritage Homes (NYSE:MTH) last issued its quarterly earnings results on Wednesday, April 23rd. The construction company reported $1.69 earnings per share for the quarter, missing the consensus estimate 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 analysts’ expectations of $1.34 billion. During the same period in the prior year, the firm earned $5.06 EPS. Meritage Homes’s revenue for the quarter was down 8.5% compared to the same quarter last year. As a group, equities research analysts expect that Meritage Homes Corporation will post 9.44 earnings per share for the current year.

Meritage Homes Announces Dividend

The business also recently disclosed 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 annualized dividend and a dividend yield of 2.44%. Meritage Homes’s dividend payout ratio (DPR) 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.