Meritage Homes Corp Stock Price, News & Analysis

Meritage Homes, the fifth-largest U.S. homebuilder, announced a two-for-one stock split of its common stock in the form of a stock dividend. Stockholders of record as of December 31, 2024, will receive one additional share for each share held, with the distribution occurring after market close on January 2, 2025. Trading on a split-adjusted basis will commence on January 3, 2025.

Meritage Homes, the fifth-largest U.S. homebuilder, announced two significant shareholder actions. The company declared a quarterly dividend of $0.75 per share, payable on December 31, 2024, to shareholders of record as of December 17, 2024. Additionally, the Board approved a $250 million increase to its share repurchase authorization. Combined with $15 million in systematic buybacks quarter-to-date, the total authorized share repurchase program now stands at $334 million as of November 21, 2024.

Meritage Homes (NYSE:MTH), the fifth-largest public homebuilder in the U.S., announced its entry into the Gulf Coast markets through the acquisition of Elliott Homes, a top five Gulf Coast homebuilder operating in Mississippi, Alabama and the Florida panhandle. The acquisition includes over 5,500 lots, with production operations expected to begin in existing entry-level communities before year-end. This marks Meritage's first acquisition since 2014 and aligns with their spec building strategy of affordable entry-level homes. The company anticipates meaningful contribution from these operations in 2025.

Meritage Homes (NYSE: MTH) reported Q3 2024 results with home closings up 8% year-over-year to 3,942 units, while home closing revenue decreased 2% to $1.6 billion. Net earnings were $196.0 million ($5.34 per diluted share), down 12% from prior year. The company achieved a record 145% backlog conversion rate with entry-level homes representing 93% of closings.

Home closing gross margin was 24.8%, down from 26.7% last year. The company maintained strong liquidity with $831.6 million in cash and a net debt-to-capital ratio of 8.8%. During Q3, Meritage repurchased shares worth $30.0 million and paid $27.1 million in dividends.

Trophy Signature Homes, a subsidiary of Green Brick Partners (NYSE: GRBK), and Meritage Homes (NYSE:MTH) announced the development of Prairie Winds, a new residential community in Hutto, Texas, opening in Q1 2025. The project will feature 1,093 homesites with prices starting in the $320,000s. Trophy Signature Homes will offer homes ranging from 1,000 to 2,700 square feet on various lot sizes. The development will include amenities like a resort-style pool, splash pad, parks, and sports courts, scheduled to open by Summer 2026. The community will be developed in seven phases and is located near Lee Martinez Elementary School.

Meritage Homes (NYSE:MTH), the fifth-largest public homebuilder in the U.S., has appointed Erin Lantz as an independent director to its Board of Directors, effective October 14, 2024. This appointment increases the board size to 11 directors. Ms. Lantz brings over 20 years of leadership experience in technology-related offerings and currently serves as Chief Revenue Officer for Ethos, a fintech company.

Additionally, Meritage Homes announced that its Board has approved declassifying the Board of Directors and intends to propose this change at the 2025 annual meeting. This decision is in response to stockholder feedback and aims to increase director accountability and align with governance best practices.

The company plans to file a proxy statement with the SEC regarding the declassification proposal, urging stockholders to review the materials when available.

Meritage Homes (NYSE: MTH), the fifth largest public homebuilder in the U.S., has announced its plans to release its third quarter 2024 financial results on Tuesday, October 29, 2024, after the market closes. The company will host a conference call and webcast to discuss these results on Wednesday, October 30, 2024, at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time).

Investors and interested parties can access the live webcast through Meritage's Investor Relations page or dial in to 1-877-407-6951 (U.S. toll-free) or 1-412-902-0046. A replay of the conference call will be available on the company's Investor Relations page for those unable to attend the live event.

Meritage Homes (MTH) and Operation Homefront have selected two military veterans to receive mortgage-free, energy-efficient homes near Austin, TX and Charlotte, NC. The homes will be presented in November, celebrating Veterans Day and Military Appreciation Month. Marine Corps veteran Lance Cpl. Eziyah Sims will receive a 1,300+ sq ft home in Kyle, TX, while Navy veteran Petty Officer 2nd Class Lt. Aaliyah King (Williams) will get a nearly 2,700 sq ft home in Stanley, NC.

The recipients will enter Operation Homefront's Permanent Homes for Veterans program, which provides financial counseling and caseworker support to prepare for homeownership. This initiative aims to help military families establish strong foundations and thrive in their communities after service.

Meritage Homes (NYSE: MTH), the fifth largest homebuilder in the U.S., has released its fourth annual Environmental, Social, and Governance (ESG) Report for 2023. The report highlights the company's progress in sustainability and social initiatives, adhering to recognized reporting frameworks. Key achievements include:

Environmental: Delivered 13,308 ENERGY STAR® certified homes with an average HERS Index score of 52, earning the ENERGY STAR® Partner of the Year award for the eleventh time.

Social: Achieved Great Place to Work® certification, launched employee resource groups, and won the Avid Cup – Production award for customer satisfaction for the third consecutive year. Meritage also received the Hearthstone BUILDER Humanitarian Award for its philanthropic efforts.