PNC Financial Services Group Inc. Sells 3,119 Shares of Meritage Homes Co. (NYSE:MTH)

PNC Financial Services Group Inc. lessened its position in shares of Meritage Homes Co. (NYSE:MTH) by 52.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,842 shares of the construction company’s stock after selling 3,119 shares during the period. PNC Financial Services Group Inc.’s holdings in Meritage Homes were worth $437,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of MTH. Allworth Financial LP boosted its holdings in Meritage Homes by 545.5% during the fourth quarter. Allworth Financial LP now owns 213 shares of the construction company’s stock worth $33,000 after purchasing an additional 180 shares during the last quarter. Venturi Wealth Management LLC acquired a new position in shares of Meritage Homes during the 4th quarter worth about $92,000. Smartleaf Asset Management LLC boosted its stake in shares of Meritage Homes by 235.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 677 shares of the construction company’s stock worth $104,000 after buying an additional 475 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. grew its holdings in shares of Meritage Homes by 3,044.8% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 912 shares of the construction company’s stock valued at $187,000 after acquiring an additional 883 shares in the last quarter. Finally, KBC Group NV increased its position in shares of Meritage Homes by 18.7% in the third quarter. KBC Group NV now owns 986 shares of the construction company’s stock valued at $202,000 after acquiring an additional 155 shares during the last quarter. Institutional investors and hedge funds own 98.44% of the company’s stock.

Meritage Homes Stock Performance

NYSE MTH opened at $71.50 on Friday. The stock has a market cap of $5.13 billion, a PE ratio of 5.47 and a beta of 1.92. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.75 and a current ratio of 1.61. The firm has a 50-day moving average of $75.63 and a 200-day moving average of $87.25. Meritage Homes Co. has a 52-week low of $68.93 and a 52-week high of $106.99.

Meritage Homes (NYSE:MTH) last issued its quarterly earnings data on Wednesday, January 29th. The construction company reported $4.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.55 by $0.17. Meritage Homes had a return on equity of 15.90% and a net margin of 12.29%. On average, sell-side analysts anticipate that Meritage Homes Co. will post 9.44 EPS for the current year.

Meritage Homes Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a $0.43 dividend. The ex-dividend date is Monday, March 17th. This is an increase from Meritage Homes’s previous quarterly dividend of $0.38. This represents a $1.72 annualized dividend and a yield of 2.41%. Meritage Homes’s payout ratio is 13.16%.

Insider Buying and Selling at Meritage Homes

In other news, CAO Alison Sasser sold 676 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $72.03, for a total value of $48,692.28. Following the completion of the sale, the chief accounting officer now owns 5,933 shares of the company’s stock, valued at approximately $427,353.99. The trade was a 10.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Steven J. Hilton purchased 11,000 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were acquired at an average cost of $74.51 per share, for a total transaction of $819,610.00. Following the completion of the transaction, the chairman now owns 811,192 shares of the company’s stock, valued at $60,441,915.92. This trade represents a 1.37 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 1,683 shares of company stock valued at $122,547 in the last ninety days. 2.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

MTH has been the subject of a number of analyst reports. JPMorgan Chase & Co. restated a “neutral” rating and issued a $98.50 price target (down from $110.00) on shares of Meritage Homes in a research note on Friday, December 13th. Seaport Res Ptn raised Meritage Homes from a “strong sell” rating to a “hold” rating in a report on Thursday, March 6th. Keefe, Bruyette & Woods lowered their target price on shares of Meritage Homes from $97.00 to $90.00 and set a “market perform” rating on the stock in a report on Thursday, February 6th. Wedbush reaffirmed a “neutral” rating and set a $103.00 price target on shares of Meritage Homes in a research report on Tuesday, February 4th. Finally, The Goldman Sachs Group decreased their price objective on shares of Meritage Homes from $117.50 to $100.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Meritage Homes presently has a consensus rating of “Hold” and an average target price of $106.25.

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.