Wire
Meritage Homes Keeps Quarterly Dividend at $0.48 a Share, Payable Sept. 30 to Holders of Record Sept. 15
Meritage Homes Keeps Quarterly Dividend at $0.48 a Share, Payable Sept. 30 to Holders of Record Sept. 15
$MTH
$MTH
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US Markets
Dream Finders to Acquire Rival Homebuilder Beazer in $2.2 Billion Deal
Dream Finders Homes (DFH) has agreed to acquire Beazer Homes USA (BZH) in a roughly $2.2 billion all-cash deal in a bid to create the sixth-largest homebuilder in the US, the companies said Friday.Under the terms of the deal, Beazer shareholders will receive $33.50 per share. The combined company's footprint is expected to cover 26 markets and about 520 active communities across the Southeast, Mid-Atlantic, Texas, the West, and the Midwest regions.The companies expect the deal to generate "significant" synergies and be double-digit percentage accretive to per-share earnings in year one, they said in a joint statement."This combination is the next meaningful step in our journey to become a top-5 national homebuilder, expanding our geographic reach, broadening the range of buyers we can serve, and strengthening the integrated services we offer families from contract to close," Dream Finders Chief Executive Patrick Zalupski said.In May, Beazer said its board rejected multiple unsolicited acquisition offers from Dream Finders, including a bid for $25.75 a share back then, saying it was "significantly" undervalued under those proposals."This transaction represents the culmination of a comprehensive review of opportunities to maximize value and provides Beazer shareholders with a significant and certain cash return in an uncertain market," Beazer CEO Allan Merrill said Friday.The transaction is expected to be close in the fourth quarter, subject to Beazer shareholders' approval and other conditions.Millrose Properties (MRP) announced a commitment to provide acquisition financing of up to $1.25 billion to support the Dream Finders-Beazer deal. Millrose intends to acquire home sites from the merged entity, the company said in a separate statement.Dream Finders shares were up 7.8% in Friday afternoon trade, while Beazer fell 1.1%. Millrose advanced 1.4%.Truist Securities said it will closely watch the proxy statement to be presented to Beazer shareholders, as it will likely reveal how many potential other bidders were involved, if any."We think there are buyers that could still be in the market for small- to mid-cap public homebuilders," the brokerage said in a note to clients, adding that the development could have implications for mid-cap builders, including KB Home (KBH) and Meritage Homes (MTH).Separately, Beazer reported Friday a fiscal third-quarter net loss of $0.16 a share, compared with a loss of $0.01 a year earlier. Revenue fell to $516.3 million from $545.4 million. The company withdrew its previously issued financial outlook, citing the Dream Finders deal. Dream Finders reaffirmed its 2026 guidance of approximately 9,250 home closings.Price: $14.52, Change: $+0.50, Percent Change: +3.53%
$BZH$DFH$KBH$MRP$MTH
Research
Research Alert: CFRA Keeps A Hold View On Shares Of Meritage Homes Corporation
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We maintain our 12-month target price of $73, calculated using a 11.5x multiple against our 2027 EPS view of $6.37. Our multiple is a premium to the 10-year forward P/E mean of 7.9x, reflecting MTH's 60-day closing strategy that has the potential to move volumes in a normalized environment. We revise our 2026 EPS view to $4.96, down from $6.61 and 2027 revised to $6.37 from $8.08. We expect elevated incentives will keep a lid on MTH's margins, while a competitive landscape limits significant market share gains. MTH's primary growth driver, an aggressive expansion in community count, helps offset slower per-store sales but adds its own pressures in a limited demand environment. However, MTH trades at a 20% discount to book value, reinforced by MTH's share repurchase program, providing downside support for shares. While we expect Q2 to benefit from favorable comps, we would like to see tangible improvement in housing demand in 2H 2026 before becoming more bullish on shares.
$MTH
Wire
UBS Adjusts Price Target on Meritage Homes to $86 From $95, Maintains Buy Rating
Meritage Homes (MTH) has an average rating of overweight and mean price target of $78.33, according to analysts polled by FactSet.Price: $69.74, Change: $-0.16, Percent Change: -0.23%
$MTH
US Markets
Homebuilders' Earnings Likely to be Weighed Down by War Fallout, Soft Spring Selling Season, Truist Says
Several key US homebuilders' earnings this year are likely to take a hit, as the economic fallout from the Middle East conflict weighs on an already-soft spring selling season, Truist Securities said Thursday.The brokerage lowered its bottom-line estimates for the upcoming quarter and full year for six homebuilders. These are D.R. Horton (DHI), Meritage Homes (MTH), NVR (NVR), PulteGroup (PHM), Taylor Morrison Homes (TMHC), and Toll Brothers (TOL).Truist also trimmed its price targets for the six stocks, as it factored in inflation and the erosion in consumer confidence amid higher oil prices driven mainly by the US-Israel war with Iran that broke out at the end of February."The timing of this war was very unfortunate," Truist analyst Jonathan Bettenhausen said in a note to clients. "While we think industry expectations for this spring selling season were already calling for a roughly down low-single-digit environment from last year, we find it unlikely that a significant deterioration in the geopolitical environment was factored into those expectations."The brokerage said that while it's not expecting "many beats" among the stocks it covers, its favorite going into the latest quarterly print is Taylor Morrison. That stock likely has "the most bad news priced in," Bettenhausen wrote."We think any optimism on the spring selling season has effectively evaporated, and we have lowered our demand assumptions accordingly for (the first half) quarters, but also for the back half of the year on worse spring (build-to-order) new order demand," the analyst said.With new home sales and new residential construction data for March yet to be released, alternative market indicators such as mortgage reports and Google Trends "do not yield encouraging demand trends, which in our view, confirms the prevailing market sentiment on demand," according to the note.On Wednesday, the National Association of Home Builders and Wells Fargo said US homebuilder confidence sank this month to the lowest since September amid economic uncertainty, as well as increasing building material costs and interest rates.The White House is optimistic about reaching a deal with Iran, noting that a potential second round of talks would likely be held in Pakistan. Over the weekend, US-Iran peace negotiations in Islamabad ended without a deal. Meanwhile, a two-week ceasefire between Washington and Tehran holds.Price: $144.72, Change: $+0.52, Percent Change: +0.36%
$DHI$MTH$NVR$PHM$TMHC$TOL
