Meritage Homes Increases Quarterly Cash Dividend And Announces Systematic Share Repurchase Strategy
22 Febbraio 2024 - 10:50PM
Meritage Homes Corporation (NYSE: MTH, “Meritage” or the
“Company”), the fifth-largest homebuilder in the U.S., today
announced that its Board of Directors has declared a quarterly
dividend of $0.75 per share, which increased from the $0.27 per
share quarterly dividend in 2023. This dividend is payable on March
29, 2024 to shareholders of record as of the close of trading on
March 15, 2024.
In addition to the increase in the dividend, Meritage has also
instituted a formal share repurchase plan with a minimum buyback
commitment of $15 million in each quarter of this fiscal year. In
January and February of 2024, the Company has already repurchased
its $15 million first quarter amount and an additional $41 million
of shares, leaving a minimum of $45 million to be repurchased the
rest of the year. Consistent with its dividend
policy, Meritage intends to review and renew its share
repurchase commitment annually.
“We are committed to balancing growth in the business and
returning cash to shareholders in order to continue creating
long-term value,” said Phillippe Lord, chief executive officer of
Meritage Homes. “Given the strength of our balance sheet and our
confidence in our strategy, we are pleased to announce both the
meaningful increase to our cash dividend and our systematic share
repurchase strategy.”
Our Board of Directors has also approved the consolidation of
the Nominating / Governance and Environmental, Social and
Sustainability board committees into the new Environmental, Social,
Nominating and Governance board committee effective immediately. As
part of its annual review, the Board has determined this
combination better aligns the overlapping roles and
responsibilities. Deb Henretta will chair the new committee.
Forward-Looking Statements
The information included in this press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements
include our intention to pay future quarterly dividends and to
repurchase additional shares of its common stock during the
remainder of 2024. Such statements are based on the current beliefs
and expectations of Company management and current market
conditions, which are subject to significant uncertainties and
fluctuations. Actual results may differ from those set forth in the
forward-looking statements. The Company makes no commitment, and
disclaims any duty, except as required by law, to update or revise
any forward-looking statements to reflect future events or changes
in these expectations. Meritage’s business is subject to a number
of risks and uncertainties. As a result of those risks and
uncertainties, the Company’s stock and note prices may fluctuate
dramatically. These risks and uncertainties include, but are not
limited to, the following: increases in mortgage interest rates and
the availability and pricing of residential mortgages; inflation in
the cost of materials used to develop communities and construct
homes; cancellation rates; supply chain and labor shortages; the
ability of our potential buyers to sell their existing homes; our
ability to acquire and develop lots may be negatively impacted if
we are unable to obtain performance and surety bonds; the adverse
effect of slow absorption rates; legislation related to tariffs;
impairments of our real estate inventory; competition; home
warranty and construction defect claims; failures in health and
safety performance; fluctuations in quarterly operating results;
our level of indebtedness; our ability to obtain financing if our
credit ratings are downgraded; our potential exposure to and
impacts from natural disasters or severe weather conditions; the
availability and cost of finished lots and undeveloped land; the
success of our strategy to offer and market entry-level and first
move-up homes; a change to the feasibility of projects under option
or contract that could result in the write-down or write-off of
earnest money or option deposits; our limited geographic
diversification; the replication of our energy-efficient
technologies by our competitors; shortages in the availability and
cost of subcontract labor; our exposure to information technology
failures and security breaches and the impact thereof; the loss of
key personnel; changes in tax laws that adversely impact us or our
homebuyers; our inability to prevail on contested tax positions;
failure of our employees and representatives to comply with laws
and regulations; our compliance with government regulations related
to our financial services operations; negative publicity that
affects our reputation; potential disruptions to our business by an
epidemic or pandemic, and measures that federal, state and local
governments and/or health authorities implement to address it; and
other factors identified in documents filed by the Company with the
Securities and Exchange Commission, including those set forth in
our Form 10-K for the year ended December 31, 2023 under the
caption “Risk Factors,” which can be found on our website at
https://investors.meritagehomes.com.
About Meritage Homes Corporation
Meritage Homes is the fifth-largest public homebuilder in the
United States, based on homes closed in 2023. The Company offers
affordable, energy-efficient entry-level and first move-up homes.
Operations span across Arizona, California, Colorado, Utah, Texas,
Florida, Georgia, North Carolina, South Carolina and Tennessee.
Meritage Homes has delivered over 175,000 homes in its 38-year
history, and has a reputation for its distinctive style, quality
construction, and award-winning customer experience. The Company is
an industry leader in energy-efficient homebuilding, a ten-time
recipient of both the U.S. Environmental Protection Agency’s
("EPA") ENERGY STAR® Partner of the Year for Sustained Excellence
Award and ENERGY STAR® Residential New Construction Market Leader
Award, as well as a three-time recipient of the EPA's 2023 Indoor
airPLUS Leader Award.
For more information, visit www.meritagehomes.com.
Contacts: Emily Tadano, VP Investor Relations and ESG(480)
515-8979 (office)investors@meritagehomes.com
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