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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.
Posted In: MTH
