Taylor Morrison Home Corp (TMHC) Board Approves Share Repurchase Plan

Taylor Morrison Home Corp (NASDAQ:TMHC) declared that its board has approved a share repurchase program, which permits the company to repurchase $43.60 million in outstanding shares on Monday, September 18th, EventVestor reports. This repurchase authorization permits the construction company to buy up to 2.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Taylor Morrison Home Corp (NASDAQ:TMHC) opened at 20.90 on Friday. The company has a 50-day moving average price of $21.26 and a 200-day moving average price of $22.43. The firm has a market cap of $1.52 billion and a P/E ratio of 12.58. Taylor Morrison Home Corp has a 12-month low of $15.82 and a 12-month high of $24.79.

Taylor Morrison Home Corp (NASDAQ:TMHC) last posted its quarterly earnings results on Wednesday, August 2nd. The construction company reported $0.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.08. The firm had revenue of $908.49 million for the quarter, compared to analyst estimates of $849.70 million. Taylor Morrison Home Corp had a return on equity of 9.57% and a net margin of 6.16%. The business’s quarterly revenue was up 6.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.37 EPS. On average, analysts predict that Taylor Morrison Home Corp will post $1.93 earnings per share for the current year.

TMHC has been the topic of a number of research reports. BidaskClub upgraded Taylor Morrison Home Corp from a “strong sell” rating to a “sell” rating in a report on Tuesday, September 12th. Zacks Investment Research upgraded Taylor Morrison Home Corp from a “hold” rating to a “buy” rating and set a $27.00 price objective on the stock in a report on Tuesday, July 4th. ValuEngine upgraded Taylor Morrison Home Corp from a “buy” rating to a “strong-buy” rating in a report on Friday, June 2nd. Finally, Deutsche Bank AG increased their price objective on Taylor Morrison Home Corp from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Monday, August 7th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Taylor Morrison Home Corp has a consensus rating of “Hold” and an average target price of $24.00.

COPYRIGHT VIOLATION NOTICE: “Taylor Morrison Home Corp (TMHC) Board Approves Share Repurchase Plan” was first posted by The Ledger Gazette and is owned by of The Ledger Gazette. If you are reading this story on another domain, it was illegally stolen and reposted in violation of United States & international copyright & trademark legislation. The original version of this story can be read at https://ledgergazette.com/2017/09/24/taylor-morrison-home-corp-tmhc-board-approves-share-repurchase-plan.html.

About Taylor Morrison Home Corp

Taylor Morrison Home Corporation is a homebuilder, which designs, builds and sells single-family detached and attached homes. The Company is also a land developer, with a portfolio of lifestyle and master-planned communities. Its segments include East, which includes Atlanta, Charlotte, North Florida, Raleigh, Southwest Florida and Tampa; Central, which includes Austin, Dallas, and Houston (each of the Dallas and Houston markets include both a Taylor Morrison division and a Darling Homes division); West, which includes Bay Area, Chicago, Denver, Phoenix, Sacramento and Southern California, and Mortgage Operations, which includes Taylor Morrison Home Funding, LLC (TMHF) and Inspired Title Services, LLC (Inspired Title).

Receive News & Ratings for Taylor Morrison Home Corp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Taylor Morrison Home Corp and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply