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Breaking a string of past four months of tepidness, builder sentiment edged two points higher this month sequentially. According to the National Association of Home Builders (NAHB)/Wells Fargo’s Housing Market Index (HMI), sentiment among U.S. homebuilders for newly-built single-family homes increased to 41 in September from 39 in August.
Image Source: National Association of Home Builders Discusses Economics and Housing Policy
Post-release on Tuesday, shares of homebuilders like Dream Finders Homes, Inc. DFH, Century Communities, Inc. CCS, Taylor Morrison Home Corporation TMHC, Meritage Homes Corporation MTH and Tri Pointe Homes, Inc. TPH gained 3%, 1.4%, 1.4%, 1.4% and 1.1%, respectively.
The most contributing factor that lifted confidence among U.S. homebuilders was decreasing mortgage rates, which have declined to their lowest level since February 2023. Per Freddie Mac’s recent 30-year fixed rate mortgage survey (for the week ended Sept. 12), the metric stood at 6.2% compared with 7.18% a year ago and 7.76% recorded for the week ended Oct. 26, 2023 (highest reading in the past year).
Image Source: Freddie Mac
For this month, all three HMI components grew sequentially. Current sales conditions increased one point to 45. Buyer traffic was up two points to 27, and sales prediction for the next six months rose four points to 53. The HMI gauge of future sales expectations signals improvement in housing demand going forward. The three-month moving averages for the regional HMI reading were down in the Northeast and South regions, while the Midwest and West inched up from the previous month.
Although the reading grew sequentially, a score below 50 indicates poor industry conditions in most builders’ view.
What’s Hurting the Homebuilding Industry?
Rising building costs continue to impede the construction sector as a whole, which remains a persistent challenge for housing affordability. In July, U.S. construction spending fell more than expected due to higher mortgage rates and increased supply weighed on single-family homebuilding.
Also, more competition among builders from rising housing inventory could be a potential headwind in the future. The HMI survey revealed that some builders have backed off cutting prices in September. In fact, this was the first time when average price reduction was below 6% since July 2022. Moreover, the use of sales incentives also fell to 61% in September, down from 64% in August. These data, along with high costs, may boost the affordability issue in the next couple of months.
Should You Still Invest in Housing Stocks?
Improved supply and declining mortgage rates have fueled optimism around the housing market that could continue to rebound in the coming months as well. In addition, inflation is also moderating, which is likely to create a positive ground for interest rate cuts in today’s Federal Reserve meeting. In August, the inflation rate reached a new three-year low.
On Wednesday, Fed’s chair Jerome Powell is likely to trim interest rates as inflation is approaching toward the central bank’s 2% target. This would be the first one since March 2020, when the Fed slashed rates to boost economic growth derailed due to the pandemic.
According to the CME FedWatch Tool, around 59% of market participants expect the Fed to cut interest rates by 50 basis points in the policy meeting. Approximately 41% of traders are pricing in a quarter-point interest rate cut.
August job data, particularly for construction, has also relieved the investors. Wages in August increased 3.8% year over year. Also, refinancing activity increased 1% for the week that ended on Sept. 6 from the previous week.
The Zacks Building Products - Home Builders industry has gained 28.5% so far this year, broadly outperforming the Zacks Construction sector and the S&P 500 Index’s growth of 19.6% and 18.1%, respectively.
5 Above-Mentioned Housing Stocks to Look For
Here, we have discussed the above-mentioned stocks, which may not have top ranks but are worth considering on the back of impressive earnings and revenue growth rates. Also, these stocks are trading at a discount, which means that investors may be paying a lesser price for these stocks relative to their expected earnings growth.
Dream Finders Homes: This Zacks Rank #3 (Hold) company has been benefiting from a strong business model and a stabilizing economy.
The Zacks Consensus Estimate for earnings per share (EPS) has seen upward revisions. In the past 60 days, analysts have increased their estimates for the current year to $3.22 from $3.21. The estimate indicates a year-over-year growth rate of 15.4%. Revenue estimates also indicate a 13.3% increase year over year.
DFH’s forward 12-month price-to-earnings (PE) ratio of 11.11X is below the industry average of 11.85X.
Century Communities: This Zacks Rank #1 (Strong Buy) company is riding on its focus on building homes on a spec basis and affordability, along with the reduced cycle times and cost-reduction initiatives. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for EPS has seen upward revisions. In the past 30 days, analysts have increased their estimates for the current year and next year to $10.72 (from $10.64) and $12.40 (from $12.24), respectively. These estimates indicate year-over-year growth rates of 32.5% and 15.7%, respectively. Revenue estimates also indicate an 18.1% and 8.2% increase year over year, respectively.
CCS’ forward 12-month PE ratio of 8.81X is below the industry average.
Taylor Morrison: This Zacks Rank #2 (Buy) company has been benefiting from critical advantages by achieving greater scale, simplifying its operations and embracing innovation to drive both growth opportunities and enhance bottom-line growth. Focus on the operational efficiencies and solid liquidity level are tailwinds.
The Zacks Consensus Estimate for EPS has seen upward revisions. In the past 60 days, analysts have increased their estimates for the current year and next year to $8.04 (from $7.88) and $8.79 (from $8.49), respectively. These estimates indicate year-over-year growth rates of 6.2% and 9.3%, respectively. Revenue estimates also indicate a 7.1% and 8.3% increase year over year, respectively.
TMHC’s forward 12-month PE ratio of 8.13X is below the industry average.
Meritage Homes: This Zacks Rank #2 company has been reaping benefits from the resilient housing demand and the company’s progress in delivering quick-turning and affordable move-in-ready homes.
The Zacks Consensus Estimate for EPS has seen upward revisions. In the past 60 days, analysts have increased their estimates for the current year and next year to $21.09 (from $20.33) and $21.98 (from $21.53), respectively. These estimates indicate year-over-year growth rates of 5.8% and 4.2%, respectively. Revenue estimates also indicate a 2.8% and 6.9% increase year over year, respectively.
MTH’s forward 12-month PE ratio of 9.41X is below the industry average.
Tri Pointe: This Zacks Rank #3 company has been benefiting from solid homebuilding industry fundamentals, land acquisition strategy and cost-control measures. Also, strong demographics and limited availability of homes are likely to support the company in the future.
The Zacks Consensus Estimate for EPS has seen upward revisions. In the past 30 days, analysts have increased their estimates for the current year to $4.68 from $4.65. The estimate indicates a year-over-year growth rate of 35.7%. Revenue estimates also indicate an 18.3% increase year over year.
TPH’s forward 12-month PE ratio of 9.12X is below the industry average.
Zacks Investment Research
SCOTTSDALE, Ariz., Sept. 12, 2024 (GLOBE NEWSWIRE) -- Our military members and their families work tirelessly to protect the freedoms we enjoy daily, and the transition to civilian life for veterans is not always easy. Today Meritage Homes and Operation Homefront announce the selection of two veterans who will receive brand new mortgage-free energy-efficient homes near Austin, TX and Charlotte, NC. They will be presented the keys during a ceremony in November in celebration of Veterans Day and Military Appreciation Month.
“We’re proud to take part in these home donations to support veterans in establishing strong foundations and helping them thrive in their communities,” shared Phillippe Lord, CEO of Meritage Homes. “Thank you to our employees, suppliers and trade partners for playing an important role in providing military families a place to call home.”
Lance Cpl. Eziyah Sims, a Marine Corps veteran, and his family will receive a new 1,300+ square-foot, three-bedroom, two-bathroom home located in the Waterstone Crossing community in Kyle, TX. Sims, who loves to cook, is most looking forward to making his grandmother’s recipes and his own creations in the kitchen. “It would be phenomenal to cook in my own home,” he said. “Operation Homefront and its donors make veterans like me feel valued…I want to give my kids their forever home…This is a wonderful program for those who want to do better by their families.”
Petty Officer 2nd Class Lt. Aaliyah King (Williams), a Navy veteran, and her family will be presented with the keys to a new nearly 2,700 square-foot home featuring five bedrooms and three bathrooms in the Harper Landing community in Stanley, NC. King is excited for her family to establish roots in her hometown area of Charlotte. “I [want] to be 100 percent present for my children, and I would love to give them a home and stability. That’s all I want,” she said. She is excited for her children to build relationships with their grandparents—something that was difficult when she was in the service because visits were infrequent.
“Because of our continued partnership with Phillippe Lord and an amazing Meritage Homes’ team, the Sims and the Williams families not only receive the gift of a home, they will have a real opportunity to pursue dreams that seemed beyond their reach,” said Brig Gen (ret) John I. Pray, Jr., CEO of Operation Homefront. “We are very grateful for their unwavering dedication to helping us accomplish our vital mission to build strong, stable and secure military families so they can thrive, not simply struggle to get by, in the communities – OUR communities – they have worked so hard to protect.”
Each family recipient will enter Operation Homefront’s Permanent Homes for Veterans program, which provides veterans and their families the opportunity to move into a home and work directly with a financial counselor and a caseworker to help them prepare for homeownership and learn strategies for achieving financial success.
For more information about the program, please visit: https://www.meritagehomes.com/operation-homefront.
About Meritage Homes Corporation: Meritage is the fifth-largest public homebuilder in the United States, based on homes closed in 2023. The Company offers energy-efficient and affordable entry-level and first move-up homes. Operations span across Arizona, California, Colorado, Utah, Texas, Florida, Georgia, North Carolina, South Carolina and Tennessee.
Meritage has delivered over 185,000 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, an eleven-time recipient of the U.S. Environmental Protection Agency’s (EPA) ENERGY STAR® Partner of the Year for Sustained Excellence Award and Residential New Construction Market Leader Award, as well as a three-time recipient of the EPA's Indoor airPLUS Leader Award.
For more information, visit www.meritagehomes.com.
About Operation Homefront: Operation Homefront is a national nonprofit organization whose mission is to build strong, stable, and secure military families so that they can thrive – not simply struggle to get by – in the communities they have worked so hard to protect. Recognized for superior performance by leading independent charity oversight groups, 83 percent of Operation Homefront expenditures go directly to programs that support tens of thousands of military families each year. Operation Homefront provides critical financial assistance, transitional and permanent housing, and family support services to prevent short-term needs from turning into chronic, long-term struggles. Thanks to the generosity of our donors and the support from thousands of volunteers, Operation Homefront proudly serves America’s military families. For more information, visit OperationHomefront.org.
Contacts:Emily Tadano, VP Investor Relations and ESG(480) 515-8979 (office)media@meritagehomes.com
The iShares Russell 2000 Value ETF (IWN) was launched on 07/24/2000, and is a passively managed exchange traded fund designed to offer broad exposure to the Small Cap Value segment of the US equity market.
The fund is sponsored by Blackrock. It has amassed assets over $11.84 billion, making it one of the largest ETFs attempting to match the Small Cap Value segment of the US equity market.
Why Small Cap Value
Small cap companies have market capitalization below $2 billion. They usually have higher potential than large and mid cap companies with stocks but higher risk.
Carrying lower than average price-to-earnings and price-to-book ratios, value stocks also have lower than average sales and earnings growth rates. While value stocks have outperformed growth stocks in nearly all markets when you consider long-term performance, growth stocks are more likely to outpace value stocks in strong bull markets.
Costs
When considering an ETF's total return, expense ratios are an important factor, and cheaper funds can significantly outperform their more expensive counterparts in the long term if all other factors remain equal.
Annual operating expenses for this ETF are 0.24%, making it one of the cheaper products in the space.
It has a 12-month trailing dividend yield of 1.94%.
Sector Exposure and Top Holdings
While ETFs offer diversified exposure, which minimizes single stock risk, a deep look into a fund's holdings is a valuable exercise. And, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation to the Financials sector--about 28.10% of the portfolio. Real Estate and Industrials round out the top three.
Looking at individual holdings, Southstate Corp (SSB) accounts for about 0.55% of total assets, followed by Meritage Corp (MTH) and Taylor Morrison Home Corp (TMHC).
The top 10 holdings account for about 4.93% of total assets under management.
Performance and Risk
IWN seeks to match the performance of the Russell 2000 Value Index before fees and expenses. The Russell 2000 Value Index measures the performance of the small-capitalization value sector of the U.S. equity market.
The ETF return is roughly 3.06% so far this year and was up about 15.05% in the last one year (as of 09/12/2024). In the past 52-week period, it has traded between $125.51 and $171.34.
The ETF has a beta of 1.14 and standard deviation of 21.91% for the trailing three-year period, making it a medium risk choice in the space. With about 1439 holdings, it effectively diversifies company-specific risk.
Alternatives
IShares Russell 2000 Value ETF carries a Zacks ETF Rank of 3 (Hold), which is based on expected asset class return, expense ratio, and momentum, among other factors. Thus, IWN is a good option for those seeking exposure to the Style Box - Small Cap Value area of the market. Investors might also want to consider some other ETF options in the space.
The Avantis U.S. Small Cap Value ETF (AVUV) and the Vanguard Small-Cap Value ETF (VBR) track a similar index. While Avantis U.S. Small Cap Value ETF has $12.42 billion in assets, Vanguard Small-Cap Value ETF has $28.71 billion. AVUV has an expense ratio of 0.25% and VBR charges 0.07%.
Bottom-Line
An increasingly popular option among retail and institutional investors, passively managed ETFs offer low costs, transparency, flexibility, and tax efficiency; they are also excellent vehicles for long term investors.
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Zacks Investment Research
SCOTTSDALE, Ariz., Aug. 29, 2024 (GLOBE NEWSWIRE) -- 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. This dividend is payable on September 30, 2024 to shareholders of record as of the close of trading on September 16, 2024.
About Meritage Homes Corporation
Meritage is the fifth-largest public homebuilder in the United States, based on homes closed in 2023. The Company offers energy-efficient and affordable entry-level and first move-up homes. Operations span across Arizona, California, Colorado, Utah, Texas, Florida, Georgia, North Carolina, South Carolina and Tennessee.
Meritage has delivered over 185,000 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, an eleven-time recipient of the U.S. Environmental Protection Agency’s (EPA) ENERGY STAR® Partner of the Year for Sustained Excellence Award and Residential New Construction Market Leader Award, as well as a three-time recipient of the EPA's 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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