Stock Buyback Plan Authorized by Tri Pointe Homes (NYSE:TPH) Board of Directors

Tri Pointe Homes (NYSE:TPH) announced that its board has approved a stock buyback plan on Wednesday, December 18th, RTT News reports. The company plans to repurchase $250.00 million in shares. This repurchase authorization permits the construction company to purchase up to 7.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Tri Pointe Homes Trading Down 3.6 %

Shares of TPH stock traded down $1.37 on Wednesday, hitting $36.81. The stock had a trading volume of 1,014,697 shares, compared to its average volume of 877,989. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.28. Tri Pointe Homes has a twelve month low of $33.24 and a twelve month high of $47.78. The company has a fifty day moving average price of $42.15 and a two-hundred day moving average price of $41.86. The firm has a market cap of $3.45 billion, a P/E ratio of 7.64, a PEG ratio of 0.64 and a beta of 1.60.

Tri Pointe Homes (NYSE:TPH) last announced its quarterly earnings results on Thursday, October 24th. The construction company reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.11. Tri Pointe Homes had a return on equity of 14.83% and a net margin of 10.41%. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.05 billion. During the same period in the prior year, the company earned $0.76 earnings per share. The company’s revenue for the quarter was up 34.9% compared to the same quarter last year. As a group, analysts forecast that Tri Pointe Homes will post 4.72 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

TPH has been the topic of several research reports. Wedbush reaffirmed a “neutral” rating and set a $42.00 price target on shares of Tri Pointe Homes in a research note on Thursday, October 24th. Royal Bank of Canada cut their price target on Tri Pointe Homes from $48.00 to $45.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. StockNews.com lowered Tri Pointe Homes from a “buy” rating to a “hold” rating in a research report on Tuesday. Oppenheimer dropped their price objective on Tri Pointe Homes from $56.00 to $53.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Finally, Zelman & Associates upgraded Tri Pointe Homes from an “underperform” rating to a “neutral” rating and set a $43.00 target price on the stock in a report on Tuesday, September 17th. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $45.75.

Insiders Place Their Bets

In related news, COO Thomas J. Mitchell sold 77,384 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $39.15, for a total value of $3,029,583.60. Following the completion of the transaction, the chief operating officer now directly owns 708,159 shares of the company’s stock, valued at approximately $27,724,424.85. This represents a 9.85 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.00% of the company’s stock.

Tri Pointe Homes Company Profile

Tri Pointe Homes, Inc engages in the design, construction, and sale of single-family attached and detached homes in the United States. The company operates through a portfolio of six regional home building brands comprising Maracay in Arizona; Pardee Homes in California and Nevada; Quadrant Homes in Washington; Trendmaker Homes in Texas; TRI Pointe Homes in California, Colorado, and the Carolinas; and Winchester Homes in Maryland and Northern Virginia.