CalAtlantic Group Inc. (CAA) Downgraded to “Sell” at Zacks Investment Research
According to Zacks, “CalAtlantic Group, Inc. operates as a homebuilder. The company offers crafted homes. It also provides mortgage financing services to its homebuyers; and title examination services. Calatlantic Group Inc., formerly known as Standard Pacific Corp., is headquartered in Irvine, California. “
A number of other brokerages have also recently issued reports on CAA. Credit Suisse Group AG reaffirmed a buy rating on shares of CalAtlantic Group in a research report on Tuesday, July 12th. MKM Partners raised CalAtlantic Group from a neutral rating to a buy rating and upped their target price for the stock from $38.00 to $47.00 in a research report on Monday, July 11th. RBC Capital Markets started coverage on CalAtlantic Group in a research report on Tuesday, July 19th. They set a buy rating and a $48.00 target price for the company. Royal Bank Of Canada started coverage on CalAtlantic Group in a report on Tuesday, July 19th. They set an outperform rating and a $48.00 price target for the company. Finally, Janney Montgomery Scott upgraded CalAtlantic Group to a neutral rating in a report on Monday, June 20th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $42.69.
CalAtlantic Group (NYSE:CAA) opened at 33.31 on Tuesday. The firm has a market capitalization of $3.94 billion, a PE ratio of 13.20 and a beta of 1.59. The firm’s 50-day moving average is $34.78 and its 200-day moving average is $35.65. CalAtlantic Group has a 12 month low of $26.97 and a 12 month high of $43.24.
CalAtlantic Group (NYSE:CAA) last announced its earnings results on Thursday, July 28th. The company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.58. The firm earned $1.56 billion during the quarter, compared to analysts’ expectations of $126.24 million. CalAtlantic Group had a return on equity of 11.24% and a net margin of 5.86%. The business’s revenue was up 124.4% compared to the same quarter last year. On average, equities research analysts expect that CalAtlantic Group will post $3.47 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Thursday, September 15th were paid a dividend of $0.04 per share. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $0.16 annualized dividend and a yield of 0.48%. CalAtlantic Group’s dividend payout ratio is currently 6.40%.
In other CalAtlantic Group news, CMO Wendy L. Marlett sold 18,000 shares of the stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $34.51, for a total transaction of $621,180.00. Following the completion of the transaction, the chief marketing officer now directly owns 54,396 shares in the company, valued at $1,877,205.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 37.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CAA. Commerce Bank raised its position in CalAtlantic Group by 0.3% in the second quarter. Commerce Bank now owns 14,067 shares of the company’s stock valued at $516,000 after buying an additional 40 shares in the last quarter. US Bancorp DE raised its position in CalAtlantic Group by 0.9% in the second quarter. US Bancorp DE now owns 27,051 shares of the company’s stock valued at $993,000 after buying an additional 236 shares in the last quarter. Suntrust Banks Inc. raised its position in CalAtlantic Group by 2.8% in the second quarter. Suntrust Banks Inc. now owns 10,126 shares of the company’s stock valued at $369,000 after buying an additional 275 shares in the last quarter. Profund Advisors LLC raised its position in CalAtlantic Group by 2.7% in the second quarter. Profund Advisors LLC now owns 10,835 shares of the company’s stock valued at $398,000 after buying an additional 281 shares in the last quarter. Finally, Squarepoint Ops LLC raised its position in CalAtlantic Group by 1.7% in the first quarter. Squarepoint Ops LLC now owns 22,876 shares of the company’s stock valued at $765,000 after buying an additional 391 shares in the last quarter.
CalAtlantic Group Company Profile
CalAtlantic Group, Inc, formerly Standard Pacific Corp., is a diversified builder of single-family attached and detached homes. The Company operates through two segments: homebuilding and financial services. The Company’s homebuilding segment operations include acquiring and developing land, and constructing and selling single-family attached and detached homes.
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