Zacks Investment Research downgraded shares of M.D.C. Holdings, Inc. (NYSE:MDC) from a buy rating to a hold rating in a research note issued to investors on Thursday.

According to Zacks, “M.D.C. HOLDINGS, INC. is engaged in the construction, sale and related financing of residential housing and the acquisition and development of land for use in its homebuilding activities and sale to others, in the Denver, Phoenix, Maryland, Virginia, mid Atlantic region, Las Vegas, Dallas, California metropolitan areas. They are also is involved in real estate brokerage, property management, condominium conversions and fee construction of apartment and commercial buildings. “

MDC has been the topic of a number of other research reports. Citigroup Inc. cut M.D.C. Holdings from a buy rating to a neutral rating in a report on Wednesday, May 10th. Wells Fargo & Company cut M.D.C. Holdings from a market perform rating to an underperform rating and set a $30.00 target price on the stock. in a report on Tuesday, May 16th. BidaskClub cut M.D.C. Holdings from a buy rating to a hold rating in a report on Monday, July 31st. Finally, Bank of America Corporation reiterated an underperform rating and issued a $27.00 target price (up previously from $24.00) on shares of M.D.C. Holdings in a report on Wednesday, June 28th. Three equities research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. The company has a consensus rating of Hold and an average price target of $31.20.

M.D.C. Holdings (NYSE:MDC) opened at 34.56 on Thursday. M.D.C. Holdings has a 1-year low of $21.25 and a 1-year high of $36.92. The firm has a market cap of $1.79 billion, a price-to-earnings ratio of 14.64 and a beta of 1.36. The company’s 50-day moving average price is $35.37 and its 200 day moving average price is $31.74.

M.D.C. Holdings (NYSE:MDC) last issued its earnings results on Tuesday, August 1st. The construction company reported $0.64 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.03. M.D.C. Holdings had a return on equity of 9.25% and a net margin of 4.76%. The firm had revenue of $648.97 million for the quarter, compared to analysts’ expectations of $623.95 million. During the same quarter last year, the firm earned $0.55 earnings per share. The firm’s revenue for the quarter was up 13.6% compared to the same quarter last year. On average, equities analysts expect that M.D.C. Holdings will post $2.48 earnings per share for the current fiscal year.

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The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 23rd. Investors of record on Wednesday, August 9th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date is Monday, August 7th.

In other M.D.C. Holdings news, Director Michael A. Berman sold 52,500 shares of the business’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $35.60, for a total transaction of $1,869,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David E. Blackford sold 26,250 shares of the business’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $36.11, for a total value of $947,887.50. Following the transaction, the director now owns 40,928 shares in the company, valued at approximately $1,477,910.08. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 189,000 shares of company stock worth $6,602,663. 25.30% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its position in shares of M.D.C. Holdings by 61,394.6% in the first quarter. BlackRock Inc. now owns 5,836,452 shares of the construction company’s stock worth $175,386,000 after buying an additional 5,826,961 shares in the last quarter. Hamlin Capital Management LLC boosted its position in shares of M.D.C. Holdings by 62.0% in the first quarter. Hamlin Capital Management LLC now owns 1,475,761 shares of the construction company’s stock worth $44,347,000 after buying an additional 564,646 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of M.D.C. Holdings by 8.1% in the first quarter. Vanguard Group Inc. now owns 3,786,394 shares of the construction company’s stock worth $113,782,000 after buying an additional 284,872 shares in the last quarter. State Street Corp boosted its position in shares of M.D.C. Holdings by 19.8% in the first quarter. State Street Corp now owns 1,494,833 shares of the construction company’s stock worth $44,919,000 after buying an additional 247,408 shares in the last quarter. Finally, Federated Investors Inc. PA boosted its position in shares of M.D.C. Holdings by 80,713.5% in the second quarter. Federated Investors Inc. PA now owns 244,865 shares of the construction company’s stock worth $8,651,000 after buying an additional 244,562 shares in the last quarter. Institutional investors own 81.16% of the company’s stock.

About M.D.C. Holdings

M.DC Holdings, Inc is engaged in two primary operations, including homebuilding and financial services. The Company’s segments include West, including segments located in Arizona, California, Nevada and Washington; Mountain, including segments located in Colorado and Utah; East, including segments located in Virginia, Florida and Maryland, which includes Pennsylvania and New Jersey; mortgage operations, including HomeAmerican Mortgage Corporation, and Other, which includes Allegiant Insurance Company, Inc, StarAmerican Insurance Ltd., American Home Insurance Agency, Inc and American Home Title and Escrow Company.

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