Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common stock is listed on the New York Stock Exchange under the symbol "MTH". On February 7, 2024 there were 128 owners of record of our common stock. A substantially greater number of owners of our common stock are beneficial holders, whose shares of record are held by banks, brokers, and other financial institutions.
The transfer agent for our common stock is Computershare, Inc., P.O. Box 43006, Providence, RI 02940-3006 (www.computershare.com).
The following graph compares the five-year total return of our common stock with the S&P 500 Index ("S&P") and the Dow Jones US Home Construction Index ("DJ US Home Const. Index"). The graph assumes $100 invested as of December 31, 2018 in Meritage Common Stock, the S&P and the DJ US Home Const. Index, and the re-investment of all dividends. The performance of our common stock depicted in the graphs is not indicative of future performance.
2018 2019 2020 2021 2022 2023
Meritage Homes Corporation 100.00 166.42 225.54 332.41 251.09 477.34
S&P 500 Index 100.00 128.45 148.96 188.49 152.56 189.02
Dow Jones US Home Construction Index 100.00 146.64 179.58 270.90 209.25 373.28
The preceding Performance Graph and related information shall not be deemed to be “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any filing under the Securities Act or the Exchange Act, each as amended, except to the extent that we specifically incorporate it by reference into such filing.
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In 2023, our Board of Directors approved the initiation of a recurring quarterly cash dividend on our common stock, and we paid quarterly cash dividends of $0.27 per share, for a total of $1.08 per share during the year ended December 31, 2023. We intend to continue the payment of quarterly cash dividends and the amount will be reset in the first quarter of each year. The amount of future cash dividends will depend upon our financial condition, results of operations, capital requirements, statutory requirements, restrictions imposed by our Credit Facility, as well as other factors considered relevant by our Board of Directors. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources” for further discussion of these factors.
Issuer Purchases of Equity Securities
On February 13, 2019, our Board of Directors authorized a new stock repurchase program, authorizing the expenditure of up to $100.0 million to repurchase shares of our common stock. On November 13, 2020, the Board of Directors authorized the expenditure of an additional $100.0 million to repurchase shares of our common stock under this program. On August 12, 2021, the Board of Directors authorized the expenditure of an additional $100.0 million to repurchase shares of our common stock under this program, which was announced on August 17, 2021. On May 19, 2022, the Board of Directors authorized the expenditure of an additional $200.0 million to repurchase shares of our common stock under this program, which was announced on May 25, 2022. There is no stated expiration for this program. The repurchases of the Company's shares may be made in the open market, in privately negotiated transactions, or otherwise. The timing and amount of repurchases, if any, will be determined by the Company's management at its discretion and be based on a variety of factors such as the market price of the Company's common stock, corporate and contractual requirements, prevailing market and economic conditions and legal requirements. The share repurchase program may be modified, suspended or discontinued at any time. We acquired 437,882 shares of our common stock at an aggregate purchase price of $59.1 million for the year ended December 31, 2023. As of December 31, 2023, there was approximately $185.0 million available under this program to repurchase shares. We purchased 24,869 shares under the program during the three months ended December 31, 2023.
Period Total Number of Shares Purchased Average price paid per share Total number of shares purchased as part of publicly announced plans or programs Approximate dollar value of shares that may yet be purchased under the plans or programs
October 1, 2023 - October 31, 2023 — $ — — $ 189,077,636
November 1, 2023 - November 30, 2023 — $ — — $ 189,077,636
December 1, 2023 - December 31, 2023 24,869 $ 163.56 24,869 $ 185,010,130
Total 24,869 24,869
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Item 6. [Reserved]