DENVER - M.D.C. Holdings, Inc. (NYSE: NYSE:MDC), known for its Richmond American Homes (NYSE:AMH) brand, announced today that it has canceled its fourth quarter earnings conference call that was scheduled for January 30, 2024. This decision follows the recent news on Thursday last week that the company has entered into a definitive agreement to be acquired by a subsidiary of Sekisui House in an all-cash transaction.
Despite the cancellation of the conference call, MDC will still release its fourth quarter earnings report on the morning of January 30, 2024, before the market opens. The company has not provided further details regarding the acquisition or the reasons for canceling the earnings call.
Founded in 1972, MDC Holdings has been a prominent player in the homebuilding industry, assisting over 240,000 homebuyers since 1977. The company operates in multiple states across the United States and offers mortgage lending, insurance, and title services through its subsidiaries.
InvestingPro Insights
In light of M.D.C. Holdings' recent developments, including the canceled earnings call and the upcoming acquisition by Sekisui House, investors may look for financial metrics and expert analysis to gauge the company's performance and future prospects. According to the latest InvestingPro data, MDC has a market capitalization of $4.7 billion and a P/E ratio of 10.33, which suggests a lower valuation compared to the industry average. The company has demonstrated a strong free cash flow yield, as highlighted by one of the InvestingPro Tips, which could be a positive indicator for investors seeking value.
Additionally, MDC has shown impressive returns, with a 1-week price total return of 16.8% and a 1-year price total return of 82.82%, indicating robust short-term and long-term performance. The dividend yield stands at 3.49%, with a recent dividend growth of 10.0%, which may appeal to income-focused investors. It's also worth noting that MDC has raised its dividend for 7 consecutive years, a sign of the company's commitment to returning value to shareholders.
For those looking to delve deeper into MDC's financials and future outlook, InvestingPro offers a wealth of additional tips, including insights on sales projections and net income expectations. To access these insights and more, consider subscribing to InvestingPro, now available at a special New Year sale with discounts of up to 50%. Use coupon code SFY24 for an extra 10% off a 2-year InvestingPro+ subscription, or SFY241 for an additional 10% off a 1-year subscription. With this subscription, investors can benefit from a comprehensive analysis that could inform their investment decisions in the context of MDC's acquisition and beyond.
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