SCOTTSDALE, Ariz. - Meritage (NYSE:MTH) Homes Corporation (NYSE:MTH), a leading public homebuilder in the United States, has appointed Erin Lantz as an independent director to its Board of Directors as of October 14, 2024. This addition increases the board size to 11 members and is part of the company's commitment to board refreshment.
Lantz, with over two decades of leadership experience, currently serves as Chief Revenue Officer at Ethos, a fintech company specializing in life insurance. Her background includes roles as Vice President and General Manager of Mortgages at Zillow Group (NASDAQ:ZG), Inc., and Senior Vice President at Bank of America. Lantz also brings experience from her current position on the board of Blend Labs, Inc. (NYSE: BLND), where she chairs the Compensation Committee and serves on the Audit Committee. She has served on the boards of TrueCar (NASDAQ:TRUE), Inc. and Washington Federal (NASDAQ:WAFD), Inc., bringing a wealth of knowledge in technology, real estate, and mortgage sectors.
Steven J. Hilton, executive chairman of Meritage Homes, expressed confidence that Lantz's unique insights will enhance the board's expertise and diversity of thought. Lantz expressed her honor in joining the board and her eagerness to contribute her digital platform knowledge.
Additionally, Meritage Homes announced its intention to declassify its Board of Directors. The board has approved the proposal and plans to present it to stockholders for a vote at the 2025 annual meeting. This move is in response to stockholder feedback, aligning with governance best practices and the company's initiative to transition longer-tenured directors.
The company will file and furnish a proxy statement with the Securities and Exchange Commission regarding the Declassification Proposal, which will contain important information for stockholders.
This news is based on a press release statement by Meritage Homes Corporation. The company emphasizes that forward-looking statements within the release are subject to uncertainties and actual results may vary. Meritage Homes has a history of over 38 years in homebuilding, known for its energy-efficient and affordable homes, and has delivered over 185,000 homes across multiple states.
In other recent news, Blend unveiled robust financial results for the second quarter of 2024, with total revenue surpassing expectations at $40.5 million. The company's mortgage suite revenue met forecasts at $18.5 million, despite a decrease in industry originations. Blend's consumer banking business also saw significant growth, increasing by 37% year-over-year.
Blend's focus on innovation and technology adoption was underscored, with new products and features in development aimed at enhancing efficiency and expanding offerings in home equity lending. The company ended the quarter in a strong financial position, boasting $120 million in cash and a share repurchase program of up to $25 million.
Blend is on track to achieve non-GAAP operating profitability and anticipates positive free cash flow in the near future. The company is confident in exceeding its previous goal of $90 economic value per funded loan by 2024, aiming for over $100 by year-end. These recent developments reflect Blend's successful navigation of a shifting lending environment and its strategic focus on growth and innovation.
InvestingPro Insights
As Erin Lantz joins Meritage Homes' board, her experience with Blend Labs (NYSE: BLND) brings valuable fintech and mortgage industry insights. Recent data from InvestingPro sheds light on Blend Labs' financial position, which could inform Lantz's contributions to Meritage Homes.
Blend Labs has shown strong market performance, with a 208.33% price total return over the past year and a 52.89% return in the last six months. This positive momentum is reflected in InvestingPro Tips, which highlight Blend's "strong return over the last three months" and "large price uptick over the last six months."
Despite these gains, Blend Labs faces profitability challenges. The company's revenue for the last twelve months stands at $152.12 million, with a concerning revenue growth of -14.68%. An InvestingPro Tip notes that "analysts do not anticipate the company will be profitable this year," which aligns with the reported operating income of -$81.57 million.
However, Blend Labs' financial health isn't all negative. The company "holds more cash than debt on its balance sheet," and "liquid assets exceed short-term obligations," according to InvestingPro Tips. These factors could provide some stability as the company navigates its growth challenges.
For investors interested in a deeper analysis, InvestingPro offers 7 additional tips for Blend Labs, providing a more comprehensive view of the company's prospects and challenges.
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