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Landsea Homes (LSEA) Expands Texas Reach With Antares Buyout
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Landsea Homes Corporation (LSEA - Free Report) has completed the acquisition of Dallas-Fort Worth based homebuilder, Antares Homes. The transaction was valued at $242.5 million in cash, covering the repayment of around $43.2 million of Antares Homes’ debt.
The acquisition expands Landsea Homes' homebuilding footprint into 13 cities, including the Dallas/Fort Worth Metropolitan Area. It adds 2,254 owned or controlled lots to LSEA's portfolio.
This marks a significant expansion for the company in Texas. It underscores the company's aim to become one of Texas' top homebuilders. The region's strong job market and ongoing expansion highlight the attractiveness and resilience of the Dallas-Fort Worth economy. This environment continues to draw diverse industries and opportunities.
Shares of this publicly-traded residential homebuilder declined 1.8% during the trading hours on Apr 2.
Acquisitions to Drive Growth
Landsea Homes’ shares have surged 59.6% in the past six months compared with the Zacks Real Estate - Development industry’s 2.5% growth. The company focuses on expanding its market reach and footprint through accretive buyouts. Its main aim is to focus on more affordable segments of the market with a differentiated high-performance home series, accompanied by a land light strategy for a quick return on inventory. It consistently searches for acquisition targets that fit best with this model, thus increasing its growth prospects.
Image Source: Zacks Investment Research
On Oct 19, 2023, management announced its expansion into the Colorado housing market by acquiring the assets and lot inventory of Richfield Homes. With this acquisition, Landsea Homes entered its seventh homebuilding market, thus showcasing a notable presence in one of the best housing markets in the country.
For 2024, Landsea Homes expects ramped-up contribution from Colorado with a full year of deliveries. It anticipates its new Dallas-Fort Worth segment to start contributing in the second quarter.
The company estimates new home deliveries, including the Antares acquisition, to be between 2,500 units and 2,900 units for the full year. This suggests 27% growth from 2023 considering the midpoint.
Zacks Rank & Key Picks
Landsea Homes currently carries a Zacks Rank #3 (Hold).
Here are some better-ranked stocks from the Zacks Finance sector.
It has a trailing four-quarter earnings surprise of 21.1%, on average. The stock has risen 41.9% in the past year. The Zacks Consensus Estimate for APAM’s 2024 sales and earnings per share (EPS) suggests a rise of 11.2% and 14.5%, respectively, from the year-ago period’s reported levels.
AssetMark Financial Holdings, Inc. (AMK - Free Report) currently flaunts a Zacks Rank of 1. It has a trailing four-quarter earnings surprise of 0.8%, on average. The stock has risen 13.2% in the past year.
The Zacks Consensus Estimate for AMK’s 2024 sales and EPS suggests growth of 8.5% and 13.5%, respectively, from the year-ago period’s levels.
HCI Group, Inc. (HCI - Free Report) sports a Zacks Rank of 1 at present. It has a trailing four-quarter earnings surprise of 522.5%, on average. The stock has risen 122.5% in the past year.
The Zacks Consensus Estimate for HCI’s 2024 sales and EPS suggests growth of 44.7% and 37.9%, respectively, from the year-ago period’s levels.
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Landsea Homes (LSEA) Expands Texas Reach With Antares Buyout
Landsea Homes Corporation (LSEA - Free Report) has completed the acquisition of Dallas-Fort Worth based homebuilder, Antares Homes. The transaction was valued at $242.5 million in cash, covering the repayment of around $43.2 million of Antares Homes’ debt.
The acquisition expands Landsea Homes' homebuilding footprint into 13 cities, including the Dallas/Fort Worth Metropolitan Area. It adds 2,254 owned or controlled lots to LSEA's portfolio.
This marks a significant expansion for the company in Texas. It underscores the company's aim to become one of Texas' top homebuilders. The region's strong job market and ongoing expansion highlight the attractiveness and resilience of the Dallas-Fort Worth economy. This environment continues to draw diverse industries and opportunities.
Shares of this publicly-traded residential homebuilder declined 1.8% during the trading hours on Apr 2.
Acquisitions to Drive Growth
Landsea Homes’ shares have surged 59.6% in the past six months compared with the Zacks Real Estate - Development industry’s 2.5% growth. The company focuses on expanding its market reach and footprint through accretive buyouts. Its main aim is to focus on more affordable segments of the market with a differentiated high-performance home series, accompanied by a land light strategy for a quick return on inventory. It consistently searches for acquisition targets that fit best with this model, thus increasing its growth prospects.
Image Source: Zacks Investment Research
On Oct 19, 2023, management announced its expansion into the Colorado housing market by acquiring the assets and lot inventory of Richfield Homes. With this acquisition, Landsea Homes entered its seventh homebuilding market, thus showcasing a notable presence in one of the best housing markets in the country.
For 2024, Landsea Homes expects ramped-up contribution from Colorado with a full year of deliveries. It anticipates its new Dallas-Fort Worth segment to start contributing in the second quarter.
The company estimates new home deliveries, including the Antares acquisition, to be between 2,500 units and 2,900 units for the full year. This suggests 27% growth from 2023 considering the midpoint.
Zacks Rank & Key Picks
Landsea Homes currently carries a Zacks Rank #3 (Hold).
Here are some better-ranked stocks from the Zacks Finance sector.
Artisan Partners Asset Management Inc. (APAM - Free Report) presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.
It has a trailing four-quarter earnings surprise of 21.1%, on average. The stock has risen 41.9% in the past year. The Zacks Consensus Estimate for APAM’s 2024 sales and earnings per share (EPS) suggests a rise of 11.2% and 14.5%, respectively, from the year-ago period’s reported levels.
AssetMark Financial Holdings, Inc. (AMK - Free Report) currently flaunts a Zacks Rank of 1. It has a trailing four-quarter earnings surprise of 0.8%, on average. The stock has risen 13.2% in the past year.
The Zacks Consensus Estimate for AMK’s 2024 sales and EPS suggests growth of 8.5% and 13.5%, respectively, from the year-ago period’s levels.
HCI Group, Inc. (HCI - Free Report) sports a Zacks Rank of 1 at present. It has a trailing four-quarter earnings surprise of 522.5%, on average. The stock has risen 122.5% in the past year.
The Zacks Consensus Estimate for HCI’s 2024 sales and EPS suggests growth of 44.7% and 37.9%, respectively, from the year-ago period’s levels.