Taylor Morrison Hits New 52-Week Low Following Acquisition Announcment

Shares of Taylor Morrison Home Corp TMHC, a real estate development company, hit a new 52-week low of $13.93 on Friday despite an acquisition announcement.

Taylor Morrison Home said that it acquired the operations and home-building assets of Acadia Homes & Neighborhoods for around $85 million. The company noted that Acadia has an "excellent reputation" for its "latest design techniques, eco-friendly elements, floor plans and state-of-the-art construction methods."

Acadia has 20 active and planned communities in "highly sought after" Atlanta regions. Its average selling price in the low $400,000s is a "complement" to Taylor Morrison Home's mid-$200,000 average sales price, Taylor Morrison's CEO Sheryl Palmer stated.

"This acquisition furthers our goal to diversify our Atlanta consumer base while at the same time staying true to our roots of providing homebuyers the best in quality and customer service," Palmer added.