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Century Communities shares highlighted as small-cap value outperforms
The Heartland Value Plus Fund pointed to CCS trading at 0.8 times book value and cited consolidation activity in homebuilding at low price-to-book levels.
Heartland Advisors highlighted Century Communities, Inc. in its second-quarter 2026 investor letter for the Heartland Value Plus Fund, noting that small-cap value has been gaining as the economic backdrop has strengthened. During the quarter, the Russell 2000 rose 21.49%, outpacing the S&P 500’s 15.20% gain, while the Value Plus Fund returned 19.25%, compared with 17.19% for the Russell 2000 Value Index.
In the fund’s discussion, Century Communities, a single-family home builder based in Greenwood Village, Colorado, was described as operating across the West, Southwest, Mountain states, and Southeast. On July 14, 2026, CCS closed at $65.28 per share, with a market capitalization of $1.88 billion, and the stock showed a one-month return of 9.00% and a 52-week gain of 9.99%.
The investor letter said high mortgage rates and affordability concerns have tempered new-home demand, contributing to what it described as weak sentiment and a valuation below one times book value. Specifically, the fund noted CCS was trading at 0.81 times book value and characterized the low valuation as attracting long-term investors.
Heartland Advisors also linked the thesis to recent deal activity, saying multiple homebuilder takeouts occurred over the prior six months at low price-to-book levels. It cited Berkshire Hathaway’s acquisition of Taylor Morrison at 1.1 times book value and Sumitomo’s purchase of Tri Pointe Homes at 1.2 times book value, framing those transactions as evidence of continued interest in the sector.
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