Commonwealth Equity Services LLC lowered its position in shares of PulteGroup, Inc. (NYSE:PHM – Free Report) by 23.5% during the fourth quarter, HoldingsChannel reports. The fund owned 33,529 shares of the construction company’s stock after selling 10,279 shares during the quarter. Commonwealth Equity Services LLC’s holdings in PulteGroup were worth $3,932,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Evergreen Capital Management LLC grew its position in shares of PulteGroup by 2.8% in the 2nd quarter. Evergreen Capital Management LLC now owns 2,875 shares of the construction company’s stock valued at $304,000 after buying an additional 78 shares during the last quarter. Stephens Inc. AR grew its position in shares of PulteGroup by 3.5% in the 4th quarter. Stephens Inc. AR now owns 2,350 shares of the construction company’s stock valued at $276,000 after buying an additional 80 shares during the last quarter. Perigon Wealth Management LLC grew its position in shares of PulteGroup by 3.6% in the 4th quarter. Perigon Wealth Management LLC now owns 2,672 shares of the construction company’s stock valued at $313,000 after buying an additional 92 shares during the last quarter. Opal Wealth Advisors LLC grew its position in shares of PulteGroup by 4.8% in the 4th quarter. Opal Wealth Advisors LLC now owns 2,169 shares of the construction company’s stock valued at $254,000 after buying an additional 99 shares during the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its position in shares of PulteGroup by 1.0% in the 3rd quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 10,520 shares of the construction company’s stock valued at $1,390,000 after buying an additional 100 shares during the last quarter. Institutional investors own 89.90% of the company’s stock.
Insider Transactions at PulteGroup
In other news, COO Matthew William Koart sold 7,457 shares of the business’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $120.00, for a total value of $894,840.00. Following the transaction, the chief operating officer directly owned 28,100 shares of the company’s stock, valued at $3,372,000. The trade was a 20.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Lila Snyder sold 3,339 shares of the business’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $117.18, for a total value of $391,264.02. Following the completion of the transaction, the director directly owned 3,540 shares in the company, valued at $414,817.20. This represents a 48.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.75% of the stock is owned by insiders.
PulteGroup Stock Down 0.5%
PulteGroup (NYSE:PHM – Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The construction company reported $1.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.80 by ($0.01). The business had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.40 billion. PulteGroup had a net margin of 12.14% and a return on equity of 16.41%. The firm’s revenue for the quarter was down 12.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.57 earnings per share. Equities research analysts predict that PulteGroup, Inc. will post 10 earnings per share for the current year.
PulteGroup declared that its board has authorized a share repurchase program on Thursday, April 23rd that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the construction company to repurchase up to 6.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.
PulteGroup Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Tuesday, June 16th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Tuesday, June 16th. PulteGroup’s payout ratio is currently 10.06%.
Wall Street Analyst Weigh In
A number of equities research analysts have commented on PHM shares. Weiss Ratings lowered PulteGroup from a “buy (b-)” rating to a “hold (c)” rating in a research report on Monday, April 27th. Zacks Research upgraded PulteGroup from a “strong sell” rating to a “hold” rating in a research report on Monday, April 13th. Evercore upped their price target on PulteGroup from $146.00 to $151.00 and gave the company an “outperform” rating in a research report on Friday, April 24th. UBS Group upped their price target on PulteGroup from $159.00 to $162.00 and gave the company a “buy” rating in a research report on Friday, April 24th. Finally, Bank of America reduced their price target on PulteGroup from $145.00 to $140.00 and set a “buy” rating on the stock in a research report on Monday, April 20th. Ten investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $140.71.
Get Our Latest Research Report on PHM
About PulteGroup
PulteGroup, Inc (NYSE: PHM) is a U.S.-based residential homebuilder that designs, constructs and sells single-family homes and develops master-planned communities. The company operates multiple national and regional brands that target different buyer segments, including first-time buyers, move-up buyers and active-adult customers. Its operations encompass land acquisition and development, home design and construction, community amenities and ongoing customer service and warranty programs.
PulteGroup markets homes under several well-known brands, such as Pulte Homes, Centex and Del Webb, among others, offering a range of product types from entry-level detached homes to larger, higher-end residences and age-restricted active-adult communities.
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