Royal Bank of Canada Reiterates “$39.00” Price Target for PulteGroup (PHM)

PulteGroup (NYSE:PHM) has been assigned a $39.00 price target by Royal Bank of Canada in a report issued on Wednesday. The brokerage currently has a “buy” rating on the construction company’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 32.38% from the stock’s current price.

Other research analysts have also recently issued reports about the stock. B. Riley reiterated a “buy” rating on shares of PulteGroup in a report on Wednesday, November 1st. Bank of America set a $34.00 price objective on shares of PulteGroup and gave the company a “buy” rating in a report on Wednesday, October 25th. FBR & Co reiterated a “buy” rating and issued a $31.00 price objective (up from $28.00) on shares of PulteGroup in a report on Wednesday, October 25th. UBS Group started coverage on shares of PulteGroup in a report on Wednesday, October 25th. They issued a “buy” rating and a $38.00 price objective for the company. Finally, Credit Suisse Group set a $35.00 price objective on shares of PulteGroup and gave the company a “buy” rating in a report on Tuesday, October 24th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and two have assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $32.85.

PulteGroup (NYSE:PHM) traded up $0.46 during midday trading on Wednesday, reaching $29.46. 6,174,993 shares of the company’s stock traded hands, compared to its average volume of 5,413,687. PulteGroup has a 1 year low of $21.13 and a 1 year high of $35.21. The company has a market cap of $8,359.05, a PE ratio of 20.46, a price-to-earnings-growth ratio of 0.46 and a beta of 1.03.

PulteGroup (NYSE:PHM) last posted its quarterly earnings data on Tuesday, January 30th. The construction company reported $0.85 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.85. The business had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.82 billion. PulteGroup had a net margin of 5.22% and a return on equity of 15.52%. The business’s revenue was up 12.1% on a year-over-year basis. During the same period last year, the firm posted $0.67 earnings per share. analysts anticipate that PulteGroup will post 3.11 EPS for the current year.

PulteGroup announced that its Board of Directors has authorized a share buyback program on Tuesday, January 30th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the construction company to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

In related news, insider James R. Ellinghausen sold 67,490 shares of the firm’s stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $32.35, for a total transaction of $2,183,301.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Robert Oshaughnessy sold 92,800 shares of the firm’s stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $33.89, for a total transaction of $3,144,992.00. Following the sale, the chief financial officer now owns 363,722 shares of the company’s stock, valued at $12,326,538.58. The disclosure for this sale can be found here. Company insiders own 0.71% of the company’s stock.

Large investors have recently modified their holdings of the stock. Focused Wealth Management Inc bought a new stake in PulteGroup during the fourth quarter worth approximately $113,000. Invictus RG lifted its position in shares of PulteGroup by 1,473.4% in the 3rd quarter. Invictus RG now owns 4,264 shares of the construction company’s stock valued at $117,000 after acquiring an additional 3,993 shares in the last quarter. SeaCrest Wealth Management LLC purchased a new stake in shares of PulteGroup in the 4th quarter valued at approximately $119,000. National Pension Service purchased a new stake in shares of PulteGroup in the 4th quarter valued at approximately $138,000. Finally, Fieldpoint Private Securities LLC purchased a new stake in shares of PulteGroup in the 3rd quarter valued at approximately $150,000. Hedge funds and other institutional investors own 82.96% of the company’s stock.

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PulteGroup Company Profile

PulteGroup, Inc is a homebuilder in the United States. The Company’s segments include Homebuilding and Financial Services. Its Homebuilding operations are engaged in the acquisition and development of land primarily for residential purposes within the United States and the construction of housing on such land.

Analyst Recommendations for PulteGroup (NYSE:PHM)

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