PulteGroup (NYSE:PHM) Given New $150.00 Price Target at Wells Fargo & Company

PulteGroup (NYSE:PHM) had its price objective lifted by Wells Fargo & Company from $140.00 to $150.00 in a research report report published on Monday, MarketBeat Ratings reports. Wells Fargo & Company currently has an overweight rating on the construction company’s stock.

A number of other analysts have also issued reports on the stock. Truist Financial reduced their price target on shares of PulteGroup from $170.00 to $150.00 and set a “buy” rating for the company in a research report on Thursday, April 16th. Weiss Ratings downgraded shares of PulteGroup from a “buy (b-)” rating to a “hold (c)” rating in a research report on Monday, April 27th. Evercore increased their target price on shares of PulteGroup from $146.00 to $151.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Bank of America decreased their target price on shares of PulteGroup from $145.00 to $140.00 and set a “buy” rating for the company in a research note on Monday, April 20th. Finally, The Goldman Sachs Group boosted their price target on shares of PulteGroup from $133.00 to $142.00 and gave the company a “neutral” rating in a report on Friday, April 24th. Ten research 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.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $141.43.

PulteGroup Stock Down 0.1%

NYSE:PHM opened at $131.24 on Monday. The firm has a market capitalization of $25.00 billion, a price-to-earnings ratio of 12.69, a PEG ratio of 1.70 and a beta of 1.18. PulteGroup has a 1-year low of $107.16 and a 1-year high of $144.49. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.14. The business’s fifty day moving average price is $122.25 and its 200 day moving average price is $124.66.

PulteGroup (NYSE:PHM) last announced its quarterly earnings data on Thursday, April 23rd. The construction company reported $1.79 EPS for the quarter, missing analysts’ consensus estimates of $1.80 by ($0.01). PulteGroup had a return on equity of 16.41% and a net margin of 12.14%.The business had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.40 billion. During the same quarter in the previous year, the business posted $2.57 earnings per share. The company’s revenue was down 12.4% compared to the same quarter last year. On average, sell-side analysts forecast that PulteGroup will post 9.95 earnings per share for the current fiscal year.

PulteGroup announced that its board has approved a stock buyback program on Thursday, April 23rd that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the construction company to purchase up to 6.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

PulteGroup Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Tuesday, June 16th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Tuesday, June 16th. PulteGroup’s payout ratio is currently 10.06%.

Insiders Place Their Bets

In related news, Director Lila Snyder sold 3,339 shares of PulteGroup stock in a transaction on 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 sale, the director owned 3,540 shares of the company’s stock, valued at approximately $414,817.20. The trade was a 48.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Matthew William Koart sold 7,457 shares of the company’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $120.00, for a total transaction of $894,840.00. Following the completion of the sale, the chief operating officer owned 28,100 shares of the company’s stock, valued at $3,372,000. This represents a 20.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.75% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Nordea Investment Management AB raised its holdings in PulteGroup by 2.4% in the 4th quarter. Nordea Investment Management AB now owns 573,065 shares of the construction company’s stock valued at $67,387,000 after acquiring an additional 13,259 shares in the last quarter. Concurrent Investment Advisors LLC grew its holdings in shares of PulteGroup by 166.5% during the 4th quarter. Concurrent Investment Advisors LLC now owns 16,753 shares of the construction company’s stock worth $1,964,000 after purchasing an additional 10,467 shares in the last quarter. National Pension Service grew its holdings in shares of PulteGroup by 3.8% during the 4th quarter. National Pension Service now owns 507,443 shares of the construction company’s stock worth $59,503,000 after purchasing an additional 18,455 shares in the last quarter. Dorato Capital Management bought a new stake in shares of PulteGroup during the fourth quarter valued at approximately $2,625,000. Finally, EFG Asset Management Americas Corp. increased its position in shares of PulteGroup by 351.9% during the third quarter. EFG Asset Management Americas Corp. now owns 46,752 shares of the construction company’s stock valued at $6,177,000 after purchasing an additional 36,407 shares during the period. 89.90% of the stock is owned by institutional investors.

PulteGroup Company Profile

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.