Allspring Global Investments Holdings LLC Has $23.85 Million Holdings in PulteGroup, Inc. (NYSE:PHM)

Posted by Defense World Staff on Apr 5th, 2023

Allspring Global Investments Holdings LLC trimmed its holdings in PulteGroup, Inc. (NYSE:PHM – Get Rating) by 15.2% in the fourth quarter, Holdings Channel reports. The fund owned 523,731 shares of the construction company’s stock after selling 93,697 shares during the period. Allspring Global Investments Holdings LLC’s holdings in PulteGroup were worth $23,845,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PHM. Verdence Capital Advisors LLC boosted its position in shares of PulteGroup by 2.6% during the fourth quarter. Verdence Capital Advisors LLC now owns 13,117 shares of the construction company’s stock worth $597,000 after buying an additional 334 shares during the period. Veriti Management LLC grew its position in shares of PulteGroup by 4.0% in the fourth quarter. Veriti Management LLC now owns 6,419 shares of the construction company’s stock valued at $292,000 after purchasing an additional 249 shares during the last quarter. Vestmark Advisory Solutions Inc. acquired a new position in shares of PulteGroup in the fourth quarter valued at approximately $363,000. Crossmark Global Holdings Inc. grew its position in shares of PulteGroup by 19.4% in the fourth quarter. Crossmark Global Holdings Inc. now owns 8,726 shares of the construction company’s stock valued at $397,000 after purchasing an additional 1,419 shares during the last quarter. Finally, Ritholtz Wealth Management grew its position in PulteGroup by 44.0% during the fourth quarter. Ritholtz Wealth Management now owns 19,043 shares of the construction company’s stock worth $867,000 after buying an additional 5,818 shares in the last quarter. 88.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PHM. Credit Suisse Group increased their price target on PulteGroup from $52.00 to $61.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 1st. Barclays increased their price target on PulteGroup from $58.00 to $75.00 in a research note on Sunday, February 5th. Citigroup raised their target price on PulteGroup from $56.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, February 2nd. Royal Bank of Canada raised their target price on PulteGroup from $46.00 to $54.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 1st. Finally, KeyCorp lifted their price objective on PulteGroup from $51.00 to $66.00 and gave the stock an “overweight” rating in a research report on Friday, February 3rd. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $61.86.

PulteGroup Price Performance

PHM stock opened at $58.42 on Wednesday. The company has a market capitalization of $13.10 billion, a P/E ratio of 5.26, a price-to-earnings-growth ratio of 0.48 and a beta of 1.33. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.62 and a current ratio of 0.62. The business has a 50-day simple moving average of $55.54 and a two-hundred day simple moving average of $47.53. PulteGroup, Inc. has a 52-week low of $35.03 and a 52-week high of $60.89.

PulteGroup (NYSE:PHM – Get Rating) last released its earnings results on Tuesday, January 31st. The construction company reported $3.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.88 by $0.75. PulteGroup had a return on equity of 31.85% and a net margin of 16.13%. The company had revenue of $5.17 billion during the quarter, compared to analyst estimates of $4.59 billion. During the same period in the prior year, the company posted $2.51 earnings per share. PulteGroup’s quarterly revenue was up 18.7% on a year-over-year basis. Research analysts expect that PulteGroup, Inc. will post 7.52 EPS for the current fiscal year.

PulteGroup Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 4th. Investors of record on Monday, March 20th were paid a $0.16 dividend. The ex-dividend date was Friday, March 17th. This represents a $0.64 annualized dividend and a yield of 1.10%. PulteGroup’s payout ratio is 5.77%.

Insider Activity at PulteGroup

In other PulteGroup news, VP John J. Chadwick sold 29,817 shares of the stock in a transaction on Tuesday, February 14th. The stock was sold at an average price of $56.63, for a total transaction of $1,688,536.71. Following the sale, the vice president now owns 87,428 shares in the company, valued at $4,951,047.64. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, EVP Todd N. Sheldon sold 15,998 shares of the company’s stock in a transaction on Thursday, March 2nd. The shares were sold at an average price of $53.83, for a total value of $861,172.34. Following the transaction, the executive vice president now owns 82,339 shares of the company’s stock, valued at $4,432,308.37. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP John J. Chadwick sold 29,817 shares of the company’s stock in a transaction on Tuesday, February 14th. The stock was sold at an average price of $56.63, for a total transaction of $1,688,536.71. Following the completion of the transaction, the vice president now directly owns 87,428 shares in the company, valued at approximately $4,951,047.64. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 50,739 shares of company stock worth $2,845,149. Insiders own 0.71% of the company’s stock.

PulteGroup Company Profile

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PulteGroup, Inc engages in the homebuilding business. The firm is also involved in mortgage banking and title and insurance brokerage operations. It operates through the Homebuilding and Financial services business segments. The Homebuilding segment includes operations from Connecticut, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Virginia, Georgia, North Carolina, South Carolina, Tennessee, Florida, Illinois, Indiana, Kentucky, Michigan, Minnesota, Missouri, Ohio, Texas, Arizona, California, Nevada, New Mexico, and Washington.