Bank of Nova Scotia decreased its position in shares of PulteGroup, Inc. (NYSE:PHM – Get Rating) by 62.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,826 shares of the construction company’s stock after selling 31,497 shares during the period. Bank of Nova Scotia’s holdings in PulteGroup were worth $857,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. General Partner Inc. acquired a new position in PulteGroup in the fourth quarter worth approximately $32,000. Denali Advisors LLC raised its holdings in shares of PulteGroup by 104.3% during the 4th quarter. Denali Advisors LLC now owns 811 shares of the construction company’s stock valued at $37,000 after purchasing an additional 414 shares in the last quarter. Accurate Wealth Management LLC acquired a new stake in shares of PulteGroup in the 4th quarter valued at $47,000. International Assets Investment Management LLC bought a new stake in PulteGroup in the fourth quarter worth $60,000. Finally, U.S. Capital Wealth Advisors LLC acquired a new position in PulteGroup during the fourth quarter worth $61,000. Hedge funds and other institutional investors own 88.07% of the company’s stock.
Analyst Ratings Changes
Several analysts have recently issued reports on PHM shares. Barclays upped their price target on PulteGroup from $75.00 to $86.00 in a research note on Wednesday, April 26th. KeyCorp boosted their price objective on shares of PulteGroup from $51.00 to $66.00 and gave the stock an “overweight” rating in a research note on Friday, February 3rd. Oppenheimer raised their target price on shares of PulteGroup from $73.00 to $80.00 in a research note on Wednesday, April 26th. Royal Bank of Canada boosted their target price on shares of PulteGroup from $54.00 to $68.00 in a research report on Wednesday, April 26th. Finally, StockNews.com assumed coverage on PulteGroup in a research report on Thursday, May 18th. They issued a “buy” rating on the stock. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $66.86.
PulteGroup Stock Performance
PulteGroup (NYSE:PHM – Get Rating) last released its quarterly earnings results on Tuesday, April 25th. The construction company reported $2.35 EPS for the quarter, beating analysts’ consensus estimates of $1.78 by $0.57. PulteGroup had a net margin of 16.22% and a return on equity of 31.03%. The firm had revenue of $3.58 billion for the quarter, compared to analyst estimates of $3.27 billion. During the same period in the previous year, the business earned $1.83 earnings per share. The company’s revenue for the quarter was up 12.2% compared to the same quarter last year. As a group, analysts predict that PulteGroup, Inc. will post 9.05 EPS for the current fiscal year.
PulteGroup Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 5th. Investors of record on Tuesday, June 20th will be given a dividend of $0.16 per share. The ex-dividend date is Friday, June 16th. This represents a $0.64 annualized dividend and a yield of 0.97%. PulteGroup’s dividend payout ratio (DPR) is 5.51%.
PulteGroup announced that its Board of Directors has approved a share repurchase program on Tuesday, April 25th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the construction company to repurchase up to 6.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
Insider Buying and Selling at PulteGroup
In other news, CFO Robert Oshaughnessy sold 115,102 shares of the stock in a transaction that occurred on Friday, April 28th. The shares were sold at an average price of $66.90, for a total transaction of $7,700,323.80. Following the sale, the chief financial officer now directly owns 177,564 shares of the company’s stock, valued at $11,879,031.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other PulteGroup news, CFO Robert Oshaughnessy sold 115,102 shares of the business’s stock in a transaction dated Friday, April 28th. The stock was sold at an average price of $66.90, for a total transaction of $7,700,323.80. Following the completion of the sale, the chief financial officer now directly owns 177,564 shares of the company’s stock, valued at approximately $11,879,031.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Brian P. Anderson sold 15,000 shares of the firm’s stock in a transaction dated Friday, April 28th. The shares were sold at an average price of $66.95, for a total transaction of $1,004,250.00. Following the completion of the transaction, the director now directly owns 55,886 shares in the company, valued at approximately $3,741,567.70. The disclosure for this sale can be found here. In the last 90 days, insiders sold 244,100 shares of company stock worth $15,962,206. 0.83% of the stock is currently owned by corporate insiders.
PulteGroup Profile
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.
Read More
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