Credit Suisse AG Boosts Stock Holdings in PulteGroup, Inc. (NYSE:PHM)

Posted by on Jun 8th, 2023

Credit Suisse AG raised its holdings in shares of PulteGroup, Inc. (NYSE:PHM – Get Rating) by 25.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 453,478 shares of the construction company’s stock after buying an additional 93,091 shares during the period. Credit Suisse AG owned about 0.20% of PulteGroup worth $20,647,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Balyasny Asset Management LLC purchased a new stake in shares of PulteGroup during the third quarter worth about $78,542,000. First Trust Advisors LP boosted its holdings in shares of PulteGroup by 29.4% during the first quarter. First Trust Advisors LP now owns 4,850,407 shares of the construction company’s stock worth $203,232,000 after purchasing an additional 1,101,565 shares during the period. Invesco Ltd. boosted its holdings in shares of PulteGroup by 36.3% during the first quarter. Invesco Ltd. now owns 3,651,100 shares of the construction company’s stock worth $152,982,000 after purchasing an additional 972,310 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of PulteGroup by 315.1% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 773,614 shares of the construction company’s stock worth $29,011,000 after purchasing an additional 587,257 shares during the period. Finally, Teachers Retirement System of The State of Kentucky purchased a new stake in shares of PulteGroup during the third quarter worth about $17,541,000. 88.07% of the stock is currently owned by hedge funds and other institutional investors.

PulteGroup Price Performance

Shares of PHM opened at $71.57 on Thursday. The company has a market capitalization of $15.97 billion, a P/E ratio of 6.16, a price-to-earnings-growth ratio of 0.49 and a beta of 1.34. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.22. The firm has a 50 day moving average of $64.80 and a 200 day moving average of $55.74. PulteGroup, Inc. has a twelve month low of $35.03 and a twelve month high of $72.89.

PulteGroup (NYSE:PHM – Get Rating) last issued its earnings results on Tuesday, April 25th. The construction company reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.57. PulteGroup had a net margin of 16.22% and a return on equity of 31.03%. The company had revenue of $3.58 billion for the quarter, compared to analysts’ expectations of $3.27 billion. During the same quarter last year, the company posted $1.83 earnings per share. The firm’s quarterly revenue was up 12.2% on a year-over-year basis. As a group, equities research analysts anticipate that PulteGroup, Inc. will post 9.13 earnings per share for the current fiscal year.

PulteGroup Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 5th. Stockholders of record on Tuesday, June 20th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 0.89%. The ex-dividend date of this dividend is Friday, June 16th. PulteGroup’s dividend payout ratio is presently 5.51%.

PulteGroup announced that its Board of Directors has initiated a share repurchase plan on Tuesday, April 25th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the construction company to purchase up to 6.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of research firms have recently weighed in on PHM. Royal Bank of Canada increased their target price on shares of PulteGroup from $54.00 to $68.00 in a report on Wednesday, April 26th. VNET Group reissued a “maintains” rating on shares of PulteGroup in a research note on Wednesday, April 26th. Citigroup increased their price target on shares of PulteGroup from $68.00 to $75.00 in a research note on Thursday, April 27th. Barclays increased their price target on shares of PulteGroup from $86.00 to $90.00 in a research note on Wednesday, May 24th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of PulteGroup in a research note on Wednesday, May 31st. They issued a “buy” rating and a $95.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $69.00.

Insider Transactions at PulteGroup

In other news, insider Ryan Marshall sold 98,000 shares of PulteGroup stock in a transaction on Thursday, April 27th. The shares were sold at an average price of $65.27, for a total transaction of $6,396,460.00. Following the transaction, the insider now owns 645,574 shares in the company, valued at approximately $42,136,614.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Ryan Marshall sold 98,000 shares of the firm’s stock in a transaction on Thursday, April 27th. The shares were sold at an average price of $65.27, for a total transaction of $6,396,460.00. Following the sale, the insider now directly owns 645,574 shares in the company, valued at approximately $42,136,614.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Brian P. Anderson sold 15,000 shares of the firm’s stock in a transaction on 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 sale, the director now owns 55,886 shares in the company, valued at $3,741,567.70. The disclosure for this sale can be found here. Insiders have sold 228,102 shares of company stock worth $15,101,034 in the last 90 days. 0.83% of the stock is currently owned by insiders.

About PulteGroup

(Get Rating)

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.

Featured Articles

Want to see what other hedge funds are holding PHM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PulteGroup, Inc. (NYSE:PHM – Get Rating).

Institutional Ownership by Quarter for PulteGroup (NYSE:PHM)

Receive News & Ratings for PulteGroup Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PulteGroup and related companies with MarketBeat.com's FREE daily email newsletter.