PulteGroup hits session high as Pulte family buys 171K shares
billnoll/E+ via Getty Images
PulteGroup (NYSE:PHM) advanced 1.4% to a new intraday high Friday after the homebuilder's founding family disclosed that it purchased 171,037 PHM shares, the same amount of shares sold by CEO Ryan Marshall this year.
The Pulte family bought $11.9M worth of PHM stock as "we were disappointed to see Mr. Marshall selling large amounts of PulteGroup stock," said William J. Pulte. "Taking a significant position in PulteGroup stock is in line with our belief that the shares are vastly undervalued, if certain things are done."
At the time of writing, the family's PHM purchase was worth $12.4M.
Atlanta, Georgia-based PulteGroup (PHM) has seen its stock surge 64.2% from a year ago, helped by the company's strong operating performance despite a slowing housing market, as well as its share buyback program, which was recently boosted to $1.2B.