Wedbush Securities Inc. Makes New Investment in PulteGroup, Inc. (NYSE:PHM)

Posted by on Aug 19th, 2023

Wedbush Securities Inc. bought a new position in PulteGroup, Inc. (NYSE:PHM – Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,756 shares of the construction company’s stock, valued at approximately $219,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of PHM. American Century Companies Inc. boosted its holdings in shares of PulteGroup by 9.5% in the first quarter. American Century Companies Inc. now owns 55,196 shares of the construction company’s stock valued at $2,313,000 after acquiring an additional 4,799 shares in the last quarter. Cetera Advisor Networks LLC bought a new position in shares of PulteGroup in the first quarter valued at approximately $221,000. PNC Financial Services Group Inc. boosted its holdings in shares of PulteGroup by 1.7% in the first quarter. PNC Financial Services Group Inc. now owns 22,505 shares of the construction company’s stock valued at $945,000 after acquiring an additional 382 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in shares of PulteGroup by 11.1% in the first quarter. Acadian Asset Management LLC now owns 4,487 shares of the construction company’s stock valued at $188,000 after acquiring an additional 449 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its holdings in shares of PulteGroup by 26.7% in the first quarter. MetLife Investment Management LLC now owns 70,856 shares of the construction company’s stock valued at $2,969,000 after acquiring an additional 14,918 shares in the last quarter. Institutional investors own 90.24% of the company’s stock.

PulteGroup Stock Up 0.6 %

Shares of NYSE:PHM opened at $79.30 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.92 and a current ratio of 0.92. The company has a market cap of $17.40 billion, a PE ratio of 6.55, a price-to-earnings-growth ratio of 0.67 and a beta of 1.38. PulteGroup, Inc. has a 52 week low of $35.99 and a 52 week high of $86.15. The firm has a 50 day simple moving average of $79.40 and a 200 day simple moving average of $67.14.

PulteGroup (NYSE:PHM – Get Free Report) last issued its quarterly earnings results on Tuesday, July 25th. The construction company reported $3.21 EPS for the quarter, beating the consensus estimate of $2.52 by $0.69. The business had revenue of $4.19 billion during the quarter, compared to the consensus estimate of $4.01 billion. PulteGroup had a net margin of 16.37% and a return on equity of 29.58%. The firm’s quarterly revenue was up 6.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.73 EPS. As a group, research analysts expect that PulteGroup, Inc. will post 11.65 earnings per share for the current year.

PulteGroup announced that its board has initiated a share repurchase program on Tuesday, April 25th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the construction company to buy up to 6.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

Several research firms have recently issued reports on PHM. UBS Group increased their price objective on shares of PulteGroup from $81.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, July 25th. Barclays increased their price objective on shares of PulteGroup from $90.00 to $104.00 in a report on Wednesday, July 26th. Citigroup increased their target price on shares of PulteGroup from $90.00 to $97.00 in a research note on Wednesday, July 26th. Royal Bank of Canada increased their target price on shares of PulteGroup from $68.00 to $90.00 in a research note on Wednesday, July 26th. Finally, BTIG Research increased their target price on shares of PulteGroup from $83.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, July 25th. Three research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $86.27.

View Our Latest Stock Analysis on PHM

PulteGroup Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for PulteGroup (NYSE:PHM)

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