Allspring Global Investments Holdings LLC Grows Stock Holdings in PulteGroup, Inc. $PHM

Key Points

• Allspring Global Investments increased its PulteGroup stake by 6.8% in Q1, adding 30,051 shares and bringing its total to 473,295 shares worth about $55.4 million.
• PulteGroup’s latest earnings slightly missed expectations, posting $1.79 EPS versus $1.80 expected, while revenue came in roughly in line at $3.41 billion; revenue still fell 12.4% year over year.
• The company continues to return capital through a $1.50 billion share repurchase authorization and a quarterly dividend of $0.26 per share, even as several insiders recently sold stock.

Allspring Global Investments Holdings LLC raised its holdings in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) by 6.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 473,295 shares of the construction company's stock after acquiring an additional 30,051 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.25% of PulteGroup worth $55,446,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Focus Partners Wealth boosted its stake in PulteGroup by 20.5% in the 1st quarter. Focus Partners Wealth now owns 12,517 shares of the construction company's stock worth $1,287,000 after purchasing an additional 2,128 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of PulteGroup by 197.1% during the second quarter. EverSource Wealth Advisors LLC now owns 1,212 shares of the construction company's stock valued at $128,000 after buying an additional 804 shares during the period. Guggenheim Capital LLC lifted its holdings in shares of PulteGroup by 12.9% in the second quarter. Guggenheim Capital LLC now owns 8,519 shares of the construction company's stock worth $898,000 after buying an additional 975 shares in the last quarter. Baird Financial Group Inc. lifted its holdings in shares of PulteGroup by 8.0% in the second quarter. Baird Financial Group Inc. now owns 29,060 shares of the construction company's stock worth $3,065,000 after buying an additional 2,164 shares in the last quarter. Finally, Cerity Partners LLC boosted its position in shares of PulteGroup by 17.6% in the second quarter. Cerity Partners LLC now owns 41,677 shares of the construction company's stock valued at $4,395,000 after acquiring an additional 6,240 shares during the period. Hedge funds and other institutional investors own 89.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PHM. The Goldman Sachs Group boosted their price objective on shares of PulteGroup from $133.00 to $142.00 and gave the company a "neutral" rating in a research note on Friday, April 24th. Barclays increased their target price on shares of PulteGroup from $112.00 to $123.00 and gave the stock an "equal weight" rating in a research note on Tuesday. UBS Group raised their price target on shares of PulteGroup from $159.00 to $162.00 and gave the company a "buy" rating in a report on Friday, April 24th. Zacks Research upgraded shares of PulteGroup from a "strong sell" rating to a "hold" rating in a research report on Monday, April 13th. Finally, Truist Financial lowered their price objective on PulteGroup from $170.00 to $150.00 and set a "buy" rating on the stock in a research report on Thursday, April 16th. Ten investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $142.21.

PulteGroup Stock Down 2.4%

Shares of NYSE PHM opened at $125.92 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average of $122.92 and a 200-day moving average of $124.99. The firm has a market capitalization of $23.99 billion, a price-to-earnings ratio of 12.18, a PEG ratio of 1.61 and a beta of 1.18. PulteGroup, Inc. has a 12 month low of $107.91 and a 12 month high of $144.49.

PulteGroup (NYSE:PHM - Get Free Report) last announced its earnings results on Thursday, April 23rd. The construction company reported $1.79 earnings per share for the quarter, missing analysts' consensus estimates of $1.80 by ($0.01). PulteGroup had a net margin of 12.14% and a return on equity of 16.41%. The company had revenue of $3.41 billion during the quarter, compared to analysts' expectations of $3.40 billion. During the same period in the prior year, the business earned $2.57 earnings per share. The company's revenue for the quarter was down 12.4% compared to the same quarter last year. Sell-side analysts expect that PulteGroup, Inc. will post 9.95 earnings per share for the current fiscal year.

PulteGroup Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Tuesday, June 16th were given a dividend of $0.26 per share. The ex-dividend date was Tuesday, June 16th. This represents a $1.04 annualized dividend and a dividend yield of 0.8%. PulteGroup's dividend payout ratio (DPR) is 10.06%.

PulteGroup declared that its Board of Directors has approved a stock repurchase plan on Thursday, April 23rd that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the construction company to repurchase up to 6.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling at PulteGroup

In related news, COO Matthew William Koart sold 7,457 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $120.00, for a total value of $894,840.00. Following the transaction, the chief operating officer owned 28,100 shares of the company's stock, valued at $3,372,000. This represents a 20.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lila Snyder sold 3,339 shares of the firm's stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $117.18, for a total value of $391,264.02. Following the sale, the director owned 3,540 shares in the company, valued at $414,817.20. The trade was a 48.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.75% of the company's stock.

PulteGroup Company Profile

PulteGroup, Inc NYSE: PHM is a U.S.-based residential homebuilder that designs, constructs and sells single-family homes and develops master-planned communities. The company operates multiple national and regional brands that target different buyer segments, including first-time buyers, move-up buyers and active-adult customers. Its operations encompass land acquisition and development, home design and construction, community amenities and ongoing customer service and warranty programs.

PulteGroup markets homes under several well-known brands, such as Pulte Homes, Centex and Del Webb, among others, offering a range of product types from entry-level detached homes to larger, higher-end residences and age-restricted active-adult communities.

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