Assenagon Asset Management S.A. Boosts Stock Position in PulteGroup, Inc. $PHM

Key Points

• Assenagon Asset Management increased its PulteGroup stake by 219.9% in the first quarter, ending with 329,830 shares worth about $38.8 million.
• PulteGroup reported mixed quarterly results, missing EPS estimates by a penny while revenue slightly topped expectations, though revenue still fell 12.4% year over year.
• The company announced a $1.5 billion share buyback and a quarterly dividend of $0.26 per share, while analysts currently rate the stock a “Moderate Buy” with an average target price of $140.71.

Assenagon Asset Management S.A. grew its position in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) by 219.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 329,830 shares of the construction company's stock after purchasing an additional 226,723 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.17% of PulteGroup worth $38,791,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of PHM. Golden State Wealth Management LLC grew its holdings in shares of PulteGroup by 18.3% during the 4th quarter. Golden State Wealth Management LLC now owns 484 shares of the construction company's stock valued at $57,000 after purchasing an additional 75 shares during the last quarter. Evergreen Capital Management LLC boosted its position in PulteGroup by 2.8% during the second quarter. Evergreen Capital Management LLC now owns 2,875 shares of the construction company's stock valued at $304,000 after buying an additional 78 shares during the period. Stephens Inc. AR grew its stake in shares of PulteGroup by 3.5% during the fourth quarter. Stephens Inc. AR now owns 2,350 shares of the construction company's stock valued at $276,000 after buying an additional 80 shares during the last quarter. Perigon Wealth Management LLC grew its stake in shares of PulteGroup by 3.6% during the fourth quarter. Perigon Wealth Management LLC now owns 2,672 shares of the construction company's stock valued at $313,000 after buying an additional 92 shares during the last quarter. Finally, Opal Wealth Advisors LLC increased its holdings in shares of PulteGroup by 4.8% in the fourth quarter. Opal Wealth Advisors LLC now owns 2,169 shares of the construction company's stock worth $254,000 after buying an additional 99 shares during the period. Institutional investors own 89.90% of the company's stock.

Analyst Upgrades and Downgrades

PHM has been the subject of a number of recent research reports. Bank of America lowered their target price on PulteGroup from $145.00 to $140.00 and set a "buy" rating for the company in a research note on Monday, April 20th. The Goldman Sachs Group boosted their price objective on PulteGroup from $133.00 to $142.00 and gave the company a "neutral" rating in a research report on Friday, April 24th. Barclays dropped their price objective on PulteGroup from $115.00 to $112.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 8th. Truist Financial cut their target price on shares of PulteGroup from $170.00 to $150.00 and set a "buy" rating on the stock in a report on Thursday, April 16th. Finally, UBS Group lifted their target price on shares of PulteGroup from $159.00 to $162.00 and gave the stock a "buy" rating in a research note on Friday, April 24th. Ten equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $140.71.

PulteGroup Stock Up 1.4%

PHM opened at $137.74 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. PulteGroup, Inc. has a 1-year low of $104.04 and a 1-year high of $144.49. The company has a market capitalization of $26.24 billion, a PE ratio of 13.32, a PEG ratio of 1.73 and a beta of 1.20. The firm's 50 day simple moving average is $121.34 and its two-hundred day simple moving average is $124.30.

PulteGroup (NYSE:PHM - Get Free Report) last released its earnings results on Thursday, April 23rd. The construction company reported $1.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.80 by ($0.01). PulteGroup had a return on equity of 16.41% and a net margin of 12.14%.The firm 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 company posted $2.57 earnings per share. The company's revenue was down 12.4% compared to the same quarter last year. As a group, equities analysts forecast that PulteGroup, Inc. will post 9.95 EPS for the current year.

PulteGroup Announces Dividend

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

PulteGroup announced that its board has initiated a share buyback plan on Thursday, April 23rd that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the construction company to reacquire up to 6.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Insider Activity

In other PulteGroup news, Director Lila Snyder sold 3,339 shares of PulteGroup stock in a transaction that occurred on Friday, May 8th. The stock was 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 of the company's stock, valued at $414,817.20. The trade was a 48.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Matthew William Koart sold 7,457 shares of the company's stock in a transaction that occurred 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 sale, the chief operating officer directly owned 28,100 shares in the company, valued at $3,372,000. This trade represents a 20.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.75% of the company's stock.

About PulteGroup

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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