Baird Financial Group Inc. Trims Stake in PulteGroup, Inc. $PHM

Key Points

• Baird Financial Group Inc. has reduced its stake in PulteGroup, Inc. by 13.7% in the first quarter, leaving them with 26,896 shares valued at approximately $2.8 million.
• Several large investors notably increased their holdings in PulteGroup during the same period, with Pacer Advisors Inc. boosting their position by 2,586.8% to over 1.1 million shares.
• PulteGroup announced a quarterly dividend of $0.22 per share, reflecting a 0.6% annualized yield, with the payment date set for October 2nd.

Baird Financial Group Inc. trimmed its position in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) by 13.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 26,896 shares of the construction company's stock after selling 4,274 shares during the period. Baird Financial Group Inc.'s holdings in PulteGroup were worth $2,765,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of PHM. Nuveen LLC bought a new position in shares of PulteGroup in the first quarter worth $213,092,000. Pacer Advisors Inc. boosted its holdings in shares of PulteGroup by 2,586.8% in the first quarter. Pacer Advisors Inc. now owns 1,166,902 shares of the construction company's stock worth $119,958,000 after acquiring an additional 1,123,471 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of PulteGroup by 40.3% in the first quarter. JPMorgan Chase & Co. now owns 3,486,330 shares of the construction company's stock worth $358,395,000 after acquiring an additional 1,001,290 shares during the period. AustralianSuper Pty Ltd boosted its holdings in shares of PulteGroup by 219.2% in the first quarter. AustralianSuper Pty Ltd now owns 1,039,107 shares of the construction company's stock worth $106,820,000 after acquiring an additional 713,534 shares during the period. Finally, Man Group plc boosted its holdings in shares of PulteGroup by 136.8% in the fourth quarter. Man Group plc now owns 988,963 shares of the construction company's stock worth $107,698,000 after acquiring an additional 571,251 shares during the period. 89.90% of the stock is owned by institutional investors.

PulteGroup Stock Down 1.1%

NYSE PHM traded down $1.51 during mid-day trading on Friday, reaching $137.15. The stock had a trading volume of 1,266,161 shares, compared to its average volume of 1,902,088. PulteGroup, Inc. has a 1 year low of $88.07 and a 1 year high of $149.47. The stock has a market cap of $27.06 billion, a PE ratio of 10.25, a price-to-earnings-growth ratio of 0.41 and a beta of 1.27. The company has a fifty day moving average price of $123.37 and a 200 day moving average price of $109.25. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.77 and a quick ratio of 0.77.

PulteGroup (NYSE:PHM - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The construction company reported $3.03 earnings per share for the quarter, beating analysts' consensus estimates of $2.92 by $0.11. PulteGroup had a net margin of 15.50% and a return on equity of 21.01%. The business had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.42 billion. During the same period in the previous year, the business earned $3.83 EPS. The company's quarterly revenue was down 4.3% compared to the same quarter last year. On average, research analysts expect that PulteGroup, Inc. will post 12.32 earnings per share for the current year.

PulteGroup Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 2nd. Stockholders of record on Tuesday, September 16th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Tuesday, September 16th. PulteGroup's dividend payout ratio is currently 6.58%.

Analyst Upgrades and Downgrades

PHM has been the subject of several research analyst reports. Zacks Research raised PulteGroup from a "strong sell" rating to a "hold" rating in a research note on Friday, August 29th. Seaport Res Ptn raised PulteGroup from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 22nd. Raymond James Financial reissued an "outperform" rating and set a $140.00 price objective (up previously from $115.00) on shares of PulteGroup in a research note on Wednesday, July 23rd. Wells Fargo & Company lifted their price objective on PulteGroup from $135.00 to $150.00 and gave the company an "overweight" rating in a research note on Tuesday, September 2nd. Finally, Citigroup raised their price target on PulteGroup from $128.00 to $132.00 and gave the company a "neutral" rating in a research report on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $136.46.

About PulteGroup

PulteGroup, Inc, through its subsidiaries, primarily engages in the homebuilding business in the United States. It acquires and develops land primarily for residential purposes; and constructs housing on such land. The company also offers various home designs, including single-family detached, townhomes, condominiums, and duplexes under the Centex, Pulte Homes, Del Webb, DiVosta Homes, John Wieland Homes and Neighborhoods, and American West brand names.