Bank of America Corp DE Purchases 80,352 Shares of PulteGroup, Inc. $PHM

Key Points

• Bank of America increased its PulteGroup stake by 4.3%, purchasing 80,352 additional shares to own 1.96 million shares valued at approximately $230.9 million. Institutional investors collectively hold 89.9% of PHM’s outstanding stock.
• PulteGroup exceeded quarterly expectations, reporting $2.48 in EPS versus the $2.36 consensus and $3.98 billion in revenue. However, revenue declined 9.6% year over year, while analysts project $10.08 in full-year EPS.
• The company authorized a $1.5 billion share buyback, covering up to 6.1% of outstanding shares. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $143.14, compared with the stock’s reported price of $129.23.

Bank of America Corp DE increased its position in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) by 4.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,963,175 shares of the construction company's stock after buying an additional 80,352 shares during the quarter. Bank of America Corp DE owned about 1.03% of PulteGroup worth $230,889,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Cedar Mountain Advisors LLC lifted its stake in shares of PulteGroup by 1,650.0% in the first quarter. Cedar Mountain Advisors LLC now owns 210 shares of the construction company's stock valued at $25,000 after buying an additional 198 shares in the last quarter. NFSG Corp bought a new stake in shares of PulteGroup during the first quarter worth about $29,000. Rachor Investment Advisory Services LLC bought a new stake in shares of PulteGroup during the fourth quarter worth about $31,000. DV Equities LLC acquired a new stake in shares of PulteGroup in the 4th quarter worth about $32,000. Finally, HHM Wealth Advisors LLC lifted its position in PulteGroup by 158.5% in the 1st quarter. HHM Wealth Advisors LLC now owns 274 shares of the construction company's stock valued at $32,000 after acquiring an additional 168 shares in the last quarter. Institutional investors own 89.90% of the company's stock.

PulteGroup Stock Performance

Shares of PHM stock opened at $129.23 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market cap of $24.22 billion, a price-to-earnings ratio of 13.20, a P/E/G ratio of 1.57 and a beta of 1.19. PulteGroup, Inc. has a 52 week low of $108.49 and a 52 week high of $144.49. The firm's 50-day simple moving average is $126.00 and its two-hundred day simple moving average is $125.44.

PulteGroup (NYSE:PHM - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The construction company reported $2.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.12. PulteGroup had a return on equity of 15.21% and a net margin of 11.62%.The firm had revenue of $3.98 billion for the quarter, compared to analyst estimates of $3.94 billion. During the same period in the previous year, the company posted $3.03 earnings per share. The business's revenue was down 9.6% on a year-over-year basis. As a group, equities analysts forecast that PulteGroup, Inc. will post 10.08 earnings per share for the current year.

PulteGroup announced that its board has authorized a share buyback 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 reacquire up to 6.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In other PulteGroup news, COO Matthew William Koart sold 7,457 shares of the firm's stock in a transaction dated 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 owned 28,100 shares of the company's stock, valued at $3,372,000. This trade represents a 20.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Lila Snyder sold 3,339 shares of the company's stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $117.18, for a total transaction of $391,264.02. Following the completion of the transaction, the director owned 3,540 shares in the company, valued at approximately $414,817.20. This trade represents a 48.54% 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.

Analysts Set New Price Targets

Several brokerages have recently commented on PHM. UBS Group reissued a "buy" rating and issued a $166.00 price objective on shares of PulteGroup in a research note on Thursday, July 23rd. Royal Bank Of Canada lifted their price objective on shares of PulteGroup from $115.00 to $116.00 and gave the stock a "sector perform" rating in a report on Thursday, July 23rd. Truist Financial lowered their target price on shares of PulteGroup from $170.00 to $150.00 and set a "buy" rating for the company in a report on Thursday, April 16th. Wells Fargo & Company boosted their price target on shares of PulteGroup from $140.00 to $150.00 and gave the stock an "overweight" rating in a report on Monday, July 6th. Finally, Evercore reiterated an "outperform" rating and issued a $162.00 price objective on shares of PulteGroup in a research note on Thursday, July 23rd. Ten research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, PulteGroup currently has a consensus rating of "Moderate Buy" and a consensus price target of $143.14.

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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