Comerica Bank Sells 3,038 Shares of PulteGroup, Inc. $PHM

Key Points

• Comerica Bank has reduced its stake in PulteGroup, Inc. by 4.3%, now holding 68,248 shares valued at approximately $7.02 million.
• PulteGroup reported earnings of $3.03 EPS for the last quarter, exceeding analysts' expectations despite a 4.3% decline in revenue compared to the previous year.
• Analysts generally view PulteGroup positively, with a consensus rating of "Moderate Buy" and an average price target of $135.31.

Comerica Bank cut its holdings in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) by 4.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 68,248 shares of the construction company's stock after selling 3,038 shares during the period. Comerica Bank's holdings in PulteGroup were worth $7,016,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Tocqueville Asset Management L.P. boosted its position in PulteGroup by 2.0% during the 1st quarter. Tocqueville Asset Management L.P. now owns 5,062 shares of the construction company's stock worth $520,000 after buying an additional 100 shares during the period. NDVR Inc. boosted its position in PulteGroup by 6.0% during the 4th quarter. NDVR Inc. now owns 1,984 shares of the construction company's stock worth $216,000 after buying an additional 112 shares during the period. Golden State Wealth Management LLC boosted its position in PulteGroup by 15.9% during the 1st quarter. Golden State Wealth Management LLC now owns 909 shares of the construction company's stock worth $93,000 after buying an additional 125 shares during the period. Signaturefd LLC boosted its position in PulteGroup by 1.9% during the 1st quarter. Signaturefd LLC now owns 6,644 shares of the construction company's stock worth $683,000 after buying an additional 127 shares during the period. Finally, McGlone Suttner Wealth Management Inc. lifted its position in shares of PulteGroup by 6.3% in the 1st quarter. McGlone Suttner Wealth Management Inc. now owns 2,234 shares of the construction company's stock worth $230,000 after purchasing an additional 133 shares during the period. 89.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently issued reports on PHM shares. Oppenheimer boosted their price target on shares of PulteGroup from $132.00 to $140.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 23rd. JPMorgan Chase & Co. boosted their price target on shares of PulteGroup from $121.00 to $123.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 23rd. Wedbush restated an "outperform" rating and issued a $150.00 price target on shares of PulteGroup in a research report on Wednesday, August 13th. Citigroup boosted their price target on shares of PulteGroup from $128.00 to $132.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. Finally, Wells Fargo & Company boosted their price target on shares of PulteGroup from $125.00 to $135.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $135.31.

PulteGroup Trading Up 0.5%

Shares of NYSE:PHM traded up $0.70 during mid-day trading on Monday, hitting $132.17. The company had a trading volume of 1,344,261 shares, compared to its average volume of 1,968,773. The firm has a fifty day moving average price of $117.45 and a 200 day moving average price of $107.12. The company has a market capitalization of $26.08 billion, a PE ratio of 9.88, a price-to-earnings-growth ratio of 0.39 and a beta of 1.26. 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, Inc. has a one year low of $88.07 and a one year high of $149.47.

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

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.