Concord Wealth Partners Sells 5,636 Shares of PulteGroup, Inc. $PHM

Key Points

• Concord Wealth Partners reduced its stake in PulteGroup, Inc. by 81.5%, selling 5,636 shares during the second quarter, leaving them with 1,276 shares valued at $135,000.
• PulteGroup reported $3.03 earnings per share for the last quarter, exceeding expectations, despite a 4.3% decline in revenue year-over-year.
• The company announced a quarterly dividend of $0.22 per share, yielding 0.7%, with a payout ratio of 6.58% currently.

Concord Wealth Partners decreased its stake in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) by 81.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,276 shares of the construction company's stock after selling 5,636 shares during the period. Concord Wealth Partners' holdings in PulteGroup were worth $135,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased its stake in shares of PulteGroup by 38.9% in the 1st quarter. GAMMA Investing LLC now owns 3,043 shares of the construction company's stock worth $313,000 after purchasing an additional 853 shares in the last quarter. Dynamic Advisor Solutions LLC purchased a new stake in shares of PulteGroup in the first quarter worth $237,000. Optas LLC purchased a new position in PulteGroup during the first quarter valued at $320,000. Sowell Financial Services LLC purchased a new position in PulteGroup during the first quarter valued at $604,000. Finally, Sagespring Wealth Partners LLC grew its stake in PulteGroup by 40.0% during the first quarter. Sagespring Wealth Partners LLC now owns 2,884 shares of the construction company's stock valued at $296,000 after acquiring an additional 824 shares in the last quarter. Institutional investors own 89.90% of the company's stock.

PulteGroup Stock Up 0.1%

NYSE:PHM opened at $120.21 on Tuesday. The company has a market cap of $23.72 billion, a PE ratio of 8.98, a P/E/G ratio of 0.35 and a beta of 1.29. PulteGroup, Inc. has a twelve month low of $88.07 and a twelve month high of $149.47. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.13. The company's 50 day moving average is $130.53 and its two-hundred day moving average is $113.17.

PulteGroup (NYSE:PHM - Get Free Report) last released its earnings results on Tuesday, July 22nd. The construction company reported $3.03 earnings per share for the quarter, topping the consensus estimate of $2.92 by $0.11. The company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.42 billion. PulteGroup had a net margin of 15.50% and a return on equity of 21.01%. PulteGroup's revenue was down 4.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.83 EPS. Analysts anticipate that PulteGroup, Inc. will post 12.32 EPS for the current year.

PulteGroup Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 2nd. Shareholders of record on Tuesday, September 16th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Tuesday, September 16th. PulteGroup's payout ratio is currently 6.58%.

Analyst Ratings Changes

A number of equities analysts have commented on PHM shares. JPMorgan Chase & Co. lifted their price objective on shares of PulteGroup from $121.00 to $123.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 23rd. Evercore ISI set a $154.00 target price on shares of PulteGroup and gave the stock an "in-line" rating in a report on Tuesday, October 7th. Bank of America decreased their price objective on shares of PulteGroup from $145.00 to $140.00 and set a "buy" rating for the company in a report on Friday. UBS Group lifted their price objective on shares of PulteGroup from $141.00 to $150.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Finally, Wedbush restated an "outperform" rating and issued a $150.00 price target on shares of PulteGroup in a report on Wednesday, August 13th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $136.92.

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.

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