Corebridge Financial Inc. Reduces Position in PulteGroup, Inc. $PHM

Key Points

• Corebridge Financial Inc. has reduced its holdings in PulteGroup, Inc. by 5.0%, owning 49,374 shares valued at approximately $5.08 million after selling 2,593 shares in the first quarter.
• PulteGroup recently reported earnings of $3.03 per share, exceeding analysts' expectations of $2.92, although revenue decreased by 4.3% compared to the same quarter the previous year.
• Several brokerages have raised their price targets for PulteGroup, with UBS Group now setting a target of $150.00, reflecting strong market confidence in the company's future performance.

Corebridge Financial Inc. decreased its position in PulteGroup, Inc. (NYSE:PHM - Free Report) by 5.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 49,374 shares of the construction company's stock after selling 2,593 shares during the quarter. Corebridge Financial Inc.'s holdings in PulteGroup were worth $5,076,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of PHM. Ameriflex Group Inc. acquired a new position in shares of PulteGroup in the fourth quarter worth $37,000. American National Bank & Trust acquired a new stake in PulteGroup in the first quarter valued at approximately $39,000. Quarry LP acquired a new stake in PulteGroup in the fourth quarter valued at approximately $43,000. Catalyst Capital Advisors LLC acquired a new position in shares of PulteGroup in the 1st quarter valued at $54,000. Finally, Sentry Investment Management LLC purchased a new stake in PulteGroup in the first quarter valued at approximately $61,000. 89.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PHM. Wells Fargo & Company boosted their price target on PulteGroup from $135.00 to $150.00 and gave the company an "overweight" rating in a research report on Tuesday. Raymond James Financial restated an "outperform" rating and set a $140.00 price target (up previously from $115.00) on shares of PulteGroup in a research note on Wednesday, July 23rd. Oppenheimer increased their price target on PulteGroup from $132.00 to $140.00 and gave the stock an "outperform" rating in a report on Wednesday, July 23rd. Wedbush restated an "outperform" rating and set a $150.00 price objective on shares of PulteGroup in a research report on Wednesday, August 13th. Finally, Zacks Research upgraded shares of PulteGroup from a "strong sell" rating to a "hold" rating in a research note on Friday, August 29th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $136.46.

PulteGroup Price Performance

PHM stock traded up $4.18 during midday trading on Thursday, hitting $137.48. 1,099,699 shares of the stock were exchanged, compared to its average volume of 2,149,230. The stock's 50-day moving average price is $119.12 and its 200-day moving average price is $107.64. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.77 and a current ratio of 0.77. The stock has a market cap of $27.13 billion, a price-to-earnings ratio of 10.28, a PEG ratio of 0.39 and a beta of 1.27. PulteGroup, Inc. has a fifty-two week low of $88.07 and a fifty-two week high of $149.47.

PulteGroup (NYSE:PHM - Get Free Report) last announced its quarterly 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. The business had revenue of $4.40 billion during the quarter, compared to analysts' expectations of $4.42 billion. PulteGroup had a return on equity of 21.01% and a net margin of 15.50%.The business's revenue for the quarter was down 4.3% on a year-over-year basis. During the same quarter last year, the business posted $3.83 earnings per share. Research analysts predict that PulteGroup, Inc. will post 12.32 earnings per share for the current year.

PulteGroup Dividend Announcement

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

PulteGroup Profile

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.