Danske Bank A S Decreases Stake in PulteGroup, Inc. $PHM

Key Points

• Danske Bank cut its stake in PulteGroup by 23.4% in Q4, selling 44,874 shares and ending the quarter with 146,791 shares valued at about $17.21 million (0.08% ownership).
• PulteGroup's board approved a $1.5 billion share buyback (up to 6.1% of shares) and declared a $0.26 quarterly dividend ($1.04 annualized, ~0.9% yield).
• Insiders sold roughly 149,952 shares (~$20.16 million) in the past three months, while the company reported quarterly EPS of $1.79 (missed by $0.01) and revenue down 12.4% year-over-year, reflecting mixed near-term fundamentals.

Danske Bank A S cut its holdings in PulteGroup, Inc. (NYSE:PHM - Free Report) by 23.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 146,791 shares of the construction company's stock after selling 44,874 shares during the quarter. Danske Bank A S owned 0.08% of PulteGroup worth $17,213,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the company. Evergreen Capital Management LLC boosted its position in PulteGroup by 2.8% during the second quarter. Evergreen Capital Management LLC now owns 2,875 shares of the construction company's stock worth $304,000 after purchasing an additional 78 shares in the last quarter. CWM LLC boosted its position in PulteGroup by 0.6% during the third quarter. CWM LLC now owns 14,308 shares of the construction company's stock worth $1,890,000 after purchasing an additional 92 shares in the last quarter. Perigon Wealth Management LLC boosted its position in PulteGroup by 3.6% during the fourth quarter. Perigon Wealth Management LLC now owns 2,672 shares of the construction company's stock worth $313,000 after purchasing an additional 92 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its position in PulteGroup by 5.7% during the third quarter. Wilmington Savings Fund Society FSB now owns 1,736 shares of the construction company's stock worth $229,000 after purchasing an additional 94 shares in the last quarter. Finally, Opal Wealth Advisors LLC boosted its position in PulteGroup by 4.8% during the fourth quarter. Opal Wealth Advisors LLC now owns 2,169 shares of the construction company's stock worth $254,000 after purchasing an additional 99 shares in the last quarter. 89.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PHM has been the topic of a number of research analyst reports. The Goldman Sachs Group boosted their target price on PulteGroup from $133.00 to $142.00 and gave the stock a "neutral" rating in a research report on Friday, April 24th. Zacks Research upgraded PulteGroup from a "strong sell" rating to a "hold" rating in a research report on Monday, April 13th. UBS Group boosted their target price on PulteGroup from $159.00 to $162.00 and gave the stock a "buy" rating in a research report on Friday, April 24th. Evercore boosted their target price on PulteGroup from $146.00 to $151.00 and gave the stock an "outperform" rating in a research report on Friday, April 24th. Finally, Weiss Ratings downgraded PulteGroup from a "buy (b-)" rating to a "hold (c)" rating in a research report on Monday, April 27th. Ten research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $140.71.

Insider Transactions at PulteGroup

In related news, EVP Kevin A. Henry sold 5,173 shares of the company's stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $141.03, for a total value of $729,548.19. Following the completion of the transaction, the executive vice president directly owned 14,673 shares in the company, valued at approximately $2,069,333.19. This represents a 26.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Brien P. O'meara sold 4,000 shares of the company's stock in a transaction on Friday, February 6th. The shares were sold at an average price of $135.51, for a total value of $542,040.00. Following the completion of the transaction, the vice president owned 8,601 shares of the company's stock, valued at $1,165,521.51. The trade was a 31.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 149,952 shares of company stock valued at $20,162,165. Corporate insiders own 0.75% of the company's stock.

PulteGroup Stock Up 0.2%

Shares of NYSE:PHM opened at $119.44 on Monday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.14. PulteGroup, Inc. has a 52-week low of $95.20 and a 52-week high of $144.49. The stock's fifty day simple moving average is $124.18 and its 200-day simple moving average is $124.71. The company has a market capitalization of $22.75 billion, a P/E ratio of 11.55, a P/E/G ratio of 1.51 and a beta of 1.23.

PulteGroup (NYSE:PHM - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The construction company reported $1.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.80 by ($0.01). The company had revenue of $3.41 billion during the quarter, compared to analysts' expectations of $3.40 billion. PulteGroup had a net margin of 12.14% and a return on equity of 16.41%. The firm's revenue was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.57 earnings per share. As a group, equities research analysts forecast that PulteGroup, Inc. will post 10.02 earnings per share for the current fiscal year.

PulteGroup Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Investors of record on Tuesday, June 16th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.9%. The ex-dividend date is Tuesday, June 16th. PulteGroup's dividend payout ratio is presently 10.06%.

PulteGroup declared that its board has approved a stock buyback plan on Thursday, April 23rd that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the construction company to purchase up to 6.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its stock is undervalued.

About PulteGroup

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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