Eastern Bank Has $906,000 Position in PulteGroup, Inc. $PHM

Key Points

• Eastern Bank cut its PulteGroup stake by 94.4% in the second quarter, selling 111,986 shares and retaining 6,606 shares valued at approximately $906,000.
• PulteGroup reported quarterly EPS of $2.48, beating estimates of $2.36, while revenue of $3.98 billion also exceeded expectations; however, revenue declined 9.6% year over year.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and a $143.14 price target. The company also authorized a $1.5 billion share buyback covering up to 6.1% of outstanding shares.

Eastern Bank reduced its stake in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) by 94.4% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 6,606 shares of the construction company's stock after selling 111,986 shares during the period. Eastern Bank's holdings in PulteGroup were worth $906,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Cedar Mountain Advisors LLC raised its holdings in shares of PulteGroup by 1,650.0% during the first quarter. Cedar Mountain Advisors LLC now owns 210 shares of the construction company's stock worth $25,000 after acquiring an additional 198 shares during the period. NFSG Corp acquired a new position in PulteGroup in the 1st quarter worth $29,000. Rachor Investment Advisory Services LLC acquired a new position in PulteGroup in the 4th quarter worth $31,000. HHM Wealth Advisors LLC increased its holdings in PulteGroup by 158.5% during the 1st quarter. HHM Wealth Advisors LLC now owns 274 shares of the construction company's stock worth $32,000 after purchasing an additional 168 shares in the last quarter. Finally, DV Equities LLC acquired a new stake in shares of PulteGroup in the 4th quarter valued at about $32,000. Institutional investors own 89.90% of the company's stock.

PulteGroup Price Performance

Shares of PHM opened at $131.77 on Wednesday. The company has a market cap of $24.70 billion, a price-to-earnings ratio of 13.46, a PEG ratio of 1.61 and a beta of 1.19. PulteGroup, Inc. has a 1-year low of $108.49 and a 1-year high of $144.49. The company's fifty day simple moving average is $126.28 and its 200 day simple moving average is $125.45. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.14.

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

PulteGroup declared that its board has approved a share buyback program on Thursday, April 23rd that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the construction company to purchase up to 6.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

Insider Activity

In related news, Director Lila Snyder sold 3,339 shares of PulteGroup stock in a transaction dated 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Matthew William Koart sold 7,457 shares of the business's stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $120.00, for a total value of $894,840.00. Following the transaction, the chief operating officer directly owned 28,100 shares in the company, valued at approximately $3,372,000. This trade represents a 20.97% decrease in their position. The SEC filing for this sale provides additional information. 0.75% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Seaport Research Partners reaffirmed a "sell" rating and set a $100.00 price objective (down from $155.00) on shares of PulteGroup in a research report on Tuesday, April 7th. Evercore restated an "outperform" rating and issued a $162.00 target price on shares of PulteGroup in a research note on Thursday, July 23rd. Royal Bank Of Canada boosted their target price on PulteGroup from $115.00 to $116.00 and gave the company a "sector perform" rating in a research note on Thursday, July 23rd. Zacks Research raised PulteGroup from a "strong sell" rating to a "hold" rating in a research report on Monday, April 13th. Finally, Truist Financial decreased their price target on shares of PulteGroup from $170.00 to $150.00 and set a "buy" rating for the company in a research note on Thursday, April 16th. Ten analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price 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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