Fideuram Intesa Sanpaolo Private Banking S.P.A. Purchases New Position in PulteGroup, Inc. $PHM

Key Points

• Fideuram Intesa Sanpaolo Private Banking opened a new position in PulteGroup during the fourth quarter, buying 136,020 shares valued at about $15.95 million.
• PulteGroup reported quarterly earnings of $1.79 per share, slightly below expectations, while revenue of $3.41 billion came in roughly in line with estimates but was down 12.4% from a year earlier.
• The company’s board authorized a $1.5 billion share repurchase program and also announced a quarterly dividend of $0.26 per share, signaling continued capital returns to shareholders.

Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in PulteGroup, Inc. (NYSE:PHM - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund bought 136,020 shares of the construction company's stock, valued at approximately $15,950,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. owned 0.07% of PulteGroup at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Franklin Resources Inc. grew its position in PulteGroup by 5.0% in the 3rd quarter. Franklin Resources Inc. now owns 12,900,271 shares of the construction company's stock worth $1,704,513,000 after purchasing an additional 609,640 shares during the period. First Trust Advisors LP grew its position in PulteGroup by 13.3% in the 3rd quarter. First Trust Advisors LP now owns 3,623,917 shares of the construction company's stock worth $478,828,000 after purchasing an additional 424,011 shares during the period. Bank of America Corp DE grew its position in PulteGroup by 13.1% in the 2nd quarter. Bank of America Corp DE now owns 1,755,241 shares of the construction company's stock worth $185,108,000 after purchasing an additional 202,870 shares during the period. American Century Companies Inc. grew its position in PulteGroup by 120.4% in the 3rd quarter. American Century Companies Inc. now owns 1,703,049 shares of the construction company's stock worth $225,024,000 after purchasing an additional 930,287 shares during the period. Finally, Bank of New York Mellon Corp grew its position in PulteGroup by 7.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,453,403 shares of the construction company's stock worth $192,038,000 after purchasing an additional 99,067 shares during the period. Institutional investors own 89.90% of the company's stock.

PulteGroup Trading Down 0.7%

Shares of PulteGroup stock opened at $110.95 on Wednesday. The company's fifty day simple moving average is $119.75 and its 200-day simple moving average is $124.17. The stock has a market capitalization of $21.13 billion, a PE ratio of 10.73, a P/E/G ratio of 1.42 and a beta of 1.23. PulteGroup, Inc. has a 1-year low of $95.20 and a 1-year high of $144.49. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.94 and a quick ratio of 0.94.

PulteGroup (NYSE:PHM - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The construction company reported $1.79 earnings per share for the quarter, missing the consensus estimate of $1.80 by ($0.01). The business had revenue of $3.41 billion for the quarter, compared to analysts' expectations of $3.40 billion. PulteGroup had a return on equity of 16.41% and a net margin of 12.14%.The company's revenue was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.57 EPS. As a group, equities analysts anticipate that PulteGroup, Inc. will post 10 earnings per share for the current year.

PulteGroup declared that its board has authorized a share repurchase plan on Thursday, April 23rd that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the construction company to buy up to 6.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its shares are undervalued.

PulteGroup Announces Dividend

The company 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 dividend of $0.26 per share. The ex-dividend date is Tuesday, June 16th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.9%. PulteGroup's payout ratio is 10.06%.

Insiders Place Their Bets

In related news, EVP Kevin A. Henry sold 5,173 shares of PulteGroup stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $141.03, for a total transaction of $729,548.19. Following the transaction, the executive vice president owned 14,673 shares in the company, valued at approximately $2,069,333.19. The trade was a 26.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lila Snyder sold 3,339 shares of PulteGroup stock in a transaction on Friday, May 8th. The shares were sold at an average price of $117.18, for a total transaction of $391,264.02. Following 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 position. The SEC filing for this sale provides additional information. 0.75% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

PHM has been the subject of a number of research analyst reports. Raymond James Financial reaffirmed an "outperform" rating and issued a $145.00 target price on shares of PulteGroup in a research report on Wednesday, February 4th. Barclays cut their target price on shares of PulteGroup from $115.00 to $112.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 8th. Citigroup lifted their target price on shares of PulteGroup from $136.00 to $138.00 and gave the stock a "neutral" rating in a research report on Friday, April 24th. Weiss Ratings downgraded shares of PulteGroup from a "buy (b-)" rating to a "hold (c)" rating in a research report on Monday, April 27th. Finally, The Goldman Sachs Group lifted their price target on shares of PulteGroup from $133.00 to $142.00 and gave the stock a "neutral" rating in a research note on Friday, April 24th. Ten analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, PulteGroup presently has a consensus rating of "Moderate Buy" and a consensus target price of $140.71.

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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