MidFirst Bank Purchases Shares of 69,470 PulteGroup, Inc. $PHM

Key Points

• MidFirst Bank opened a new position in PulteGroup during the fourth quarter, buying 69,470 shares valued at about $8.15 million.
• Institutional ownership in PulteGroup remains high at 89.9%, with several large investors also boosting stakes, including Franklin Resources, Price T Rowe, and First Trust.
• PulteGroup recently posted mixed results: quarterly EPS of $1.79 slightly missed estimates, while revenue of $3.41 billion came in roughly in line; analysts currently rate the stock a Moderate Buy with a consensus target of $140.71.

MidFirst Bank acquired a new position in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 69,470 shares of the construction company's stock, valued at approximately $8,146,000.

A number of other institutional investors also recently modified their holdings of PHM. Franklin Resources Inc. boosted its stake in PulteGroup by 5.1% in the fourth quarter. Franklin Resources Inc. now owns 13,555,304 shares of the construction company's stock worth $1,589,495,000 after purchasing an additional 655,033 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of PulteGroup by 126.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,284,197 shares of the construction company's stock worth $502,366,000 after purchasing an additional 2,392,580 shares during the last quarter. First Trust Advisors LP increased its stake in shares of PulteGroup by 10.4% in the fourth quarter. First Trust Advisors LP now owns 4,000,920 shares of the construction company's stock valued at $469,148,000 after buying an additional 377,003 shares in the last quarter. Norges Bank bought a new position in shares of PulteGroup in the fourth quarter valued at about $466,653,000. Finally, Invesco Ltd. lifted its position in PulteGroup by 5.8% during the 4th quarter. Invesco Ltd. now owns 2,257,211 shares of the construction company's stock worth $264,681,000 after buying an additional 123,793 shares in the last quarter. Institutional investors own 89.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Barclays lowered their price objective 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. Seaport Research Partners reissued a "sell" rating and set a $100.00 price target (down from $155.00) on shares of PulteGroup in a research note on Tuesday, April 7th. UBS Group raised their price target on shares of PulteGroup from $159.00 to $162.00 and gave the company a "buy" rating in a report on Friday, April 24th. The Goldman Sachs Group boosted their price objective on shares of PulteGroup from $133.00 to $142.00 and gave the stock a "neutral" rating in a research report on Friday, April 24th. Finally, Oppenheimer reaffirmed an "outperform" rating on shares of PulteGroup in a report on Tuesday, May 26th. 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.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $140.71.

PulteGroup Stock Up 4.2%

Shares of NYSE PHM opened at $127.03 on Friday. PulteGroup, Inc. has a 1 year low of $99.45 and a 1 year high of $144.49. The firm's 50-day moving average is $120.14 and its 200-day moving average is $124.13. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $24.20 billion, a PE ratio of 12.29, a price-to-earnings-growth ratio of 1.55 and a beta of 1.20.

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

PulteGroup Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders of record on Tuesday, June 16th will be given a dividend of $0.26 per share. The ex-dividend date is Tuesday, June 16th. This represents a $1.04 annualized dividend and a dividend yield of 0.8%. PulteGroup's payout ratio is presently 10.06%.

PulteGroup announced that its Board of Directors has approved a share repurchase plan on Thursday, April 23rd that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the construction company to purchase up to 6.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Lila Snyder sold 3,339 shares of the firm's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $117.18, for a total value of $391,264.02. Following the transaction, the director directly owned 3,540 shares in the company, valued at $414,817.20. This trade represents a 48.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Matthew William Koart sold 7,457 shares of PulteGroup stock in a transaction 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 sale, the chief operating officer directly owned 28,100 shares of the company's stock, valued at approximately $3,372,000. This trade represents a 20.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.75% of the company's stock.

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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