PulteGroup, Inc. (NYSE:PHM) Shares Sold by Bank of Nova Scotia

Key Points

• The Bank of Nova Scotia reduced its stake in PulteGroup, Inc. by 57.2%, selling 85,324 shares, leaving it with a total of 63,732 shares valued at approximately $6.55 million.
• Several institutional investors, including Northern Trust Corp and Deutsche Bank AG, increased their positions in PulteGroup, reflecting growing confidence in the company's outlook.
• PulteGroup recently reported an EPS of $3.03 for the quarter, exceeding analysts' expectations while facing a 4.3% decline in revenue year-over-year, totaling $4.40 billion.

Bank of Nova Scotia trimmed its stake in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) by 57.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 63,732 shares of the construction company's stock after selling 85,324 shares during the period. Bank of Nova Scotia's holdings in PulteGroup were worth $6,552,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the business. Northern Trust Corp boosted its position in PulteGroup by 14.9% during the fourth quarter. Northern Trust Corp now owns 2,425,941 shares of the construction company's stock worth $264,185,000 after purchasing an additional 315,148 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in PulteGroup by 9.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,033,776 shares of the construction company's stock worth $221,478,000 after purchasing an additional 169,736 shares in the last quarter. Deutsche Bank AG boosted its position in PulteGroup by 14.3% during the fourth quarter. Deutsche Bank AG now owns 1,859,029 shares of the construction company's stock worth $202,448,000 after purchasing an additional 232,939 shares in the last quarter. AQR Capital Management LLC boosted its position in PulteGroup by 9.6% during the fourth quarter. AQR Capital Management LLC now owns 1,459,297 shares of the construction company's stock worth $158,917,000 after purchasing an additional 127,283 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its position in PulteGroup by 25.6% during the first quarter. Victory Capital Management Inc. now owns 1,397,409 shares of the construction company's stock worth $143,654,000 after purchasing an additional 284,627 shares in the last quarter. Hedge funds and other institutional investors own 89.90% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on PHM. Seaport Res Ptn upgraded PulteGroup from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 22nd. Oppenheimer increased their target price on PulteGroup from $132.00 to $140.00 and gave the company an "outperform" rating in a report on Wednesday, July 23rd. Royal Bank Of Canada increased their target price on PulteGroup from $109.00 to $112.00 and gave the company a "sector perform" rating in a report on Wednesday, July 23rd. JPMorgan Chase & Co. increased their target price on PulteGroup from $121.00 to $123.00 and gave the company an "overweight" rating in a report on Wednesday, July 23rd. Finally, Wells Fargo & Company increased their target price on PulteGroup from $125.00 to $135.00 and gave the company an "overweight" rating in a report on Wednesday, July 23rd. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $134.15.

PulteGroup Price Performance

PHM stock opened at $119.54 on Tuesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.77 and a quick ratio of 0.77. The business has a 50 day simple moving average of $107.35 and a 200-day simple moving average of $105.14. The firm has a market capitalization of $23.59 billion, a PE ratio of 8.93, a price-to-earnings-growth ratio of 0.34 and a beta of 1.22. PulteGroup, Inc. has a 1 year low of $88.07 and a 1 year high of $149.47.

PulteGroup (NYSE:PHM - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The construction company reported $3.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.92 by $0.11. PulteGroup had a return on equity of 21.01% and a net margin of 15.50%. The business had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.42 billion. During the same period in the prior year, the business earned $3.83 earnings per share. The business's revenue was down 4.3% compared to the same quarter last year. Equities research analysts anticipate that PulteGroup, Inc. will post 12.32 earnings per share for the current fiscal year.

PulteGroup Company 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.

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