PulteGroup, Inc. $PHM Position Increased by BNP Paribas Financial Markets

Key Points

• BNP Paribas Financial Markets increased its stake in PulteGroup by 32.4% to 619,038 shares (about $81.8M), and institutional investors now own roughly 89.9% of the company.
• Analysts show a consensus rating of “Moderate Buy” with a $142.71 average price target, while firms like Truist ($170) and Oppenheimer ($149) have recently issued bullish targets.
• PulteGroup announced a quarterly dividend of $0.26 ($1.04 annual, ~0.9% yield; ex-dividend March 17), even as insiders have sold about 149,952 shares (~$20.16M) in the past 90 days.

BNP Paribas Financial Markets boosted its position in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) by 32.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 619,038 shares of the construction company's stock after purchasing an additional 151,352 shares during the period. BNP Paribas Financial Markets owned 0.32% of PulteGroup worth $81,793,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Franklin Resources Inc. raised its stake in shares of PulteGroup by 5.0% during 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 in the last quarter. Norges Bank bought a new stake in shares of PulteGroup in the 2nd quarter valued at approximately $404,339,000. First Trust Advisors LP grew its stake in shares of PulteGroup by 13.3% in the 3rd quarter. First Trust Advisors LP now owns 3,623,917 shares of the construction company's stock valued at $478,828,000 after buying an additional 424,011 shares in the last quarter. Invesco Ltd. increased its holdings in PulteGroup by 0.9% in the second quarter. Invesco Ltd. now owns 2,634,275 shares of the construction company's stock worth $277,811,000 after buying an additional 23,051 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA acquired a new position in PulteGroup in the third quarter worth approximately $315,883,000. 89.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Truist Financial assumed coverage on shares of PulteGroup in a research note on Wednesday, March 4th. They issued a "buy" rating and a $170.00 target price for the company. Weiss Ratings upgraded shares of PulteGroup from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, January 12th. Zacks Research lowered shares of PulteGroup from a "hold" rating to a "strong sell" rating in a research note on Monday, January 26th. Oppenheimer reiterated an "outperform" rating and issued a $149.00 price objective (up from $140.00) on shares of PulteGroup in a report on Friday, January 30th. Finally, Barclays set a $115.00 target price on shares of PulteGroup in a research report on Monday, December 8th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $142.71.

PulteGroup Trading Down 2.5%

Shares of PHM stock opened at $120.32 on Friday. PulteGroup, Inc. has a 12 month low of $88.07 and a 12 month high of $144.49. The company has a market cap of $23.14 billion, a PE ratio of 10.82, a price-to-earnings-growth ratio of 1.43 and a beta of 1.32. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.13. The business's 50 day moving average is $131.06 and its two-hundred day moving average is $127.59.

PulteGroup Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 2nd. Investors of record on Tuesday, March 17th will be paid a $0.26 dividend. The ex-dividend date is Tuesday, March 17th. This represents a $1.04 dividend on an annualized basis and a yield of 0.9%. PulteGroup's dividend payout ratio (DPR) is presently 9.35%.

Insiders Place Their Bets

In other PulteGroup news, EVP Kevin A. Henry sold 5,173 shares of the company's stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $141.03, for a total transaction of $729,548.19. Following the completion of the sale, the executive vice president directly owned 14,673 shares in the company, valued at $2,069,333.19. This represents a 26.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ryan Marshall sold 111,250 shares of the firm's stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $133.86, for a total value of $14,891,925.00. Following the completion of the sale, the insider directly owned 659,392 shares in the company, valued at approximately $88,266,213.12. This represents a 14.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 149,952 shares of company stock worth $20,162,165 in the last ninety days. 0.76% of the stock is owned by insiders.

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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