Swiss National Bank Grows Stock Position in PulteGroup, Inc. $PHM

Key Points

• Swiss National Bank boosted its PulteGroup stake by 5.8% in the first quarter, adding 31,500 shares and bringing its holdings to 572,100 shares worth about $67.3 million.
• Wall Street sentiment is moderately positive: analysts have a consensus rating of “Moderate Buy” with an average price target of $142.21, while several firms recently raised their targets.
• PulteGroup reported quarterly EPS of $1.79, slightly missing estimates, and also approved a $1.5 billion share buyback plus a quarterly dividend of $0.26 per share.

Swiss National Bank increased its stake in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) by 5.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 572,100 shares of the construction company's stock after purchasing an additional 31,500 shares during the quarter. Swiss National Bank owned 0.30% of PulteGroup worth $67,285,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of PHM. Mediolanum International Funds Ltd raised its position in PulteGroup by 230.7% in the 1st quarter. Mediolanum International Funds Ltd now owns 10,171 shares of the construction company's stock valued at $1,157,000 after purchasing an additional 7,095 shares in the last quarter. Spartan Wealth Advisory Services LLC purchased a new position in shares of PulteGroup in the 1st quarter valued at about $4,026,000. Kinsale Capital Group Inc. grew its position in shares of PulteGroup by 5.0% during the first quarter. Kinsale Capital Group Inc. now owns 72,686 shares of the construction company's stock worth $8,549,000 after buying an additional 3,450 shares in the last quarter. California Public Employees Retirement System grew its position in shares of PulteGroup by 4.1% during the first quarter. California Public Employees Retirement System now owns 420,701 shares of the construction company's stock worth $49,479,000 after buying an additional 16,536 shares in the last quarter. Finally, Gryphon Financial Partners LLC increased its stake in shares of PulteGroup by 7.9% during the first quarter. Gryphon Financial Partners LLC now owns 5,850 shares of the construction company's stock worth $688,000 after buying an additional 428 shares during the period. Hedge funds and other institutional investors own 89.90% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PHM. Barclays lifted their price target on shares of PulteGroup from $112.00 to $123.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 14th. Evercore increased their price objective on shares of PulteGroup from $146.00 to $151.00 and gave the company an "outperform" rating in a research report on Friday, April 24th. Zacks Research upgraded shares of PulteGroup from a "strong sell" rating to a "hold" rating in a report on Monday, April 13th. The Goldman Sachs Group lifted 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 reiterated an "outperform" rating on shares of PulteGroup in a research note on Tuesday, May 26th. Ten equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $142.21.

PulteGroup Price Performance

PHM stock opened at $124.24 on Wednesday. The business has a 50 day moving average price of $123.27 and a 200 day moving average price of $125.12. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.14. The stock has a market cap of $23.67 billion, a price-to-earnings ratio of 12.02, a PEG ratio of 1.57 and a beta of 1.18. PulteGroup, Inc. has a fifty-two week low of $108.49 and a fifty-two week high of $144.49.

PulteGroup (NYSE:PHM - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The construction company reported $1.79 EPS for the quarter, missing the consensus estimate of $1.80 by ($0.01). PulteGroup had a net margin of 12.14% and a return on equity of 16.41%. The company had revenue of $3.41 billion during the quarter, compared to analysts' expectations of $3.40 billion. During the same quarter in the prior year, the company earned $2.57 earnings per share. The business's revenue for the quarter was down 12.4% on a year-over-year basis. Equities research analysts anticipate that PulteGroup, Inc. will post 9.95 earnings per share for the current fiscal year.

PulteGroup Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Tuesday, June 16th were issued a $0.26 dividend. The ex-dividend date was Tuesday, June 16th. This represents a $1.04 annualized dividend and a dividend yield of 0.8%. PulteGroup's dividend payout ratio is presently 10.06%.

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

Insiders Place Their Bets

In related news, Director Lila Snyder sold 3,339 shares of the stock in a transaction on Friday, May 8th. The shares were 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 of the company's stock, valued at $414,817.20. This trade represents a 48.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 transaction of $894,840.00. Following the sale, the chief operating officer owned 28,100 shares in the company, valued at $3,372,000. This represents a 20.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company 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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