Synovus Financial Corp Has $2.23 Million Stock Holdings in PulteGroup, Inc. $PHM

Key Points

• Synovus Financial Corp increased its stake in PulteGroup, Inc. by 93.6%, acquiring an additional 10,497 shares, bringing its total holdings to 21,716 shares valued at $2,232,000.
• PulteGroup recently reported an earnings per share (EPS) of $3.03, exceeding analysts' expectations of $2.92, despite a 4.3% year-over-year revenue decline.
• PulteGroup's stock has received multiple analyst upgrades, with current recommendations reflecting a consensus rating of "Moderate Buy" and an average target price of $135.31.

Synovus Financial Corp grew its position in PulteGroup, Inc. (NYSE:PHM - Free Report) by 93.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,716 shares of the construction company's stock after purchasing an additional 10,497 shares during the period. Synovus Financial Corp's holdings in PulteGroup were worth $2,232,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Ameriflex Group Inc. acquired a new position in shares of PulteGroup during the 4th quarter valued at about $37,000. TD Waterhouse Canada Inc. increased its holdings in shares of PulteGroup by 43.0% during the 4th quarter. TD Waterhouse Canada Inc. now owns 349 shares of the construction company's stock valued at $38,000 after acquiring an additional 105 shares during the last quarter. American National Bank & Trust acquired a new position in shares of PulteGroup during the 1st quarter valued at about $39,000. Quarry LP acquired a new position in shares of PulteGroup during the 4th quarter valued at about $43,000. Finally, Catalyst Capital Advisors LLC acquired a new position in shares of PulteGroup during the 1st quarter valued at about $54,000. 89.90% of the stock is owned by institutional investors and hedge funds.

PulteGroup Stock Performance

Shares of PHM traded up $0.50 on Thursday, reaching $131.53. 1,133,714 shares of the stock traded hands, compared to its average volume of 2,042,937. The firm has a market cap of $25.95 billion, a price-to-earnings ratio of 9.83, a P/E/G ratio of 0.39 and a beta of 1.22. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.77 and a quick ratio of 0.77. PulteGroup, Inc. has a 12 month low of $88.07 and a 12 month high of $149.47. The stock's 50-day moving average price is $116.84 and its 200-day moving average price is $106.94.

PulteGroup (NYSE:PHM - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $4.40 billion for the quarter, compared to analysts' expectations of $4.42 billion. PulteGroup had a return on equity of 21.01% and a net margin of 15.50%.PulteGroup's quarterly revenue was down 4.3% on a year-over-year basis. During the same period in the previous year, the business posted $3.83 earnings per share. Equities analysts forecast that PulteGroup, Inc. will post 12.32 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on PHM shares. JPMorgan Chase & Co. increased their price objective on PulteGroup from $121.00 to $123.00 and gave the company an "overweight" rating in a report on Wednesday, July 23rd. Seaport Res Ptn raised PulteGroup from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 22nd. Oppenheimer increased their price objective on PulteGroup from $132.00 to $140.00 and gave the company an "outperform" rating in a report on Wednesday, July 23rd. Raymond James Financial reissued an "outperform" rating and set a $140.00 price objective (up previously from $115.00) on shares of PulteGroup in a report on Wednesday, July 23rd. Finally, Wells Fargo & Company raised 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. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $135.31.

PulteGroup 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.