Systematic Financial Management LP Sells 13,614 Shares of PulteGroup, Inc. $PHM

Key Points

• Systematic Financial Management LP cut its PulteGroup stake by 10.3% in the fourth quarter, selling 13,614 shares and leaving it with 118,542 shares valued at about $13.9 million.
• Institutional ownership remains high, with funds such as Nordea, Principal Financial, and Envestnet also adjusting positions; overall, institutional investors own 89.90% of PulteGroup.
• PulteGroup reported quarterly EPS of $1.79, slightly below estimates, while revenue of $3.41 billion just topped expectations. The company also announced a $1.50 billion share buyback and a quarterly dividend of $0.26 per share.

Systematic Financial Management LP decreased its holdings in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) by 10.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 118,542 shares of the construction company's stock after selling 13,614 shares during the period. Systematic Financial Management LP owned 0.06% of PulteGroup worth $13,900,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of PHM. Nordea Investment Management AB raised its position in shares of PulteGroup by 2.4% in the 4th quarter. Nordea Investment Management AB now owns 573,065 shares of the construction company's stock worth $67,387,000 after acquiring an additional 13,259 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of PulteGroup by 24.2% in the 3rd quarter. Principal Financial Group Inc. now owns 312,935 shares of the construction company's stock worth $41,348,000 after acquiring an additional 61,009 shares in the last quarter. Dorato Capital Management bought a new position in shares of PulteGroup in the 4th quarter worth approximately $2,625,000. EFG Asset Management Americas Corp. raised its position in shares of PulteGroup by 351.9% in the 3rd quarter. EFG Asset Management Americas Corp. now owns 46,752 shares of the construction company's stock worth $6,177,000 after acquiring an additional 36,407 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its position in shares of PulteGroup by 16.1% in the 3rd quarter. Envestnet Asset Management Inc. now owns 371,228 shares of the construction company's stock worth $49,050,000 after acquiring an additional 51,506 shares in the last quarter. Institutional investors own 89.90% of the company's stock.

Analyst Ratings Changes

PHM has been the subject of several research reports. Raymond James Financial reissued an "outperform" rating and issued a $145.00 target price on shares of PulteGroup in a research report on Wednesday, February 4th. UBS Group increased their target price on PulteGroup from $159.00 to $162.00 and gave the stock a "buy" rating in a research report on Friday, April 24th. JPMorgan Chase & Co. decreased their target price on PulteGroup from $149.00 to $131.00 and set an "overweight" rating for the company in a research report on Tuesday, February 3rd. Bank of America decreased their target price on PulteGroup from $145.00 to $140.00 and set a "buy" rating for the company in a research report on Monday, April 20th. Finally, Truist Financial decreased their target price on PulteGroup from $170.00 to $150.00 and set a "buy" rating for the company in a research report on Thursday, April 16th. Ten equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $140.71.

Insider Buying and Selling at PulteGroup

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 filing with the SEC, which is available at this link. Also, EVP Kevin A. Henry sold 5,173 shares of the firm's stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $141.03, for a total value of $729,548.19. Following the completion of the transaction, the executive vice president owned 14,673 shares in the company, valued at approximately $2,069,333.19. This trade represents a 26.07% 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.

PulteGroup Stock Performance

PulteGroup stock opened at $116.48 on Monday. 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 company has a market capitalization of $22.19 billion, a P/E ratio of 11.26, a PEG ratio of 1.48 and a beta of 1.23. The stock's 50 day moving average is $119.25 and its 200 day moving average is $124.11. PulteGroup, Inc. has a twelve month low of $95.20 and a twelve month high of $144.49.

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 the consensus estimate of $1.80 by ($0.01). PulteGroup had a return on equity of 16.41% and a net margin of 12.14%.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 previous year, the company earned $2.57 EPS. The business's quarterly revenue was down 12.4% on a year-over-year basis. On average, equities research analysts predict that PulteGroup, Inc. will post 10 earnings per share for the current fiscal 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 paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.9%. The ex-dividend date is Tuesday, June 16th. PulteGroup's dividend payout ratio (DPR) is currently 10.06%.

PulteGroup declared that its board has initiated a share buyback program on Thursday, April 23rd that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the construction company to purchase up to 6.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

PulteGroup Company Profile

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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