Park Avenue Securities LLC increases its equity position in PulteGroup, Inc. (NYSE: PHM)
Park Avenue Securities LLC increased its stake in PulteGroup, Inc. (New York Stock Exchange: PHM – Get a rating) by 8.2% in the first quarter, according to its latest filing with the SEC. The institutional investor owned 20,609 shares of the construction company after purchasing an additional 1,567 shares during the period. Park Avenue Securities LLC’s holdings in PulteGroup were worth $864,000 when it last filed with the SEC.
A number of other institutional investors also bought and sold shares of PHM. Johnson Financial Group Inc. bought a new stake in PulteGroup in Q4 for $30,000. Catalyst Capital Advisors LLC acquired a new stake in PulteGroup in Q4 valued at $37,000. First Command Bank increased its stake in PulteGroup by 125.0% in the 1st quarter. First Command Bank now owns 900 shares of the construction company worth $38,000 after buying an additional 500 shares in the last quarter. Massmutual Trust Co. FSB ADV increased its stake in PulteGroup by 316.1% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 928 shares of the construction company worth $39,000 after buying an additional 705 shares in the last quarter. Finally, Tyler Stone Wealth Management bought a new stake in PulteGroup in Q4 for $49,000. Hedge funds and other institutional investors own 90.32% of the company’s shares.
Analysts set new price targets
A number of equity research analysts have published reports on PHM shares. Royal Bank of Canada downgraded PulteGroup from an “outperforming” rating to an “sector performance” rating and lowered its price target for the stock from $56.00 to $41.00 in a rating of search for Wednesday, June 22. Wells Fargo & Company lowered its price target on PulteGroup shares from $46.00 to $41.00 and set an “equal weight” rating for the company in a Friday, June 17 report. Citigroup lowered its price target on PulteGroup shares from $55.00 to $43.00 and set a “buy” rating for the company in a Tuesday, June 21 report. Goldman Sachs Group lowered its price target on PulteGroup shares from $63.00 to $48.00 and set a “neutral” rating for the company in a Tuesday, April 12 report. Finally, BTIG Research lowered its price target on PulteGroup shares from $66.00 to $57.00 in a Monday, June 6 report. Five research analysts gave the stock a hold rating, seven gave the stock a buy rating and one gave the stock a high buy rating. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $51.63.
PulteGroup shares up 0.7%
Shares of New York Stock Exchange: PHM opened at $45.91 on Friday. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt ratio of 0.27. PulteGroup, Inc. has a 12-month low of $35.03 and a 12-month high of $58.09. The company has a 50-day moving average price of $42.47 and a 200-day moving average price of $45.53. The company has a market capitalization of $10.91 billion, a price-earnings ratio of 5.63, a PEG ratio of 0.69 and a beta of 1.33.
Pulte Group (New York Stock Exchange: PHM – Get a rating) last released its quarterly earnings data on Thursday, April 28. The construction company reported earnings per share of $1.83 for the quarter, beating analysts’ consensus estimate of $1.70 by $0.13. PulteGroup had a net margin of 14.58% and a return on equity of 27.91%. The company posted revenue of $3.19 billion for the quarter, versus analyst estimates of $3.09 billion. During the same period a year earlier, the company posted EPS of $1.28. The company’s revenue for the quarter increased 16.8% on an annual basis. As a group, equity research analysts expect PulteGroup, Inc. to post 10.69 earnings per share for the current year.
PulteGroup announces dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 5. Investors of record on Friday, June 10 received a dividend of $0.15. This represents a dividend of $0.60 on an annualized basis and a yield of 1.31%. The ex-dividend date was Thursday, June 9. PulteGroup’s dividend payout ratio (DPR) is currently 7.35%.
About Pulte Group
PulteGroup, Inc, through its subsidiaries, is primarily engaged in the residential construction business in the United States. It acquires and develops land primarily for residential purposes; and build housing on that land. The company also offers various home designs, including single-detached homes, townhouses, condominiums and duplexes under the Centex, Pulte Homes, Del Webb, DiVosta Homes, American West and John Wieland Homes and Neighborhoods brands.
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