PulteGroup (NYSE:PHM) Hits New 1-Year High After Analyst Upgrade

Shares of PulteGroup, Inc. (NYSE:PHM) hit a new 52-week high during trading on Thursday after Bank of America raised their price target on the stock from $138.00 to $160.00. Bank of America currently has a buy rating on the stock. PulteGroup traded as high as $145.00 and last traded at $145.00, with a volume of 8064 shares trading hands. The stock had previously closed at $140.99.

Other analysts have also issued reports about the company. Royal Bank of Canada boosted their price objective on PulteGroup from $113.00 to $120.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 24th. Oppenheimer increased their price target on PulteGroup from $143.00 to $151.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Barclays lifted their price objective on shares of PulteGroup from $131.00 to $150.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Citigroup lowered their target price on shares of PulteGroup from $129.00 to $117.00 and set a “neutral” rating for the company in a report on Tuesday, July 2nd. Finally, Raymond James boosted their price target on shares of PulteGroup from $135.00 to $145.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $134.71.

Insider Buying and Selling at PulteGroup

In other news, CFO Robert Oshaughnessy sold 71,007 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $134.83, for a total transaction of $9,573,873.81. Following the transaction, the chief financial officer now owns 89,323 shares of the company’s stock, valued at approximately $12,043,420.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Thomas J. Folliard sold 19,000 shares of PulteGroup stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $131.14, for a total value of $2,491,660.00. Following the completion of the transaction, the director now owns 45,230 shares in the company, valued at $5,931,462.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Robert Oshaughnessy sold 71,007 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $134.83, for a total transaction of $9,573,873.81. Following the sale, the chief financial officer now owns 89,323 shares in the company, valued at $12,043,420.09. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 119,000 shares of company stock valued at $15,814,039. Company insiders own 0.83% of the company’s stock.

Institutional Investors Weigh In On PulteGroup

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Swedbank AB purchased a new position in shares of PulteGroup in the first quarter valued at $68,985,000. Allianz Asset Management GmbH increased its position in shares of PulteGroup by 38.3% during the fourth quarter. Allianz Asset Management GmbH now owns 1,892,229 shares of the construction company’s stock valued at $195,316,000 after buying an additional 523,623 shares during the period. Hsbc Holdings PLC lifted its holdings in shares of PulteGroup by 19.6% in the second quarter. Hsbc Holdings PLC now owns 1,529,698 shares of the construction company’s stock worth $168,254,000 after buying an additional 250,937 shares in the last quarter. Pacer Advisors Inc. boosted its position in shares of PulteGroup by 8.6% in the second quarter. Pacer Advisors Inc. now owns 2,968,788 shares of the construction company’s stock valued at $326,864,000 after acquiring an additional 235,826 shares during the period. Finally, Janney Montgomery Scott LLC boosted its position in shares of PulteGroup by 130.2% in the first quarter. Janney Montgomery Scott LLC now owns 388,298 shares of the construction company’s stock valued at $46,837,000 after acquiring an additional 219,609 shares during the period. Institutional investors own 89.90% of the company’s stock.

PulteGroup Trading Down 2.2 %

The company has a debt-to-equity ratio of 0.15, a current ratio of 0.76 and a quick ratio of 0.76. The company has a market cap of $29.44 billion, a PE ratio of 11.36, a PEG ratio of 0.57 and a beta of 1.62. The firm’s 50 day moving average is $128.95 and its 200 day moving average is $118.50.

PulteGroup (NYSE:PHM) last released its quarterly earnings results on Tuesday, July 23rd. The construction company reported $3.83 EPS for the quarter, beating analysts’ consensus estimates of $3.27 by $0.56. PulteGroup had a net margin of 16.75% and a return on equity of 25.67%. The firm had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.49 billion. During the same period in the previous year, the business earned $3.00 EPS. The business’s revenue for the quarter was up 9.8% on a year-over-year basis. On average, equities analysts anticipate that PulteGroup, Inc. will post 12.9 earnings per share for the current year.

PulteGroup Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 17th will be issued a $0.20 dividend. The ex-dividend date is Tuesday, September 17th. This represents a $0.80 annualized dividend and a dividend yield of 0.56%. PulteGroup’s payout ratio is currently 6.41%.

About PulteGroup

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.