Bank of New York Mellon Corp Raises Stock Holdings in PulteGroup, Inc. $PHM

Bank of New York Mellon Corp increased its position in PulteGroup, Inc. (NYSE:PHM) by 8.0% during the 4th quarter, Holdings Channel reports. The institutional investor owned 1,570,139 shares of the construction company’s stock after purchasing an additional 116,736 shares during the period. Bank of New York Mellon Corp’s holdings in PulteGroup were worth $184,115,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in PHM. Rachor Investment Advisory Services LLC purchased a new position in shares of PulteGroup in the fourth quarter worth $31,000. Lloyd Advisory Services LLC. purchased a new position in shares of PulteGroup in the fourth quarter worth $33,000. High Point Wealth Management LLC purchased a new position in shares of PulteGroup in the fourth quarter worth $38,000. Beacon Financial Strategies CORP purchased a new position in shares of PulteGroup in the fourth quarter worth $40,000. Finally, Elyxium Wealth LLC purchased a new position in shares of PulteGroup in the fourth quarter worth $41,000. 89.90% of the stock is owned by hedge funds and other institutional investors.

PulteGroup Stock Performance

Shares of PulteGroup stock opened at $118.58 on Friday. The stock has a market cap of $22.59 billion, a price-to-earnings ratio of 11.47, a PEG ratio of 1.50 and a beta of 1.20. The firm’s 50-day moving average is $119.08 and its 200 day moving average is $123.96. PulteGroup, Inc. has a 1 year low of $98.27 and a 1 year high of $144.49. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.94 and a quick ratio of 0.94.

PulteGroup (NYSE:PHM) last announced its quarterly earnings results on Thursday, April 23rd. The construction company reported $1.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.80 by ($0.01). The firm had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.40 billion. PulteGroup had a return on equity of 16.41% and a net margin of 12.14%.The business’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.57 EPS. Sell-side analysts anticipate that PulteGroup, Inc. will post 10 EPS for the current fiscal year.

PulteGroup Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Investors of record on Tuesday, June 16th will be paid a $0.26 dividend. The ex-dividend date is Tuesday, June 16th. This represents a $1.04 dividend on an annualized basis and a yield of 0.9%. PulteGroup’s payout ratio is presently 10.06%.

PulteGroup declared that its Board of Directors 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 buy 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.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Wells Fargo & Company lifted their target price on shares of PulteGroup from $132.00 to $140.00 and gave the stock an “overweight” rating in a research note on Friday, April 24th. The Goldman Sachs Group lifted their target price on shares of PulteGroup from $133.00 to $142.00 and gave the stock a “neutral” rating in a research note on Friday, April 24th. Barclays decreased their target price on shares of PulteGroup from $115.00 to $112.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 8th. Oppenheimer reaffirmed an “outperform” rating on shares of PulteGroup in a research note on Tuesday, May 26th. Finally, Weiss Ratings downgraded shares of PulteGroup from a “buy (b-)” rating to a “hold (c)” rating in a research report on Monday, April 27th. Ten analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $140.71.

Insider Transactions at PulteGroup

In related news, Director Lila Snyder sold 3,339 shares of the company’s stock in a transaction dated 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 owned 3,540 shares in the company, valued at $414,817.20. The trade was a 48.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Matthew William Koart sold 7,457 shares of the company’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $120.00, for a total transaction of $894,840.00. Following the completion of the transaction, the chief operating officer owned 28,100 shares in the company, valued at approximately $3,372,000. The trade was a 20.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.75% of the company’s stock.

PulteGroup 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.