Wedbush Analysts Increase Earnings Estimates for PulteGroup, Inc. (NYSE:PHM)

PulteGroup, Inc. (NYSE:PHM) – Equities researchers at Wedbush lifted their Q2 2024 earnings per share estimates for shares of PulteGroup in a note issued to investors on Tuesday, April 23rd. Wedbush analyst J. Mccanless now anticipates that the construction company will earn $3.17 per share for the quarter, up from their prior forecast of $2.86. Wedbush currently has a “Neutral” rating and a $85.00 price target on the stock. The consensus estimate for PulteGroup’s current full-year earnings is $11.79 per share. Wedbush also issued estimates for PulteGroup’s Q3 2024 earnings at $3.15 EPS, Q2 2025 earnings at $3.19 EPS and Q3 2025 earnings at $3.45 EPS.

Several other analysts have also commented on the stock. Barclays increased their price target on shares of PulteGroup from $126.00 to $136.00 and gave the company an “overweight” rating in a research report on Thursday, April 4th. The Goldman Sachs Group upped their price objective on PulteGroup from $91.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, January 11th. Oppenheimer lifted their price objective on PulteGroup from $138.00 to $143.00 and gave the stock an “outperform” rating in a research report on Wednesday. Raymond James boosted their target price on shares of PulteGroup from $100.00 to $120.00 and gave the company an “outperform” rating in a research note on Monday, February 5th. Finally, Royal Bank of Canada raised their price target on shares of PulteGroup from $106.00 to $113.00 and gave the stock a “sector perform” rating in a research note on Wednesday. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $110.73.

PulteGroup Stock Performance

NYSE:PHM opened at $112.26 on Wednesday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $23.69 billion, a P/E ratio of 9.56, a price-to-earnings-growth ratio of 0.52 and a beta of 1.56. The firm has a 50-day moving average price of $110.90 and a two-hundred day moving average price of $99.05. PulteGroup has a twelve month low of $64.41 and a twelve month high of $121.07.

PulteGroup (NYSE:PHM) last announced its quarterly earnings results on Tuesday, January 30th. The construction company reported $3.28 earnings per share for the quarter, beating analysts’ consensus estimates of $3.21 by $0.07. PulteGroup had a return on equity of 25.97% and a net margin of 16.20%. The business had revenue of $4.29 billion during the quarter, compared to analysts’ expectations of $4.47 billion. During the same quarter last year, the business posted $3.63 earnings per share. The business’s revenue for the quarter was down 15.5% on a year-over-year basis.

PulteGroup announced that its Board of Directors has initiated a stock buyback plan on Tuesday, January 30th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the construction company to buy up to 6.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

PulteGroup Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 2nd. Investors of record on Friday, March 15th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.71%. The ex-dividend date of this dividend was Thursday, March 14th. PulteGroup’s dividend payout ratio (DPR) is currently 6.81%.

Insider Activity at PulteGroup

In other news, VP Brien P. O’meara sold 2,000 shares of PulteGroup stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $103.09, for a total value of $206,180.00. Following the transaction, the vice president now directly owns 15,389 shares of the company’s stock, valued at approximately $1,586,452.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.75% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Putnam Investments LLC increased its holdings in PulteGroup by 1.8% during the 4th quarter. Putnam Investments LLC now owns 11,008,695 shares of the construction company’s stock worth $1,136,318,000 after purchasing an additional 197,656 shares during the last quarter. Greenhaven Associates Inc. increased its stake in shares of PulteGroup by 0.4% in the fourth quarter. Greenhaven Associates Inc. now owns 5,726,368 shares of the construction company’s stock worth $591,076,000 after buying an additional 24,350 shares during the last quarter. FMR LLC raised its holdings in PulteGroup by 1.8% in the third quarter. FMR LLC now owns 5,484,469 shares of the construction company’s stock valued at $406,125,000 after acquiring an additional 95,945 shares in the last quarter. Invesco Ltd. boosted its stake in PulteGroup by 13.3% during the 3rd quarter. Invesco Ltd. now owns 4,432,965 shares of the construction company’s stock valued at $328,261,000 after acquiring an additional 522,032 shares during the last quarter. Finally, Norges Bank bought a new position in PulteGroup during the 4th quarter valued at $381,960,000. 89.90% of the stock is owned by institutional investors and hedge funds.

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.