PulteGroup, Inc. (NYSE:PHM) to Post Q1 2023 Earnings of $2.06 Per Share, Wedbush Forecasts

PulteGroup, Inc. (NYSE:PHMGet Rating) – Analysts at Wedbush reduced their Q1 2023 EPS estimates for PulteGroup in a research note issued to investors on Sunday, May 1st. Wedbush analyst J. Mccanless now anticipates that the construction company will post earnings of $2.06 per share for the quarter, down from their prior forecast of $2.11. Wedbush currently has a “Neutral” rating on the stock.

PulteGroup (NYSE:PHMGet Rating) last announced its earnings results on Thursday, April 28th. The construction company reported $1.83 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.73 by $0.10. The firm had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.09 billion. PulteGroup had a net margin of 14.58% and a return on equity of 27.91%. PulteGroup’s revenue was up 16.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.28 earnings per share.

A number of other analysts have also issued reports on the company. Barclays lowered PulteGroup from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $72.00 to $49.00 in a research note on Thursday, March 31st. Citigroup decreased their target price on shares of PulteGroup from $62.00 to $55.00 in a research report on Friday, March 25th. StockNews.com started coverage on shares of PulteGroup in a research report on Thursday, March 31st. They set a “buy” rating for the company. Royal Bank of Canada reduced their target price on PulteGroup from $63.00 to $56.00 in a report on Friday, April 29th. Finally, Bank of America upgraded PulteGroup from an “underperform” rating to a “buy” rating and set a $58.00 target price for the company in a report on Monday, February 28th. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $56.67.

Shares of NYSE:PHM opened at $43.61 on Wednesday. The company has a market cap of $10.53 billion, a P/E ratio of 5.34, a P/E/G ratio of 0.80 and a beta of 1.33. The business has a fifty day simple moving average of $44.65 and a 200-day simple moving average of $49.45. PulteGroup has a 52 week low of $39.61 and a 52 week high of $63.90. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.27.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Sugarloaf Wealth Management LLC boosted its holdings in PulteGroup by 303.2% in the fourth quarter. Sugarloaf Wealth Management LLC now owns 504 shares of the construction company’s stock valued at $29,000 after purchasing an additional 379 shares during the last quarter. Johnson Financial Group Inc. purchased a new position in shares of PulteGroup during the 4th quarter valued at approximately $30,000. Catalyst Capital Advisors LLC purchased a new position in shares of PulteGroup during the 4th quarter valued at approximately $37,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of PulteGroup during the fourth quarter worth approximately $39,000. Finally, First Horizon Advisors Inc. increased its stake in shares of PulteGroup by 179.0% in the third quarter. First Horizon Advisors Inc. now owns 731 shares of the construction company’s stock worth $93,000 after buying an additional 469 shares during the last quarter. 90.32% of the stock is currently owned by institutional investors and hedge funds.

In other PulteGroup news, VP John J. Chadwick sold 15,090 shares of the business’s stock in a transaction on Monday, February 28th. The shares were sold at an average price of $49.05, for a total value of $740,164.50. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.71% of the company’s stock.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 5th. Stockholders of record on Tuesday, March 15th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, March 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.38%. PulteGroup’s dividend payout ratio is currently 7.35%.

PulteGroup declared that its Board of Directors has authorized a stock buyback program on Tuesday, February 1st that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the construction company to purchase up to 7.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

PulteGroup Company Profile (Get Rating)

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, American West, and John Wieland Homes and Neighborhoods brand names.

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Earnings History and Estimates for PulteGroup (NYSE:PHM)

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