PulteGroup, Inc. (NYSE:PHM – Get Rating) declared a quarterly dividend on Wednesday, May 4th, RTT News reports. Shareholders of record on Friday, June 10th will be paid a dividend of 0.15 per share by the construction company on Tuesday, July 5th. This represents a $0.60 annualized dividend and a dividend yield of 1.31%.
PulteGroup has increased its dividend payment by an average of 14.5% per year over the last three years and has raised its dividend annually for the last 4 consecutive years. PulteGroup has a payout ratio of 5.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect PulteGroup to earn $10.97 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 5.5%.
Shares of PHM stock opened at $45.86 on Thursday. The business’s 50 day moving average is $44.63 and its two-hundred day moving average is $49.42. PulteGroup has a twelve month low of $39.61 and a twelve month high of $63.90. The company has a market capitalization of $10.90 billion, a P/E ratio of 5.62, a price-to-earnings-growth ratio of 0.81 and a beta of 1.33. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.27.
PHM has been the topic of a number of analyst reports. The Goldman Sachs Group decreased their price target on PulteGroup from $63.00 to $48.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 12th. StockNews.com initiated coverage on PulteGroup in a research report on Thursday, March 31st. They set a “buy” rating on the stock. JPMorgan Chase & Co. decreased their target price on PulteGroup from $57.00 to $48.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 13th. Wedbush decreased their target price on PulteGroup from $68.00 to $57.00 in a research report on Monday. Finally, Royal Bank of Canada decreased their target price on PulteGroup from $63.00 to $56.00 in a research report on Friday, April 29th. Five investment 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. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $56.67.
In related news, VP John J. Chadwick sold 15,090 shares of the company’s stock in a transaction on Monday, February 28th. The stock was sold at an average price of $49.05, for a total value of $740,164.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.71% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in PHM. Barclays PLC increased its stake in PulteGroup by 14.0% in the fourth quarter. Barclays PLC now owns 817,050 shares of the construction company’s stock valued at $46,701,000 after purchasing an additional 100,653 shares during the last quarter. LPL Financial LLC grew its position in PulteGroup by 15.8% during the fourth quarter. LPL Financial LLC now owns 65,086 shares of the construction company’s stock valued at $3,720,000 after acquiring an additional 8,886 shares during the period. Lombard Odier Asset Management USA Corp purchased a new stake in PulteGroup during the fourth quarter valued at about $711,000. MML Investors Services LLC grew its position in PulteGroup by 3.6% during the fourth quarter. MML Investors Services LLC now owns 25,926 shares of the construction company’s stock valued at $1,482,000 after acquiring an additional 907 shares during the period. Finally, Advisors Asset Management Inc. grew its position in PulteGroup by 30.9% during the fourth quarter. Advisors Asset Management Inc. now owns 1,487 shares of the construction company’s stock valued at $85,000 after acquiring an additional 351 shares during the period. Hedge funds and other institutional investors own 90.32% of the company’s stock.
PulteGroup announced that its board has authorized a share buyback plan on Tuesday, February 1st that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the construction company to repurchase up to 7.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.
About PulteGroup (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.
- Get a free copy of the StockNews.com research report on PulteGroup (PHM)
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