Wedbush Comments on PulteGroup, Inc.’s FY2024 Earnings (NYSE:PHM)

PulteGroup, Inc. (NYSE:PHM) – Analysts at Wedbush increased their FY2024 earnings per share (EPS) estimates for shares of PulteGroup in a research report issued on Tuesday, April 23rd. Wedbush analyst J. Mccanless now anticipates that the construction company will post earnings per share of $12.60 for the year, up from their prior estimate of $11.21. Wedbush currently has a “Neutral” rating and a $85.00 target price 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 Q4 2024 earnings at $3.17 EPS, Q1 2025 earnings at $2.89 EPS, Q4 2025 earnings at $3.72 EPS and FY2025 earnings at $13.24 EPS.

A number of other equities analysts have also weighed in on the company. Jefferies Financial Group upped their price objective on PulteGroup from $126.00 to $131.00 and gave the stock a “buy” rating in a research note on Wednesday. Oppenheimer boosted their target price on PulteGroup from $138.00 to $143.00 and gave the stock an “outperform” rating in a research report on Wednesday. StockNews.com upgraded PulteGroup from a “hold” rating to a “buy” rating in a research report on Wednesday. Zelman & Associates upgraded PulteGroup from a “neutral” rating to an “outperform” rating in a research report on Wednesday. Finally, Citigroup increased their price target on PulteGroup from $116.00 to $127.00 and gave the stock a “neutral” rating in a report on Friday, April 5th. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, PulteGroup currently has a consensus rating of “Moderate Buy” and an average price target of $111.73.

PulteGroup Stock Performance

Shares of PHM opened at $111.36 on Thursday. The business has a fifty day moving average of $111.04 and a 200 day moving average of $99.13. PulteGroup has a one year low of $64.41 and a one year high of $121.07. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.85 and a quick ratio of 0.86. The firm has a market capitalization of $23.50 billion, a P/E ratio of 8.92, a PEG ratio of 0.55 and a beta of 1.56.

PulteGroup (NYSE:PHM) last posted its quarterly earnings results on Tuesday, January 30th. The construction company reported $3.28 earnings per share for the quarter, topping the consensus estimate of $3.21 by $0.07. PulteGroup had a return on equity of 25.81% and a net margin of 16.63%. The firm had revenue of $4.29 billion during the quarter, compared to analysts’ expectations of $4.47 billion. During the same quarter in the previous year, the business earned $3.63 earnings per share. The company’s revenue was down 15.5% on a year-over-year basis.

PulteGroup Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 2nd. Investors of record on Friday, March 15th were given a $0.20 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 0.72%. PulteGroup’s payout ratio is currently 6.41%.

PulteGroup declared that its board has authorized a stock buyback plan on Tuesday, January 30th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the construction company to reacquire up to 6.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity at PulteGroup

In other news, VP Brien P. O’meara sold 2,000 shares of PulteGroup stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $103.09, for a total transaction of $206,180.00. Following the completion of the sale, the vice president now directly owns 15,389 shares in the company, valued at approximately $1,586,452.01. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.83% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Verdence Capital Advisors LLC grew its stake in PulteGroup by 3.4% in the 1st quarter. Verdence Capital Advisors LLC now owns 7,610 shares of the construction company’s stock worth $918,000 after acquiring an additional 253 shares during the period. Strategy Asset Managers LLC grew its stake in shares of PulteGroup by 3.8% during the 1st quarter. Strategy Asset Managers LLC now owns 6,522 shares of the construction company’s stock valued at $787,000 after buying an additional 239 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its holdings in shares of PulteGroup by 10.9% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 70,207 shares of the construction company’s stock valued at $8,468,000 after acquiring an additional 6,900 shares in the last quarter. Eudaimonia Advisors LLC acquired a new position in shares of PulteGroup during the 1st quarter valued at $269,000. Finally, Patton Albertson Miller Group LLC lifted its holdings in shares of PulteGroup by 4.4% during the 1st quarter. Patton Albertson Miller Group LLC now owns 77,294 shares of the construction company’s stock valued at $9,323,000 after acquiring an additional 3,254 shares in the last quarter. 89.90% of the stock is owned by hedge funds and other institutional investors.

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.