Bank of New York Mellon Corp Sells 100,963 Shares of PulteGroup, Inc. $PHM

Bank of New York Mellon Corp trimmed its holdings in PulteGroup, Inc. (NYSE:PHM) by 6.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,469,176 shares of the construction company’s stock after selling 100,963 shares during the quarter. Bank of New York Mellon Corp owned 0.77% of PulteGroup worth $172,790,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of PHM. Focus Partners Wealth lifted its holdings in shares of PulteGroup by 20.5% during the 1st quarter. Focus Partners Wealth now owns 12,517 shares of the construction company’s stock worth $1,287,000 after acquiring an additional 2,128 shares during the period. EverSource Wealth Advisors LLC raised its position in PulteGroup by 197.1% in the second quarter. EverSource Wealth Advisors LLC now owns 1,212 shares of the construction company’s stock worth $128,000 after purchasing an additional 804 shares in the last quarter. Guggenheim Capital LLC raised its position in PulteGroup by 12.9% in the second quarter. Guggenheim Capital LLC now owns 8,519 shares of the construction company’s stock worth $898,000 after purchasing an additional 975 shares in the last quarter. Baird Financial Group Inc. lifted its stake in PulteGroup by 8.0% during the second quarter. Baird Financial Group Inc. now owns 29,060 shares of the construction company’s stock worth $3,065,000 after purchasing an additional 2,164 shares during the period. Finally, Cerity Partners LLC lifted its stake in PulteGroup by 17.6% during the second quarter. Cerity Partners LLC now owns 41,677 shares of the construction company’s stock worth $4,395,000 after purchasing an additional 6,240 shares during the period. Institutional investors and hedge funds own 89.90% of the company’s stock.

PulteGroup Stock Down 2.4%

Shares of NYSE PHM opened at $125.92 on Friday. PulteGroup, Inc. has a 12-month low of $107.91 and a 12-month high of $144.49. The firm’s 50-day simple moving average is $122.92 and its 200 day simple moving average is $124.99. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.14. The company has a market cap of $23.99 billion, a price-to-earnings ratio of 12.18, a price-to-earnings-growth ratio of 1.61 and a beta of 1.18.

PulteGroup (NYSE:PHM) last posted its quarterly earnings data on Thursday, April 23rd. The construction company reported $1.79 earnings per share for the quarter, missing the consensus estimate of $1.80 by ($0.01). PulteGroup had a net margin of 12.14% and a return on equity of 16.41%. The company had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.40 billion. During the same quarter in the previous year, the business posted $2.57 EPS. The company’s revenue was down 12.4% compared to the same quarter last year. On average, research analysts expect that PulteGroup, Inc. will post 9.95 earnings per share for the current fiscal year.

PulteGroup Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Tuesday, June 16th were issued a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.8%. PulteGroup’s dividend payout ratio (DPR) is currently 10.06%.

PulteGroup declared that its board has initiated a stock repurchase plan on Thursday, April 23rd that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the construction company to reacquire up to 6.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. UBS Group upped their price objective on PulteGroup from $159.00 to $162.00 and gave the company a “buy” rating in a research note on Friday, April 24th. Barclays raised their price objective on shares of PulteGroup from $112.00 to $123.00 and gave the stock an “equal weight” rating in a report on Tuesday. Evercore boosted their target price on PulteGroup from $146.00 to $151.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Oppenheimer reissued an “outperform” rating on shares of PulteGroup in a report on Tuesday, May 26th. Finally, Weiss Ratings lowered PulteGroup from a “buy (b-)” rating to a “hold (c)” rating in a research report on Monday, April 27th. Ten research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $142.21.

Insider Buying and Selling

In related news, Director Lila Snyder sold 3,339 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $117.18, for a total value of $391,264.02. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Matthew William Koart sold 7,457 shares of the company’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $120.00, for a total value of $894,840.00. Following the transaction, the chief operating officer directly owned 28,100 shares in the company, valued at approximately $3,372,000. This represents a 20.97% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.75% of the company’s stock.

About PulteGroup

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.