PulteGroup, Inc. (NYSE:PHM) Forecasted to Post Q2 2024 Earnings of $3.17 Per Share

PulteGroup, Inc. (NYSE:PHM) – Equities researchers at Wedbush upped their Q2 2024 EPS estimates for PulteGroup in a research note issued to investors on Tuesday, April 23rd. Wedbush analyst J. Mccanless now forecasts that the construction company will earn $3.17 per share for the quarter, up from their prior estimate of $2.86. 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 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 also recently issued reports on the stock. The Goldman Sachs Group upped their price objective on shares of PulteGroup from $91.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, January 11th. StockNews.com raised shares of PulteGroup from a “hold” rating to a “buy” rating in a research report on Wednesday. Jefferies Financial Group raised their price target on PulteGroup from $126.00 to $131.00 and gave the company a “buy” rating in a research report on Wednesday. Raymond James lifted their price objective on PulteGroup from $100.00 to $120.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. Finally, Royal Bank of Canada increased their target price on PulteGroup from $106.00 to $113.00 and gave the company a “sector perform” rating in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $110.73.

PulteGroup Trading Down 0.4 %

Shares of PHM stock opened at $112.26 on Wednesday. PulteGroup has a 12 month low of $64.41 and a 12 month high of $121.07. The company has a market cap of $23.69 billion, a PE ratio of 9.56, a price-to-earnings-growth ratio of 0.52 and a beta of 1.56. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.19. The business’s 50 day moving average is $110.90 and its two-hundred day moving average is $99.05.

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

PulteGroup announced that its board has authorized a share buyback plan on Tuesday, January 30th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the construction company to repurchase up to 6.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

PulteGroup Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 2nd. Shareholders of record on Friday, March 15th were paid a dividend of $0.20 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 0.71%. PulteGroup’s dividend payout ratio is currently 6.81%.

Insider Transactions at PulteGroup

In other PulteGroup news, VP Brien P. O’meara sold 2,000 shares of the firm’s stock in a transaction dated 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 transaction, the vice president now owns 15,389 shares in the company, valued at $1,586,452.01. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.75% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PHM. CWM LLC increased its position in shares of PulteGroup by 33.3% during the 3rd quarter. CWM LLC now owns 10,449 shares of the construction company’s stock worth $774,000 after purchasing an additional 2,609 shares in the last quarter. AE Wealth Management LLC increased its holdings in shares of PulteGroup by 25.6% during the third quarter. AE Wealth Management LLC now owns 25,237 shares of the construction company’s stock worth $1,869,000 after buying an additional 5,140 shares in the last quarter. Exchange Traded Concepts LLC raised its stake in shares of PulteGroup by 11.1% in the third quarter. Exchange Traded Concepts LLC now owns 27,619 shares of the construction company’s stock valued at $2,045,000 after acquiring an additional 2,750 shares during the last quarter. Private Trust Co. NA raised its stake in shares of PulteGroup by 25.0% in the third quarter. Private Trust Co. NA now owns 859 shares of the construction company’s stock valued at $64,000 after acquiring an additional 172 shares during the last quarter. Finally, Riverwater Partners LLC acquired a new position in shares of PulteGroup in the 3rd quarter worth approximately $232,000. 89.90% of the stock is currently owned by institutional investors and hedge funds.

PulteGroup Company Profile

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.