Bank of Nova Scotia boosted its stake in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) by 458.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 149,056 shares of the construction company's stock after buying an additional 122,365 shares during the quarter. Bank of Nova Scotia owned approximately 0.07% of PulteGroup worth $16,232,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in PHM. Franklin Resources Inc. raised its stake in shares of PulteGroup by 6.1% during the fourth quarter. Franklin Resources Inc. now owns 11,937,866 shares of the construction company's stock valued at $1,300,034,000 after acquiring an additional 683,592 shares in the last quarter. Geode Capital Management LLC raised its position in PulteGroup by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 5,120,878 shares of the construction company's stock valued at $556,465,000 after purchasing an additional 64,947 shares in the last quarter. Norges Bank bought a new stake in PulteGroup during the 4th quarter valued at $427,562,000. Amundi grew its position in shares of PulteGroup by 77.9% during the 4th quarter. Amundi now owns 1,636,562 shares of the construction company's stock worth $180,775,000 after buying an additional 716,716 shares in the last quarter. Finally, Nordea Investment Management AB increased its stake in shares of PulteGroup by 10.0% during the fourth quarter. Nordea Investment Management AB now owns 1,424,119 shares of the construction company's stock valued at $155,856,000 after buying an additional 129,975 shares during the period. 89.90% of the stock is owned by hedge funds and other institutional investors.
Insider Transactions at PulteGroup
In related news, VP Brien P. O'meara sold 3,500 shares of PulteGroup stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $106.40, for a total transaction of $372,400.00. Following the completion of the transaction, the vice president now directly owns 11,372 shares in the company, valued at approximately $1,209,980.80. This trade represents a 23.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Todd N. Sheldon sold 15,191 shares of the company's stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $106.50, for a total value of $1,617,841.50. Following the completion of the sale, the executive vice president now owns 74,758 shares in the company, valued at approximately $7,961,727. This represents a 16.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 21,191 shares of company stock worth $2,256,367 over the last 90 days. 0.76% of the stock is currently owned by company insiders.
PulteGroup Stock Performance
Shares of NYSE PHM traded down $0.63 during midday trading on Tuesday, reaching $94.81. The company had a trading volume of 1,213,680 shares, compared to its average volume of 1,988,921. PulteGroup, Inc. has a 1 year low of $88.07 and a 1 year high of $149.47. The business's 50-day simple moving average is $103.07 and its 200 day simple moving average is $117.40. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.13. The stock has a market cap of $19.20 billion, a P/E ratio of 6.45, a P/E/G ratio of 0.29 and a beta of 1.44.
PulteGroup (NYSE:PHM - Get Free Report) last posted its quarterly earnings results on Thursday, January 30th. The construction company reported $3.50 earnings per share for the quarter, beating the consensus estimate of $3.28 by $0.22. PulteGroup had a return on equity of 24.43% and a net margin of 17.18%. On average, analysts forecast that PulteGroup, Inc. will post 12.32 earnings per share for the current fiscal year.
PulteGroup announced that its board has approved a stock buyback plan on Thursday, January 30th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the construction company to buy up to 6.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.
PulteGroup Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 2nd. Stockholders of record on Tuesday, March 18th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 0.93%. The ex-dividend date was Tuesday, March 18th. PulteGroup's dividend payout ratio (DPR) is currently 5.98%.
Wall Street Analysts Forecast Growth
A number of analysts recently weighed in on PHM shares. Wedbush reaffirmed an "outperform" rating and issued a $135.00 price objective on shares of PulteGroup in a research note on Friday, January 31st. Bank of America dropped their price objective on shares of PulteGroup from $135.00 to $134.00 and set a "buy" rating on the stock in a research note on Monday, January 27th. Wells Fargo & Company reduced their price objective on shares of PulteGroup from $140.00 to $120.00 and set an "overweight" rating for the company in a research note on Monday. Citigroup dropped their target price on PulteGroup from $146.00 to $119.00 and set a "neutral" rating on the stock in a research report on Monday, January 6th. Finally, The Goldman Sachs Group reduced their price target on PulteGroup from $140.00 to $124.00 and set a "neutral" rating for the company in a research report on Tuesday, January 14th. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, PulteGroup has a consensus rating of "Moderate Buy" and a consensus price target of $138.21.
Get Our Latest Research Report on PHM
About PulteGroup
(
Free Report)
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.
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