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

PulteGroup, Inc. (NYSE:PHM) – Analysts at Wedbush boosted their FY2024 earnings per share (EPS) estimates for PulteGroup in a note issued to investors on Tuesday, April 23rd. Wedbush analyst J. Mccanless now expects that the construction company will post earnings per share of $12.60 for the year, up from their prior forecast 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.

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

A number of other research analysts have also weighed in on the stock. Barclays raised their price target on shares of PulteGroup from $126.00 to $136.00 and gave the company an “overweight” rating in a research note on Thursday, April 4th. Oppenheimer raised their price target on shares of PulteGroup from $138.00 to $143.00 and gave the company an “outperform” rating in a research note on Wednesday. Zelman & Associates raised shares of PulteGroup from a “neutral” rating to an “outperform” rating in a research note on Wednesday. Raymond James reiterated an “outperform” rating and issued a $135.00 price objective (up previously from $120.00) on shares of PulteGroup in a report on Thursday. Finally, Citigroup increased their price objective on shares of PulteGroup from $116.00 to $127.00 and gave the company a “neutral” rating in a report on Friday, April 5th. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, PulteGroup currently has an average rating of “Moderate Buy” and an average target price of $111.73.

PulteGroup Trading Down 0.8 %

PHM stock opened at $111.36 on Thursday. The company’s 50-day simple moving average is $111.04 and its 200-day simple moving average is $99.13. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.18. PulteGroup has a 52-week low of $64.41 and a 52-week high of $121.07. The firm has a market cap of $23.50 billion, a P/E ratio of 8.92, a PEG ratio of 0.55 and a beta of 1.56.

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 given a $0.20 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.80 annualized dividend and a yield of 0.72%. PulteGroup’s dividend payout ratio is presently 6.41%.

PulteGroup announced that its board has approved a share repurchase program on Tuesday, January 30th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the construction company to reacquire up to 6.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at PulteGroup

In other news, VP Brien P. O’meara sold 2,000 shares of PulteGroup stock in a transaction 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 of the company’s stock, valued at approximately $1,586,452.01. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.83% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PulteGroup

Several institutional investors have recently modified their holdings of PHM. Norges Bank acquired a new position in PulteGroup in the fourth quarter valued at $381,960,000. Pacer Advisors Inc. increased its stake in shares of PulteGroup by 54.6% during the fourth quarter. Pacer Advisors Inc. now owns 3,003,713 shares of the construction company’s stock worth $310,043,000 after acquiring an additional 1,060,466 shares during the period. Hsbc Holdings PLC increased its stake in shares of PulteGroup by 63.6% during the third quarter. Hsbc Holdings PLC now owns 1,748,119 shares of the construction company’s stock worth $129,354,000 after acquiring an additional 679,582 shares during the period. Jupiter Asset Management Ltd. acquired a new position in shares of PulteGroup during the third quarter worth about $47,762,000. Finally, Allianz Asset Management GmbH increased its stake in shares of PulteGroup by 38.3% during the fourth quarter. Allianz Asset Management GmbH now owns 1,892,229 shares of the construction company’s stock worth $195,316,000 after acquiring an additional 523,623 shares during the period. 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.