Wedbush Weighs in on PulteGroup, Inc.’s Q2 2024 Earnings (NYSE:PHM)

PulteGroup, Inc. (NYSE:PHM) – Equities researchers at Wedbush raised their Q2 2024 earnings per share estimates for PulteGroup in a report issued on Tuesday, April 23rd. Wedbush analyst J. Mccanless now anticipates that the construction company will post earnings of $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.

PulteGroup (NYSE:PHM) last announced its quarterly earnings data on Tuesday, January 30th. The construction company reported $3.28 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $4.47 billion. During the same quarter in the prior year, the company posted $3.63 earnings per share. PulteGroup’s quarterly revenue was down 15.5% on a year-over-year basis.

A number of other research analysts have also weighed in on PHM. Jefferies Financial Group upped their price objective on PulteGroup from $126.00 to $131.00 and gave the stock a “buy” rating in a 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. The Goldman Sachs Group boosted their target price on PulteGroup from $91.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, January 11th. Finally, Citigroup boosted their target price on PulteGroup from $116.00 to $127.00 and gave the stock a “neutral” rating in a research report on Friday, April 5th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $111.73.

PulteGroup Trading Down 0.8 %

Shares of PHM stock opened at $111.36 on Wednesday. The business’s fifty day moving average price is $111.04 and its 200 day moving average price is $99.13. PulteGroup has a 1-year low of $64.41 and a 1-year high of $121.07. The firm has a market capitalization of $23.50 billion, a PE ratio of 8.92, a P/E/G ratio of 0.55 and a beta of 1.56. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.85 and a quick ratio of 0.86.

Hedge Funds Weigh In On PulteGroup

Large investors have recently added to or reduced their stakes in the business. E Fund Management Hong Kong Co. Ltd. acquired a new stake in PulteGroup during the first quarter worth about $26,000. Arlington Trust Co LLC acquired a new stake in PulteGroup during the third quarter worth about $33,000. Baystate Wealth Management LLC increased its stake in PulteGroup by 186.5% during the third quarter. Baystate Wealth Management LLC now owns 490 shares of the construction company’s stock worth $36,000 after acquiring an additional 319 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in PulteGroup during the third quarter worth about $36,000. Finally, Rakuten Securities Inc. acquired a new stake in PulteGroup during the fourth quarter worth about $37,000. 89.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP Brien P. O’meara sold 2,000 shares of the stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $103.09, for a total transaction of $206,180.00. Following the transaction, the vice president now directly owns 15,389 shares in the company, valued at $1,586,452.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.83% of the stock is currently owned by company insiders.

PulteGroup Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 2nd. Investors of record on Friday, March 15th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.80 annualized dividend and a yield of 0.72%. PulteGroup’s dividend payout ratio (DPR) is presently 6.41%.

PulteGroup announced that its Board of Directors has approved a stock buyback program on Tuesday, January 30th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the construction company to repurchase up to 6.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

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.