M&T Bank Corp Sells 1,933 Shares of PulteGroup, Inc. (NYSE:PHM)

M&T Bank Corp decreased its position in PulteGroup, Inc. (NYSE:PHM) by 5.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 31,213 shares of the construction company’s stock after selling 1,933 shares during the period. M&T Bank Corp’s holdings in PulteGroup were worth $3,222,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Greenhaven Associates Inc. boosted its holdings in PulteGroup by 0.4% in the fourth quarter. Greenhaven Associates Inc. now owns 5,726,368 shares of the construction company’s stock valued at $591,076,000 after acquiring an additional 24,350 shares during the last quarter. FMR LLC boosted its holdings in PulteGroup by 1.8% in the third quarter. FMR LLC now owns 5,484,469 shares of the construction company’s stock valued at $406,125,000 after acquiring an additional 95,945 shares during the last quarter. Invesco Ltd. boosted its holdings in PulteGroup by 13.3% in the third quarter. Invesco Ltd. now owns 4,432,965 shares of the construction company’s stock valued at $328,261,000 after acquiring an additional 522,032 shares during the last quarter. Morgan Stanley boosted its holdings in PulteGroup by 2.0% in the third quarter. Morgan Stanley now owns 3,115,877 shares of the construction company’s stock valued at $230,731,000 after acquiring an additional 61,953 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its holdings in PulteGroup by 54.6% in the fourth quarter. Pacer Advisors Inc. now owns 3,003,713 shares of the construction company’s stock valued at $310,043,000 after acquiring an additional 1,060,466 shares during the last quarter. Institutional investors own 89.90% of the company’s stock.

PulteGroup Stock Down 0.6 %

Shares of PulteGroup stock opened at $116.95 on Wednesday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.85 and a current ratio of 0.85. The business’s 50 day simple moving average is $112.71 and its 200 day simple moving average is $101.88. The firm has a market cap of $24.60 billion, a PE ratio of 9.36, a P/E/G ratio of 0.52 and a beta of 1.56. PulteGroup, Inc. has a 52-week low of $65.16 and a 52-week high of $121.07.

PulteGroup Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 2nd. Shareholders of record on Tuesday, June 18th will be paid a $0.20 dividend. The ex-dividend date is Tuesday, June 18th. This represents a $0.80 dividend on an annualized basis and a yield of 0.68%. PulteGroup’s dividend payout ratio is 6.41%.

PulteGroup declared that its board has authorized a share buyback plan on Tuesday, January 30th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the construction company to purchase up to 6.5% 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 Analysts Forecast Growth

PHM has been the topic of several recent research reports. Jefferies Financial Group raised their price target on PulteGroup from $126.00 to $131.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Oppenheimer raised their target price on PulteGroup from $138.00 to $143.00 and gave the stock an “outperform” rating in a report on Wednesday, April 24th. Royal Bank of Canada raised their target price on PulteGroup from $106.00 to $113.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 24th. Barclays raised their target price on PulteGroup from $126.00 to $136.00 and gave the stock an “overweight” rating in a report on Thursday, April 4th. Finally, Citigroup raised their target price on PulteGroup from $116.00 to $127.00 and gave the stock a “neutral” rating in a report on Friday, April 5th. Five equities research 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.com, PulteGroup currently has an average rating of “Moderate Buy” and a consensus price target of $111.73.

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.