Kovitz Investment Group Partners LLC Sells 3,282 Shares of PulteGroup, Inc. (NYSE:PHM)

Kovitz Investment Group Partners LLC reduced its stake in PulteGroup, Inc. (NYSE:PHM) by 8.3% during the fourth quarter, HoldingsChannel reports. The fund owned 36,460 shares of the construction company’s stock after selling 3,282 shares during the period. Kovitz Investment Group Partners LLC’s holdings in PulteGroup were worth $3,763,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of PHM. Certuity LLC bought a new stake in PulteGroup during the 4th quarter valued at about $245,000. Nordea Investment Management AB raised its holdings in PulteGroup by 4.0% in the 4th quarter. Nordea Investment Management AB now owns 753,768 shares of the construction company’s stock worth $78,030,000 after acquiring an additional 28,833 shares during the last quarter. Illinois Municipal Retirement Fund raised its holdings in PulteGroup by 24.9% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 26,341 shares of the construction company’s stock worth $1,951,000 after acquiring an additional 5,257 shares during the last quarter. Truist Financial Corp lifted its position in PulteGroup by 248.6% in the 4th quarter. Truist Financial Corp now owns 191,219 shares of the construction company’s stock valued at $19,738,000 after acquiring an additional 136,370 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in PulteGroup by 65.0% during the 3rd quarter. American Century Companies Inc. now owns 224,978 shares of the construction company’s stock valued at $16,660,000 after purchasing an additional 88,638 shares during the last quarter. 89.90% of the stock is currently owned by institutional investors.

PulteGroup Stock Performance

Shares of PHM stock traded up $0.69 during trading hours on Friday, reaching $117.68. 1,614,469 shares of the company traded hands, compared to its average volume of 1,811,371. The firm has a 50-day moving average price of $113.20 and a 200 day moving average price of $102.41. The company has a market cap of $24.75 billion, a P/E ratio of 9.42, a P/E/G ratio of 0.52 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 0.85. PulteGroup, Inc. has a 12-month low of $65.16 and a 12-month high of $121.07.

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

PulteGroup Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 2nd. Shareholders of record on Tuesday, June 18th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.68%. The ex-dividend date of this dividend is Friday, June 14th. PulteGroup’s dividend payout ratio is currently 6.41%.

Analyst Ratings Changes

PHM has been the subject of several recent analyst reports. Jefferies Financial Group boosted their price target on PulteGroup from $126.00 to $131.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Wedbush reaffirmed a “neutral” rating and set a $85.00 price target on shares of PulteGroup in a report on Wednesday, January 31st. Citigroup boosted 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. Royal Bank of Canada raised their target price on shares of PulteGroup from $106.00 to $113.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 24th. Finally, Barclays boosted their target price 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. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $111.73.

PulteGroup 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.