Fifth Third Bancorp Acquires 51,124 Shares of PulteGroup, Inc. $PHM

Fifth Third Bancorp lifted its stake in PulteGroup, Inc. (NYSE:PHM) by 782.9% in the 1st quarter, HoldingsChannel reports. The firm owned 57,654 shares of the construction company’s stock after acquiring an additional 51,124 shares during the period. Fifth Third Bancorp’s holdings in PulteGroup were worth $6,781,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the stock. Franklin Resources Inc. raised its stake in shares of PulteGroup by 5.1% in the fourth quarter. Franklin Resources Inc. now owns 13,555,304 shares of the construction company’s stock worth $1,589,495,000 after buying an additional 655,033 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of PulteGroup by 126.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,284,197 shares of the construction company’s stock valued at $502,366,000 after acquiring an additional 2,392,580 shares during the period. First Trust Advisors LP increased its holdings in PulteGroup by 10.4% in the 4th quarter. First Trust Advisors LP now owns 4,000,920 shares of the construction company’s stock worth $469,148,000 after acquiring an additional 377,003 shares in the last quarter. Norges Bank purchased a new stake in PulteGroup in the 4th quarter worth approximately $466,653,000. Finally, Invesco Ltd. raised its stake in PulteGroup by 5.8% during the 4th quarter. Invesco Ltd. now owns 2,257,211 shares of the construction company’s stock worth $264,681,000 after acquiring an additional 123,793 shares during the period. 89.90% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on PHM. The Goldman Sachs Group lifted their price target on shares of PulteGroup from $133.00 to $142.00 and gave the company a “neutral” rating in a report on Friday, April 24th. Seaport Research Partners restated a “sell” rating and set a $100.00 price objective (down from $155.00) on shares of PulteGroup in a research report on Tuesday, April 7th. Wells Fargo & Company lifted their target price on shares of PulteGroup from $140.00 to $150.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. Evercore upped their target price on shares of PulteGroup from $146.00 to $151.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Finally, Barclays upped their target price on shares of PulteGroup from $112.00 to $123.00 and gave the stock an “equal weight” rating in a report on Tuesday. Ten research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $142.21.

Insider Transactions at PulteGroup

In related news, Director Lila Snyder sold 3,339 shares of PulteGroup stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $117.18, for a total value of $391,264.02. Following the completion of the transaction, the director owned 3,540 shares in the company, valued at approximately $414,817.20. This trade represents a 48.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Matthew William Koart sold 7,457 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $120.00, for a total value of $894,840.00. Following the sale, the chief operating officer owned 28,100 shares in the company, valued at approximately $3,372,000. This trade represents a 20.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.75% of the company’s stock.

PulteGroup Stock Performance

NYSE PHM opened at $129.11 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.94 and a quick ratio of 0.94. PulteGroup, Inc. has a 1-year low of $107.91 and a 1-year high of $144.49. The business has a 50 day simple moving average of $122.75 and a two-hundred day simple moving average of $124.98. The stock has a market capitalization of $24.59 billion, a PE ratio of 12.49, a P/E/G ratio of 1.60 and a beta of 1.18.

PulteGroup (NYSE:PHM) last posted its earnings results on Thursday, April 23rd. The construction company reported $1.79 EPS for the quarter, missing analysts’ consensus estimates of $1.80 by ($0.01). PulteGroup had a net margin of 12.14% and a return on equity of 16.41%. The firm had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.40 billion. During the same quarter in the prior year, the company posted $2.57 earnings per share. The firm’s revenue was down 12.4% compared to the same quarter last year. On average, research analysts predict that PulteGroup, Inc. will post 9.95 EPS for the current fiscal year.

PulteGroup Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Tuesday, June 16th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Tuesday, June 16th. PulteGroup’s dividend payout ratio (DPR) is presently 10.06%.

PulteGroup announced that its Board of Directors has initiated a share repurchase program on Thursday, April 23rd that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the construction company to repurchase up to 6.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

About PulteGroup

PulteGroup, Inc (NYSE: PHM) is a U.S.-based residential homebuilder that designs, constructs and sells single-family homes and develops master-planned communities. The company operates multiple national and regional brands that target different buyer segments, including first-time buyers, move-up buyers and active-adult customers. Its operations encompass land acquisition and development, home design and construction, community amenities and ongoing customer service and warranty programs.

PulteGroup markets homes under several well-known brands, such as Pulte Homes, Centex and Del Webb, among others, offering a range of product types from entry-level detached homes to larger, higher-end residences and age-restricted active-adult communities.