Eastern Bank Has $906,000 Stock Position in PulteGroup, Inc. $PHM

Eastern Bank reduced its stake in PulteGroup, Inc. (NYSE:PHM) by 94.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,606 shares of the construction company’s stock after selling 111,986 shares during the quarter. Eastern Bank’s holdings in PulteGroup were worth $906,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of PulteGroup in the fourth quarter valued at approximately $466,653,000. Price T Rowe Associates Inc. MD lifted its holdings in 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 worth $502,366,000 after purchasing an additional 2,392,580 shares during the last quarter. Public Sector Pension Investment Board boosted its stake in PulteGroup by 5,485.0% in the 4th quarter. Public Sector Pension Investment Board now owns 930,622 shares of the construction company’s stock valued at $109,125,000 after purchasing an additional 913,959 shares during the period. Franklin Resources Inc. grew its holdings in PulteGroup by 5.1% in the 4th quarter. Franklin Resources Inc. now owns 13,555,304 shares of the construction company’s stock valued at $1,589,495,000 after buying an additional 655,033 shares in the last quarter. Finally, Milford Funds Ltd. bought a new position in PulteGroup during the 4th quarter worth $68,379,000. 89.90% of the stock is currently owned by institutional investors and hedge funds.

PulteGroup Price Performance

Shares of PHM stock opened at $131.77 on Wednesday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.14. PulteGroup, Inc. has a twelve month low of $108.49 and a twelve month high of $144.49. The company has a market cap of $24.70 billion, a P/E ratio of 13.46, a P/E/G ratio of 1.61 and a beta of 1.19. The business has a fifty day simple moving average of $126.28 and a 200 day simple moving average of $125.45.

PulteGroup (NYSE:PHM) last issued its earnings results on Wednesday, July 22nd. The construction company reported $2.48 EPS for the quarter, topping the consensus estimate of $2.36 by $0.12. The firm had revenue of $3.98 billion during the quarter, compared to the consensus estimate of $3.94 billion. PulteGroup had a return on equity of 15.21% and a net margin of 11.62%.The business’s quarterly revenue was down 9.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.03 earnings per share. On average, sell-side analysts forecast that PulteGroup, Inc. will post 10.08 EPS for the current fiscal year.

PulteGroup announced that its board has authorized a stock buyback plan on Thursday, April 23rd that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the construction company to reacquire up to 6.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, 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 transaction of $894,840.00. Following the completion of the transaction, the chief operating officer directly owned 28,100 shares in the company, valued at $3,372,000. This represents a 20.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lila Snyder sold 3,339 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $117.18, for a total transaction of $391,264.02. Following the completion of the transaction, the director directly owned 3,540 shares of the company’s stock, valued at approximately $414,817.20. The trade was a 48.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.75% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on PHM shares. Truist Financial dropped their target price on PulteGroup from $170.00 to $150.00 and set a “buy” rating for the company in a report on Thursday, April 16th. Royal Bank Of Canada raised their price target on shares of PulteGroup from $115.00 to $116.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 23rd. The Goldman Sachs Group lifted their price objective on shares of PulteGroup from $133.00 to $142.00 and gave the stock a “neutral” rating in a research note on Friday, April 24th. Zacks Research raised shares of PulteGroup from a “strong sell” rating to a “hold” rating in a report on Monday, April 13th. Finally, Bank of America decreased their target price on shares of PulteGroup from $145.00 to $140.00 and set a “buy” rating on the stock in a research report on Monday, April 20th. Ten research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $143.14.

PulteGroup Company Profile

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.