Q2 2024 EPS Estimates for PulteGroup, Inc. (NYSE:PHM) Lifted by Seaport Res Ptn

PulteGroup, Inc. (NYSE:PHM) – Equities research analysts at Seaport Res Ptn increased their Q2 2024 earnings per share estimates for shares of PulteGroup in a research report issued to clients and investors on Tuesday, April 23rd. Seaport Res Ptn analyst K. Zener now forecasts that the construction company will earn $3.22 per share for the quarter, up from their prior estimate of $3.07. The consensus estimate for PulteGroup’s current full-year earnings is $11.96 per share. Seaport Res Ptn also issued estimates for PulteGroup’s Q4 2024 earnings at $3.45 EPS and FY2024 earnings at $12.79 EPS.

PulteGroup (NYSE:PHM) last released its earnings results on Tuesday, January 30th. The construction company reported $3.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.21 by $0.07. The firm had revenue of $4.29 billion during the quarter, compared to analysts’ expectations of $4.47 billion. PulteGroup had a return on equity of 25.81% and a net margin of 16.63%. The company’s revenue was down 15.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.63 EPS.

Other equities analysts have also recently issued research reports about the company. Raymond James restated an “outperform” rating and issued a $135.00 price objective (up previously from $120.00) on shares of PulteGroup in a report on Thursday. Royal Bank of Canada raised their price objective on PulteGroup from $106.00 to $113.00 and gave the company a “sector perform” rating in a report on Wednesday. Zelman & Associates upgraded PulteGroup from a “neutral” rating to an “outperform” rating in a report on Wednesday. Jefferies Financial Group raised their price objective on PulteGroup from $126.00 to $131.00 and gave the company a “buy” rating in a report on Wednesday. Finally, StockNews.com upgraded PulteGroup from a “hold” rating to a “buy” rating in a report on Wednesday. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $111.73.

PulteGroup Price Performance

PHM stock opened at $113.74 on Friday. The stock has a 50-day moving average price of $111.28 and a two-hundred day moving average price of $99.42. The stock has a market cap of $23.92 billion, a PE ratio of 9.11, a price-to-earnings-growth ratio of 0.54 and a beta of 1.56. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.18. PulteGroup has a 1 year low of $64.70 and a 1 year high of $121.07.

Institutional Investors Weigh In On PulteGroup

Several hedge funds have recently bought and sold shares of PHM. Exchange Traded Concepts LLC increased its holdings in shares of PulteGroup by 11.1% during the third quarter. Exchange Traded Concepts LLC now owns 27,619 shares of the construction company’s stock worth $2,045,000 after purchasing an additional 2,750 shares during the period. Private Trust Co. NA increased its holdings in shares of PulteGroup by 25.0% during the third quarter. Private Trust Co. NA now owns 859 shares of the construction company’s stock worth $64,000 after purchasing an additional 172 shares during the period. Oak Thistle LLC bought a new position in shares of PulteGroup during the third quarter worth approximately $367,000. Czech National Bank increased its holdings in shares of PulteGroup by 45.1% during the third quarter. Czech National Bank now owns 38,355 shares of the construction company’s stock worth $2,840,000 after purchasing an additional 11,929 shares during the period. Finally, Asset Management One Co. Ltd. increased its holdings in shares of PulteGroup by 9.3% during the third quarter. Asset Management One Co. Ltd. now owns 103,249 shares of the construction company’s stock worth $7,646,000 after purchasing an additional 8,817 shares during the period. 89.90% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other PulteGroup news, VP Brien P. O’meara sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $103.09, for a total transaction of $206,180.00. Following the completion of the sale, the vice president now directly owns 15,389 shares in the company, valued at $1,586,452.01. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.83% of the company’s stock.

PulteGroup Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 2nd. Shareholders of record on Friday, March 15th were given a dividend of $0.20 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.80 annualized dividend and a yield of 0.70%. PulteGroup’s dividend payout ratio (DPR) is presently 6.41%.

PulteGroup declared that its Board of Directors has initiated a share repurchase plan on Tuesday, January 30th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the construction company to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase plans 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.