PulteGroup, Inc. (NYSE:PHM) announced a quarterly dividend on Wednesday, May 12th, Zacks reports. Shareholders of record on Friday, June 11th will be paid a dividend of 0.14 per share by the construction company on Friday, July 2nd. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date of this dividend is Thursday, June 10th.
PulteGroup has increased its dividend by 38.9% over the last three years and has raised its dividend every year for the last 1 years. PulteGroup has a dividend payout ratio of 7.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect PulteGroup to earn $8.52 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 6.6%.
Shares of NYSE PHM opened at $56.96 on Wednesday. The firm has a market capitalization of $14.98 billion, a price-to-earnings ratio of 10.21 and a beta of 1.44. PulteGroup has a one year low of $31.55 and a one year high of $63.90. The company has a fifty day moving average price of $56.40. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.30.
Several equities research analysts have recently weighed in on PHM shares. Wolfe Research assumed coverage on PulteGroup in a research note on Tuesday, March 16th. They issued a “peer perform” rating on the stock. Royal Bank of Canada increased their price objective on PulteGroup from $54.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 28th. Wells Fargo & Company started coverage on shares of PulteGroup in a research note on Wednesday, April 21st. They issued an “equal weight” rating and a $55.00 target price on the stock. Finally, BTIG Research increased their target price on shares of PulteGroup from $56.00 to $76.00 and gave the stock a “buy” rating in a research report on Wednesday, April 28th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. PulteGroup currently has an average rating of “Buy” and an average price target of $58.46.
In related news, Director Brian P. Anderson sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, April 30th. The shares were sold at an average price of $59.29, for a total value of $88,935.00. Following the completion of the transaction, the director now owns 64,881 shares in the company, valued at approximately $3,846,794.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.61% of the stock is owned by corporate insiders.
PulteGroup declared that its Board of Directors has approved a share repurchase program on Tuesday, April 27th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the construction company to buy up to 6.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
PulteGroup, Inc, through its subsidiaries, primarily engages in the homebuilding business in the United States. The company acquires and develops land primarily for residential purposes; and constructs housing on such land. It offers various home designs, including single-family detached, townhouses, condominiums, and duplexes under the Centex, Pulte Homes, Del Webb, DiVosta Homes, American West, and John Wieland Homes and Neighborhoods brand names.
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