PulteGroup, Inc. (NYSE:PHM) Forecasted to Post Q2 2024 Earnings of $3.22 Per Share

PulteGroup, Inc. (NYSE:PHM) – Research analysts at Seaport Res Ptn upped their Q2 2024 earnings per share (EPS) estimates for PulteGroup in a note issued to investors on Tuesday, April 23rd. Seaport Res Ptn analyst K. Zener now expects 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 $12.28 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.

A number of other equities analysts have also recently issued reports on PHM. StockNews.com raised PulteGroup from a “hold” rating to a “buy” rating in a report on Wednesday. Zelman & Associates raised shares of PulteGroup from a “neutral” rating to an “outperform” rating in a report on Wednesday. Raymond James reiterated an “outperform” rating and set a $135.00 target price (up previously from $120.00) on shares of PulteGroup in a research report on Thursday. The Goldman Sachs Group boosted their price target on shares of PulteGroup from $91.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, January 11th. Finally, Wedbush reiterated a “neutral” rating and issued a $85.00 target price on shares of PulteGroup in a research note on Wednesday, January 31st. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $111.73.

PulteGroup Stock Performance

NYSE:PHM opened at $113.80 on Friday. The firm has a market capitalization of $23.94 billion, a PE ratio of 9.11, a price-to-earnings-growth ratio of 0.51 and a beta of 1.56. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.18. PulteGroup has a 12-month low of $64.70 and a 12-month high of $121.07. The firm has a 50-day moving average price of $111.28 and a 200 day moving average price of $99.59.

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

PulteGroup Dividend Announcement

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

PulteGroup announced that its Board of Directors has approved a share repurchase program on Tuesday, January 30th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the construction company to purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, VP Brien P. O’meara sold 2,000 shares of the stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $103.09, for a total value of $206,180.00. Following the sale, the vice president now directly owns 15,389 shares in the company, valued at approximately $1,586,452.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.83% of the stock is currently owned by company insiders.

Institutional Trading of PulteGroup

A number of large investors have recently made changes to their positions in the company. Aspen Investment Management Inc bought a new stake in shares of PulteGroup in the first quarter worth about $316,000. Planned Solutions Inc. increased its stake in PulteGroup by 10.9% during the 1st quarter. Planned Solutions Inc. now owns 3,057 shares of the construction company’s stock worth $369,000 after purchasing an additional 300 shares in the last quarter. LifeSteps Financial Inc. acquired a new stake in PulteGroup during the 1st quarter worth approximately $174,000. Verdence Capital Advisors LLC lifted its stake in PulteGroup by 3.4% in the first quarter. Verdence Capital Advisors LLC now owns 7,610 shares of the construction company’s stock valued at $918,000 after buying an additional 253 shares in the last quarter. Finally, Strategy Asset Managers LLC boosted its holdings in shares of PulteGroup by 3.8% in the first quarter. Strategy Asset Managers LLC now owns 6,522 shares of the construction company’s stock valued at $787,000 after buying an additional 239 shares during the period. Institutional investors own 89.90% of the company’s stock.

About PulteGroup

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.