FY2024 EPS Estimates for PulteGroup, Inc. (NYSE:PHM) Boosted by Wedbush

PulteGroup, Inc. (NYSE:PHM) – Research analysts at Wedbush raised their FY2024 earnings per share estimates for PulteGroup in a research report issued on Tuesday, April 23rd. Wedbush analyst J. Mccanless now anticipates that the construction company will post earnings of $12.60 per share for the year, up from their previous estimate of $11.21. Wedbush currently has a “Neutral” rating and a $85.00 target price on the stock. The consensus estimate for PulteGroup’s current full-year earnings is $11.96 per share. Wedbush also issued estimates for PulteGroup’s Q4 2024 earnings at $3.17 EPS, Q1 2025 earnings at $2.89 EPS, Q4 2025 earnings at $3.72 EPS and FY2025 earnings at $13.24 EPS.

PulteGroup (NYSE:PHM) last announced its earnings results on Tuesday, January 30th. The construction company reported $3.28 EPS for the quarter, beating the consensus estimate of $3.21 by $0.07. The business had revenue of $4.29 billion for 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 firm’s revenue was down 15.5% on a year-over-year basis. During the same period in the prior year, the business posted $3.63 earnings per share.

A number of other research firms have also recently issued reports on PHM. StockNews.com upgraded PulteGroup from a “hold” rating to a “buy” rating in a report on Wednesday. Citigroup upped their target price on PulteGroup from $116.00 to $127.00 and gave the stock a “neutral” rating in a research report on Friday, April 5th. Barclays upped their target price on PulteGroup from $126.00 to $136.00 and gave the stock an “overweight” rating in a research report on Thursday, April 4th. Raymond James reaffirmed an “outperform” rating and set a $135.00 target price (up from $120.00) on shares of PulteGroup in a research report on Thursday. Finally, Royal Bank of Canada upped their target price on PulteGroup from $106.00 to $113.00 and gave the stock a “sector perform” rating in a research report on Wednesday. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $111.73.

PulteGroup Price Performance

PulteGroup stock opened at $113.74 on Thursday. The stock has a market capitalization of $23.92 billion, a price-to-earnings ratio of 9.11, a PEG ratio of 0.54 and a beta of 1.56. PulteGroup has a 52-week low of $64.70 and a 52-week high of $121.07. The stock’s 50 day moving average price is $111.28 and its two-hundred day moving average price is $99.42. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.86 and a current ratio of 0.85.

PulteGroup announced that its board has authorized a stock repurchase plan on Tuesday, January 30th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the construction company to reacquire up to 6.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

PulteGroup Announces Dividend

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

Insider Activity

In other news, VP Brien P. O’meara sold 2,000 shares of the firm’s stock in a transaction on Tuesday, February 6th. The stock was 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 of the company’s stock, valued at approximately $1,586,452.01. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.83% of the company’s stock.

Institutional Investors Weigh In On PulteGroup

Several large investors have recently made changes to their positions in PHM. Nordea Investment Management AB grew its stake in shares of PulteGroup by 4.0% during the 4th quarter. Nordea Investment Management AB now owns 753,768 shares of the construction company’s stock worth $78,030,000 after acquiring an additional 28,833 shares during the period. Illinois Municipal Retirement Fund boosted its stake in PulteGroup by 24.9% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 26,341 shares of the construction company’s stock worth $1,951,000 after purchasing an additional 5,257 shares during the period. American Century Companies Inc. boosted its stake in PulteGroup by 65.0% in the 3rd quarter. American Century Companies Inc. now owns 224,978 shares of the construction company’s stock worth $16,660,000 after purchasing an additional 88,638 shares during the period. International Assets Investment Management LLC bought a new position in PulteGroup in the 4th quarter worth about $6,111,000. Finally, Louisiana State Employees Retirement System bought a new position in PulteGroup in the 4th quarter worth about $1,342,000. 89.90% of the stock is owned by hedge funds and other institutional investors.

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.