Retirement Systems of Alabama lessened its holdings in PulteGroup, Inc. (NYSE:PHM) by 2.7% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 131,063 shares of the construction company’s stock after selling 3,603 shares during the period. Retirement Systems of Alabama’s holdings in PulteGroup were worth $4,358,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in PHM. Invictus RG boosted its stake in shares of PulteGroup by 1,473.4% in the 3rd quarter. Invictus RG now owns 4,264 shares of the construction company’s stock worth $117,000 after buying an additional 3,993 shares during the last quarter. SeaCrest Wealth Management LLC purchased a new position in shares of PulteGroup in the 4th quarter worth approximately $119,000. National Pension Service purchased a new position in shares of PulteGroup in the 4th quarter worth approximately $138,000. Fieldpoint Private Securities LLC purchased a new position in shares of PulteGroup in the 3rd quarter worth approximately $150,000. Finally, Raymond James Trust N.A. purchased a new position in shares of PulteGroup in the 4th quarter worth approximately $200,000. Hedge funds and other institutional investors own 83.80% of the company’s stock.
Shares of PulteGroup, Inc. (PHM) opened at $29.34 on Thursday. The company has a market cap of $8,442.12, a P/E ratio of 13.22, a P/E/G ratio of 0.46 and a beta of 1.03. PulteGroup, Inc. has a 1-year low of $21.31 and a 1-year high of $35.21.
PulteGroup announced that its Board of Directors has initiated a share repurchase plan on Tuesday, January 30th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the construction company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 3rd. Investors of record on Friday, March 16th will be issued a $0.09 dividend. The ex-dividend date is Thursday, March 15th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.23%. PulteGroup’s dividend payout ratio (DPR) is presently 25.00%.
In related news, CFO Robert Oshaughnessy sold 92,800 shares of PulteGroup stock in a transaction that occurred on Friday, December 8th. The shares were sold at an average price of $33.89, for a total value of $3,144,992.00. Following the sale, the chief financial officer now owns 363,722 shares of the company’s stock, valued at approximately $12,326,538.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.71% of the company’s stock.
A number of equities analysts have recently weighed in on PHM shares. UBS Group boosted their target price on PulteGroup from $38.00 to $41.00 and gave the stock a “buy” rating in a research note on Wednesday, January 17th. Bank of America set a $34.00 target price on PulteGroup and gave the stock a “buy” rating in a research note on Wednesday, October 25th. Buckingham Research downgraded PulteGroup from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $31.00 to $33.00 in a research note on Sunday, November 26th. Zacks Investment Research downgraded PulteGroup from a “hold” rating to a “sell” rating in a research note on Wednesday, December 27th. Finally, B. Riley restated a “buy” rating on shares of PulteGroup in a research note on Wednesday, November 1st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $32.85.
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PulteGroup, Inc is a homebuilder in the United States. The Company’s segments include Homebuilding and Financial Services. Its Homebuilding operations are engaged in the acquisition and development of land primarily for residential purposes within the United States and the construction of housing on such land.
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