PulteGroup, Inc. (NYSE:PHM) to Post Q2 2024 Earnings of $2.97 Per Share, Zacks Research Forecasts

PulteGroup, Inc. (NYSE:PHM) – Equities researchers at Zacks Research raised their Q2 2024 earnings per share estimates for PulteGroup in a note issued to investors on Thursday, March 28th. Zacks Research analyst A. Gupta now anticipates that the construction company will earn $2.97 per share for the quarter, up from their previous forecast of $2.96. The consensus estimate for PulteGroup’s current full-year earnings is $11.77 per share. Zacks Research also issued estimates for PulteGroup’s Q3 2024 earnings at $3.04 EPS, Q4 2024 earnings at $3.35 EPS, FY2024 earnings at $11.73 EPS, Q1 2025 earnings at $2.64 EPS, Q2 2025 earnings at $3.25 EPS, Q3 2025 earnings at $3.24 EPS, Q4 2025 earnings at $3.52 EPS, FY2025 earnings at $12.65 EPS and FY2026 earnings at $12.86 EPS.

PHM has been the topic of several other reports. UBS Group downgraded PulteGroup from a “buy” rating to a “neutral” rating and increased their target price for the stock from $93.00 to $120.00 in a research report on Thursday, January 4th. Barclays upped their price target on PulteGroup from $120.00 to $126.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 31st. Citigroup lowered PulteGroup from a “buy” rating to a “neutral” rating and upped their price target for the stock from $87.00 to $113.00 in a research note on Monday, January 8th. Raymond James upped their price target on PulteGroup from $100.00 to $120.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. Finally, Wedbush restated a “neutral” rating and set a $85.00 price target on shares of PulteGroup in a research note on Wednesday, January 31st. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $104.87.

PulteGroup Stock Performance

NYSE PHM opened at $120.62 on Friday. The business’s 50-day moving average price is $107.82 and its 200 day moving average price is $93.83. PulteGroup has a twelve month low of $56.63 and a twelve month high of $120.89. The company has a market capitalization of $25.45 billion, a PE ratio of 10.27, a price-to-earnings-growth ratio of 0.80 and a beta of 1.56. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.19.

PulteGroup (NYSE:PHM) last issued its quarterly earnings data on Tuesday, January 30th. The construction company reported $3.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.21 by $0.07. PulteGroup had a return on equity of 25.97% and a net margin of 16.20%. The business had revenue of $4.29 billion for the quarter, compared to the consensus estimate of $4.47 billion. During the same period in the prior year, the business earned $3.63 earnings per share. 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 will be paid on Tuesday, April 2nd. Shareholders of record on Friday, March 15th will be paid a dividend of $0.20 per share. The ex-dividend date is Thursday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 0.66%. PulteGroup’s dividend payout ratio (DPR) is presently 6.81%.

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

Insider Buying and Selling at PulteGroup

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 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 owns 15,389 shares in the company, valued at approximately $1,586,452.01. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.83% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Nordea Investment Management AB lifted its holdings in 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 buying an additional 28,833 shares during the last quarter. Illinois Municipal Retirement Fund lifted its holdings in shares of 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 last quarter. American Century Companies Inc. lifted its holdings in shares of 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 last quarter. AEGON ASSET MANAGEMENT UK Plc bought a new stake in shares of PulteGroup in the 4th quarter worth approximately $2,815,000. Finally, Covestor Ltd lifted its holdings in shares of PulteGroup by 25.2% in the 3rd quarter. Covestor Ltd now owns 2,517 shares of the construction company’s stock worth $186,000 after purchasing an additional 506 shares during the last quarter. 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.