Bank of America Cuts PulteGroup (NYSE:PHM) Price Target to $140.00

PulteGroup (NYSE:PHM) had its price target lowered by Bank of America from $145.00 to $140.00 in a report issued on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the construction company’s stock.

Several other equities research analysts have also commented on the company. JPMorgan Chase & Co. cut their target price on PulteGroup from $149.00 to $131.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 3rd. Wall Street Zen upgraded PulteGroup from a “sell” rating to a “hold” rating in a research report on Sunday, January 11th. Barclays cut their target price on PulteGroup from $115.00 to $112.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 8th. Evercore upgraded PulteGroup from an “in-line” rating to an “outperform” rating and set a $146.00 target price on the stock in a research report on Monday, April 13th. Finally, Citigroup upped their target price on PulteGroup from $128.00 to $136.00 and gave the company a “neutral” rating in a research report on Tuesday, February 3rd. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, PulteGroup currently has a consensus rating of “Moderate Buy” and a consensus price target of $138.79.

PulteGroup Stock Down 0.8%

Shares of PulteGroup stock opened at $127.63 on Monday. PulteGroup has a one year low of $95.20 and a one year high of $144.49. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.01 and a quick ratio of 1.01. The stock’s 50-day moving average is $126.03 and its 200 day moving average is $124.71. The firm has a market cap of $24.45 billion, a price-to-earnings ratio of 11.48, a PEG ratio of 1.66 and a beta of 1.33.

PulteGroup Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, April 2nd. Shareholders of record on Tuesday, March 17th were issued a $0.26 dividend. The ex-dividend date was Tuesday, March 17th. This represents a $1.04 annualized dividend and a yield of 0.8%. PulteGroup’s dividend payout ratio is presently 9.35%.

Insiders Place Their Bets

In other PulteGroup news, EVP Todd N. Sheldon sold 14,220 shares of the stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $135.01, for a total value of $1,919,842.20. Following the transaction, the executive vice president owned 69,753 shares in the company, valued at approximately $9,417,352.53. This represents a 16.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Kevin A. Henry sold 5,173 shares of the stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $141.03, for a total value of $729,548.19. Following the completion of the sale, the executive vice president directly owned 14,673 shares of the company’s stock, valued at approximately $2,069,333.19. This trade represents a 26.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 149,952 shares of company stock valued at $20,162,165. 0.75% of the stock is currently owned by corporate insiders.

Institutional Trading of PulteGroup

Several institutional investors and hedge funds have recently modified their holdings of the stock. Nordea Investment Management AB increased its position in shares of PulteGroup by 2.4% during the fourth quarter. Nordea Investment Management AB now owns 573,065 shares of the construction company’s stock valued at $67,387,000 after acquiring an additional 13,259 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of PulteGroup by 24.2% during the third quarter. Principal Financial Group Inc. now owns 312,935 shares of the construction company’s stock valued at $41,348,000 after acquiring an additional 61,009 shares during the last quarter. Nisa Investment Advisors LLC increased its position in shares of PulteGroup by 10.5% during the third quarter. Nisa Investment Advisors LLC now owns 105,470 shares of the construction company’s stock valued at $13,959,000 after acquiring an additional 10,028 shares during the last quarter. EFG Asset Management Americas Corp. increased its position in shares of PulteGroup by 351.9% during the third quarter. EFG Asset Management Americas Corp. now owns 46,752 shares of the construction company’s stock valued at $6,177,000 after acquiring an additional 36,407 shares during the last quarter. Finally, Dorato Capital Management purchased a new stake in shares of PulteGroup during the fourth quarter valued at approximately $2,625,000. 89.90% of the stock is owned by hedge funds and other institutional investors.

About PulteGroup

PulteGroup, Inc (NYSE: PHM) is a U.S.-based residential homebuilder that designs, constructs and sells single-family homes and develops master-planned communities. The company operates multiple national and regional brands that target different buyer segments, including first-time buyers, move-up buyers and active-adult customers. Its operations encompass land acquisition and development, home design and construction, community amenities and ongoing customer service and warranty programs.

PulteGroup markets homes under several well-known brands, such as Pulte Homes, Centex and Del Webb, among others, offering a range of product types from entry-level detached homes to larger, higher-end residences and age-restricted active-adult communities.