PulteGroup (NYSE:PHM) Price Target Raised to $120.00 at Royal Bank of Canada

PulteGroup (NYSE:PHM) had its price objective lifted by Royal Bank of Canada from $113.00 to $120.00 in a research report released on Wednesday morning, Benzinga reports. They currently have a sector perform rating on the construction company’s stock.

Several other research analysts also recently issued reports on PHM. Oppenheimer upped their price target on shares of PulteGroup from $143.00 to $151.00 and gave the stock an outperform rating in a report on Wednesday. Citigroup lowered their price target on shares of PulteGroup from $129.00 to $117.00 and set a neutral rating for the company in a report on Tuesday, July 2nd. Wedbush reiterated a neutral rating and set a $115.00 price target (up from $105.00) on shares of PulteGroup in a report on Tuesday, July 23rd. Barclays upped their price target on shares of PulteGroup from $131.00 to $150.00 and gave the stock an overweight rating in a report on Wednesday. Finally, Bank of America upped their price target on shares of PulteGroup from $135.00 to $138.00 and gave the stock a buy rating in a report on Monday, July 22nd. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, PulteGroup has an average rating of Moderate Buy and an average price target of $133.14.

PulteGroup Stock Up 4.0 %

Shares of PHM opened at $129.99 on Wednesday. PulteGroup has a one year low of $68.80 and a one year high of $130.93. The company has a market cap of $26.98 billion, a P/E ratio of 10.41, a P/E/G ratio of 0.54 and a beta of 1.61. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.76 and a quick ratio of 0.85. The firm has a 50 day simple moving average of $114.31 and a two-hundred day simple moving average of $111.56.

PulteGroup (NYSE:PHM) last announced its quarterly earnings data on Tuesday, July 23rd. The construction company reported $3.83 EPS for the quarter, beating the consensus estimate of $3.27 by $0.56. PulteGroup had a net margin of 16.75% and a return on equity of 25.67%. The business had revenue of $4.60 billion during the quarter, compared to the consensus estimate of $4.49 billion. During the same period in the previous year, the business earned $3.00 earnings per share. The company’s revenue was up 9.8% on a year-over-year basis. Research analysts forecast that PulteGroup will post 12.81 EPS for the current fiscal year.

PulteGroup Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 2nd. Stockholders of record on Tuesday, June 18th were paid a $0.20 dividend. The ex-dividend date was Tuesday, June 18th. This represents a $0.80 annualized dividend and a dividend yield of 0.62%. PulteGroup’s dividend payout ratio is currently 6.41%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Putnam Investments LLC grew its stake in PulteGroup by 1.8% in the fourth quarter. Putnam Investments LLC now owns 11,008,695 shares of the construction company’s stock valued at $1,136,318,000 after acquiring an additional 197,656 shares during the period. Norges Bank bought a new position in shares of PulteGroup in the fourth quarter valued at approximately $381,960,000. Allianz Asset Management GmbH lifted its holdings in shares of PulteGroup by 38.3% in the fourth quarter. Allianz Asset Management GmbH now owns 1,892,229 shares of the construction company’s stock valued at $195,316,000 after purchasing an additional 523,623 shares in the last quarter. Los Angeles Capital Management LLC lifted its holdings in shares of PulteGroup by 0.5% in the first quarter. Los Angeles Capital Management LLC now owns 1,434,016 shares of the construction company’s stock valued at $172,971,000 after purchasing an additional 7,397 shares in the last quarter. Finally, Captrust Financial Advisors lifted its holdings in shares of PulteGroup by 18.4% in the first quarter. Captrust Financial Advisors now owns 1,085,939 shares of the construction company’s stock valued at $130,986,000 after purchasing an additional 168,746 shares in the last quarter. 89.90% of the stock is owned by institutional investors and hedge funds.

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.