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

PulteGroup, Inc. (NYSE:PHM) – Research analysts at Zacks Research increased their Q2 2024 earnings per share (EPS) estimates for PulteGroup in a research report issued on Thursday, March 28th. Zacks Research analyst A. Gupta now expects that the construction company will post earnings per share of $2.97 for the quarter, up from their prior 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.

Several other research firms have also issued reports on PHM. Royal Bank of Canada lifted their target price on PulteGroup from $103.00 to $106.00 and gave the company a “sector perform” rating in a research note on Wednesday, January 31st. UBS Group lowered PulteGroup from a “buy” rating to a “neutral” rating and lifted their target price for the company from $93.00 to $120.00 in a research note on Thursday, January 4th. Citigroup lowered PulteGroup from a “buy” rating to a “neutral” rating and lifted their target price for the company from $87.00 to $113.00 in a research note on Monday, January 8th. Raymond James lifted their target price on PulteGroup from $100.00 to $120.00 and gave the company an “outperform” rating in a research note on Monday, February 5th. Finally, StockNews.com lowered PulteGroup from a “buy” rating to a “hold” rating in a research note on Saturday, March 2nd. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $104.87.

PulteGroup Stock Performance

Shares of PulteGroup stock opened at $120.62 on Friday. The firm has a market cap of $25.45 billion, a P/E ratio of 10.27, a P/E/G 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 has a 12 month low of $56.63 and a 12 month high of $120.89. The stock’s fifty day moving average price is $107.82 and its 200-day moving average price is $93.83.

PulteGroup (NYSE:PHM) last announced its quarterly 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 firm had revenue of $4.29 billion for the quarter, compared to analyst estimates of $4.47 billion. PulteGroup had a return on equity of 25.97% and a net margin of 16.20%. The business’s revenue for the quarter was down 15.5% on a year-over-year basis. During the same quarter last year, the firm posted $3.63 earnings per share.

Institutional Investors Weigh In On PulteGroup

Institutional investors and hedge funds have recently modified their holdings of the company. Clear Street Markets LLC lifted its holdings in PulteGroup by 90.9% in the first quarter. Clear Street Markets LLC now owns 441 shares of the construction company’s stock valued at $26,000 after acquiring an additional 210 shares during the period. Coppell Advisory Solutions Corp. acquired a new position in PulteGroup in the fourth quarter valued at approximately $26,000. Coppell Advisory Solutions LLC acquired a new position in PulteGroup in the second quarter valued at approximately $29,000. West Tower Group LLC acquired a new position in PulteGroup in the second quarter valued at approximately $30,000. Finally, Arlington Trust Co LLC acquired a new position in PulteGroup in the third quarter valued at approximately $33,000. Institutional investors and hedge funds own 89.90% of the company’s stock.

Insider Buying and Selling

In related news, VP Brien P. O’meara sold 2,000 shares of PulteGroup stock in a transaction dated 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 of the company’s stock, valued at $1,586,452.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.83% of the company’s stock.

PulteGroup declared that its Board of Directors has initiated a share repurchase plan on Tuesday, January 30th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the construction company to buy up to 6.5% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

PulteGroup Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 2nd. Investors of record on Friday, March 15th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.66%. The ex-dividend date of this dividend is Thursday, March 14th. PulteGroup’s dividend payout ratio (DPR) is 6.81%.

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.