Meridian Wealth Management LLC Acquires New Holdings in PulteGroup, Inc. (NYSE:PHM)

Meridian Wealth Management LLC acquired a new stake in PulteGroup, Inc. (NYSE:PHM) during the third quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 13,129 shares of the construction company’s stock, valued at approximately $1,884,000.

A number of other institutional investors have also made changes to their positions in PHM. Swedbank AB bought a new position in shares of PulteGroup in the 1st quarter valued at approximately $68,985,000. KBC Group NV raised its stake in shares of PulteGroup by 1,020.0% in the 3rd quarter. KBC Group NV now owns 435,925 shares of the construction company’s stock valued at $62,568,000 after acquiring an additional 397,003 shares in the last quarter. Hsbc Holdings PLC raised its stake in shares of PulteGroup by 19.6% in the 2nd quarter. Hsbc Holdings PLC now owns 1,529,698 shares of the construction company’s stock valued at $168,254,000 after acquiring an additional 250,937 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of PulteGroup by 8.6% in the 2nd quarter. Pacer Advisors Inc. now owns 2,968,788 shares of the construction company’s stock valued at $326,864,000 after acquiring an additional 235,826 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of PulteGroup by 35.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 861,487 shares of the construction company’s stock valued at $123,649,000 after acquiring an additional 223,841 shares in the last quarter. 89.90% of the stock is owned by institutional investors.

PulteGroup Price Performance

Shares of PHM stock opened at $129.76 on Friday. The stock’s fifty day simple moving average is $136.74 and its 200 day simple moving average is $125.77. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.73 and a quick ratio of 0.73. The firm has a market cap of $26.61 billion, a price-to-earnings ratio of 9.57, a P/E/G ratio of 0.52 and a beta of 1.63. PulteGroup, Inc. has a one year low of $86.59 and a one year high of $149.47.

PulteGroup (NYSE:PHM) last announced its quarterly earnings results on Tuesday, October 22nd. The construction company reported $3.35 EPS for the quarter, beating the consensus estimate of $3.10 by $0.25. The business had revenue of $4.48 billion for the quarter, compared to analyst estimates of $4.27 billion. PulteGroup had a return on equity of 25.30% and a net margin of 16.64%. PulteGroup’s quarterly revenue was up 11.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.90 EPS. On average, analysts expect that PulteGroup, Inc. will post 12.94 earnings per share for the current fiscal year.

PulteGroup Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Tuesday, December 17th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.88 dividend on an annualized basis and a yield of 0.68%. This is a positive change from PulteGroup’s previous quarterly dividend of $0.20. PulteGroup’s payout ratio is currently 5.90%.

Analyst Ratings Changes

Several research analysts have commented on PHM shares. Wells Fargo & Company lifted their price target on PulteGroup from $150.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Oppenheimer dropped their price target on PulteGroup from $168.00 to $165.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 23rd. Wedbush reaffirmed a “neutral” rating and issued a $115.00 price target on shares of PulteGroup in a research report on Tuesday, October 22nd. UBS Group lifted their price target on PulteGroup from $148.00 to $154.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. Finally, Wolfe Research downgraded PulteGroup from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, August 14th. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, PulteGroup currently has a consensus rating of “Moderate Buy” and a consensus price target of $145.00.

Insiders Place Their Bets

In other PulteGroup news, Director Thomas J. Folliard sold 19,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $131.14, for a total value of $2,491,660.00. Following the transaction, the director now owns 45,230 shares of the company’s stock, valued at approximately $5,931,462.20. The trade was a 29.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.83% of the company’s stock.

PulteGroup Company Profile

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.