Allstate Corp Makes New $681,000 Investment in PulteGroup, Inc. (NYSE:PHM)

Allstate Corp acquired a new stake in PulteGroup, Inc. (NYSE:PHM) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 6,249 shares of the construction company’s stock, valued at approximately $681,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Norges Bank acquired a new stake in PulteGroup in the 4th quarter valued at $427,562,000. Amundi lifted its holdings in PulteGroup by 77.9% during the fourth quarter. Amundi now owns 1,636,562 shares of the construction company’s stock valued at $180,775,000 after purchasing an additional 716,716 shares in the last quarter. Franklin Resources Inc. grew its position in shares of PulteGroup by 5.5% in the third quarter. Franklin Resources Inc. now owns 11,254,274 shares of the construction company’s stock valued at $1,647,364,000 after purchasing an additional 585,735 shares during the period. Lord Abbett & CO. LLC increased its stake in shares of PulteGroup by 3,118.4% during the third quarter. Lord Abbett & CO. LLC now owns 376,717 shares of the construction company’s stock worth $54,070,000 after purchasing an additional 365,012 shares in the last quarter. Finally, World Investment Advisors LLC raised its position in shares of PulteGroup by 2,732.3% during the 3rd quarter. World Investment Advisors LLC now owns 221,172 shares of the construction company’s stock worth $31,745,000 after purchasing an additional 213,363 shares during the last quarter. 89.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on PHM shares. Seaport Res Ptn upgraded PulteGroup from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 6th. Barclays dropped their price target on PulteGroup from $125.00 to $117.00 and set an “equal weight” rating for the company in a research report on Friday, January 31st. Wells Fargo & Company decreased their price objective on PulteGroup from $165.00 to $140.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Bank of America dropped their target price on shares of PulteGroup from $135.00 to $134.00 and set a “buy” rating for the company in a report on Monday, January 27th. Finally, Wedbush reiterated an “outperform” rating and issued a $135.00 target price on shares of PulteGroup in a research report on Friday, January 31st. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $140.86.

PulteGroup Stock Performance

NYSE:PHM opened at $102.94 on Tuesday. The company’s 50-day moving average is $107.30 and its two-hundred day moving average is $121.01. PulteGroup, Inc. has a 1-year low of $99.58 and a 1-year high of $149.47. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market capitalization of $20.84 billion, a price-to-earnings ratio of 7.00, a PEG ratio of 0.29 and a beta of 1.71.

PulteGroup (NYSE:PHM) last released its quarterly earnings data on Thursday, January 30th. The construction company reported $3.50 EPS for the quarter, beating analysts’ consensus estimates of $3.28 by $0.22. PulteGroup had a return on equity of 24.43% and a net margin of 17.18%. Analysts forecast that PulteGroup, Inc. will post 12.32 EPS for the current year.

PulteGroup Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Tuesday, March 18th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date of this dividend is Tuesday, March 18th. PulteGroup’s payout ratio is 5.98%.

PulteGroup declared that its Board of Directors has approved a share repurchase plan on Thursday, January 30th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the construction company to repurchase up to 6.2% 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.

Insider Activity at PulteGroup

In other PulteGroup news, EVP Todd N. Sheldon sold 15,191 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $106.50, for a total value of $1,617,841.50. Following the sale, the executive vice president now owns 74,758 shares of the company’s stock, valued at $7,961,727. The trade was a 16.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Brian P. Anderson sold 2,500 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $106.45, for a total value of $266,125.00. Following the transaction, the director now owns 56,617 shares of the company’s stock, valued at approximately $6,026,879.65. This represents a 4.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,191 shares of company stock worth $2,256,367. Company insiders own 0.76% 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.