Bank of Nova Scotia Has $16.23 Million Holdings in PulteGroup, Inc. (NYSE:PHM)

Bank of Nova Scotia increased its position in PulteGroup, Inc. (NYSE:PHM) by 458.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 149,056 shares of the construction company’s stock after purchasing an additional 122,365 shares during the period. Bank of Nova Scotia owned about 0.07% of PulteGroup worth $16,232,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PHM. Hager Investment Management Services LLC acquired a new position in PulteGroup in the 4th quarter valued at approximately $29,000. Fortitude Family Office LLC increased its stake in shares of PulteGroup by 74.1% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the construction company’s stock worth $35,000 after acquiring an additional 137 shares during the last quarter. R Squared Ltd acquired a new position in shares of PulteGroup in the fourth quarter worth $39,000. Thurston Springer Miller Herd & Titak Inc. boosted its position in PulteGroup by 41.9% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 444 shares of the construction company’s stock valued at $48,000 after purchasing an additional 131 shares during the last quarter. Finally, Oakworth Capital Inc. lifted its holdings in shares of PulteGroup by 642.2% during the 4th quarter. Oakworth Capital Inc. now owns 475 shares of the construction company’s stock valued at $52,000 after buying an additional 411 shares during the last quarter. Institutional investors and hedge funds own 89.90% of the company’s stock.

Insider Buying and Selling

In related news, Director Brian P. Anderson sold 2,500 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $106.45, for a total transaction of $266,125.00. Following the sale, the director now owns 56,617 shares in the company, valued at approximately $6,026,879.65. This trade represents a 4.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Todd N. Sheldon sold 15,191 shares of the company’s stock in a transaction 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,191 shares of company stock worth $2,256,367. Company insiders own 0.76% of the company’s stock.

PulteGroup Price Performance

NYSE:PHM opened at $93.68 on Friday. The company has a market cap of $18.97 billion, a P/E ratio of 6.37, a P/E/G ratio of 0.29 and a beta of 1.44. The firm’s fifty day moving average price is $103.72 and its two-hundred day moving average price is $118.21. PulteGroup, Inc. has a one year low of $88.07 and a one 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.

PulteGroup (NYSE:PHM) last released its quarterly earnings results on Thursday, January 30th. The construction company reported $3.50 earnings per share for the quarter, topping the consensus estimate of $3.28 by $0.22. PulteGroup had a return on equity of 24.43% and a net margin of 17.18%. Equities analysts expect that PulteGroup, Inc. will post 12.32 earnings per share for the current year.

PulteGroup declared that its board has initiated a stock repurchase plan on Thursday, January 30th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the construction company to buy up to 6.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

PulteGroup Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 2nd. Stockholders of record on Tuesday, March 18th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Tuesday, March 18th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.94%. PulteGroup’s payout ratio is 5.98%.

Analyst Ratings Changes

A number of research firms have issued reports on PHM. Seaport Res Ptn upgraded shares of PulteGroup from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 6th. The Goldman Sachs Group decreased their price objective on shares of PulteGroup from $140.00 to $124.00 and set a “neutral” rating for the company in a report on Tuesday, January 14th. Wells Fargo & Company cut their target price on PulteGroup from $165.00 to $140.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. JPMorgan Chase & Co. decreased their price target on PulteGroup from $162.00 to $155.00 and set an “overweight” rating for the company in a research note on Friday, December 13th. Finally, Barclays cut their price objective on PulteGroup from $117.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Seven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $139.64.

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.