Corebridge Financial Inc. Has $5.66 Million Stake in PulteGroup, Inc. (NYSE:PHM)

Corebridge Financial Inc. decreased its position in PulteGroup, Inc. (NYSE:PHM) by 1.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 51,967 shares of the construction company’s stock after selling 899 shares during the quarter. Corebridge Financial Inc.’s holdings in PulteGroup were worth $5,659,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. LPL Financial LLC increased its stake in shares of PulteGroup by 11.2% during the 4th quarter. LPL Financial LLC now owns 390,579 shares of the construction company’s stock worth $42,534,000 after purchasing an additional 39,321 shares during the last quarter. Jackson Hill Advisors LLC boosted its holdings in PulteGroup by 59.2% in the fourth quarter. Jackson Hill Advisors LLC now owns 160,000 shares of the construction company’s stock worth $17,424,000 after purchasing an additional 59,500 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in PulteGroup during the fourth quarter worth $16,488,000. Mizuho Securities USA LLC raised its holdings in PulteGroup by 44.4% during the fourth quarter. Mizuho Securities USA LLC now owns 19,437 shares of the construction company’s stock valued at $2,117,000 after buying an additional 5,980 shares in the last quarter. Finally, Virtu Financial LLC acquired a new stake in shares of PulteGroup in the fourth quarter worth about $1,160,000. Institutional investors own 89.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Bank of America cut their price objective on PulteGroup from $135.00 to $134.00 and set a “buy” rating on the stock in a research note on Monday, January 27th. Wedbush restated an “outperform” rating and issued a $135.00 price objective on shares of PulteGroup in a research note on Friday, January 31st. StockNews.com downgraded shares of PulteGroup from a “buy” rating to a “hold” rating in a report on Wednesday, December 11th. Citigroup dropped their target price on shares of PulteGroup from $146.00 to $119.00 and set a “neutral” rating on the stock in a report on Monday, January 6th. Finally, JPMorgan Chase & Co. decreased their price target on shares of PulteGroup from $162.00 to $155.00 and set an “overweight” rating for the company in a report on Friday, December 13th. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, PulteGroup has an average rating of “Moderate Buy” and an average price target of $140.86.

PulteGroup Stock Down 3.1 %

PHM opened at $101.76 on Friday. The company has a market capitalization of $20.60 billion, a P/E ratio of 6.92, a P/E/G ratio of 0.29 and a beta of 1.71. 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’s fifty day moving average price is $107.58 and its two-hundred day moving average price is $121.31. PulteGroup, Inc. has a fifty-two week low of $100.35 and a fifty-two week high of $149.47.

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

PulteGroup Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Tuesday, March 18th will be paid a $0.22 dividend. The ex-dividend date is Tuesday, March 18th. This represents a $0.88 annualized dividend and a dividend yield of 0.86%. PulteGroup’s dividend payout ratio is currently 5.98%.

PulteGroup announced that its Board of Directors has authorized a stock buyback program on Thursday, January 30th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the construction company to purchase up to 6.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Transactions at PulteGroup

In other PulteGroup news, EVP Todd N. Sheldon sold 15,191 shares of PulteGroup stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $106.50, for a total transaction of $1,617,841.50. Following the completion of the transaction, the executive vice president now directly owns 74,758 shares of the company’s stock, valued at approximately $7,961,727. This trade represents a 16.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Brien P. O’meara sold 3,500 shares of the company’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $106.40, for a total transaction of $372,400.00. Following the completion of the sale, the vice president now directly owns 11,372 shares in the company, valued at approximately $1,209,980.80. The trade was a 23.53 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,191 shares of company stock valued at $2,256,367. Corporate 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.