PulteGroup (NYSE:PHM) Upgraded by JPMorgan Chase & Co. to Overweight

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JPMorgan Chase & Co. upgraded shares of PulteGroup (NYSE:PHM) from a neutral rating to an overweight rating in a report released on Wednesday, The Fly reports. JPMorgan Chase & Co. currently has $37.50 target price on the construction company’s stock, up from their prior target price of $30.00.

PHM has been the topic of a number of other reports. SunTrust Banks began coverage on shares of PulteGroup in a research report on Monday, August 12th. They set a buy rating and a $38.00 price target on the stock. Royal Bank of Canada set a $33.00 price target on shares of PulteGroup and gave the stock a hold rating in a research report on Monday, August 26th. Finally, Seaport Global Securities began coverage on shares of PulteGroup in a research report on Friday, August 23rd. They set a buy rating and a $44.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $31.49.

Shares of NYSE:PHM opened at $35.25 on Wednesday. The company has a market cap of $9.67 billion, a PE ratio of 9.82, a P/E/G ratio of 1.37 and a beta of 0.67. The company’s 50-day moving average price is $32.75 and its 200 day moving average price is $31.08. PulteGroup has a fifty-two week low of $20.64 and a fifty-two week high of $35.55. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.54.

PulteGroup (NYSE:PHM) last issued its quarterly earnings data on Tuesday, July 23rd. The construction company reported $0.86 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.04. The firm had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.47 billion. PulteGroup had a net margin of 9.23% and a return on equity of 20.68%. PulteGroup’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period last year, the firm posted $0.89 EPS. As a group, equities analysts anticipate that PulteGroup will post 3.42 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Wednesday, September 18th will be paid a $0.11 dividend. The ex-dividend date is Tuesday, September 17th. This represents a $0.44 annualized dividend and a dividend yield of 1.25%. PulteGroup’s dividend payout ratio is currently 12.26%.

In other news, Director Brian P. Anderson sold 21,191 shares of PulteGroup stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $33.03, for a total value of $699,938.73. Following the transaction, the director now owns 80,065 shares of the company’s stock, valued at approximately $2,644,546.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Brian P. Anderson sold 18,766 shares of PulteGroup stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $32.28, for a total transaction of $605,766.48. Following the completion of the transaction, the director now directly owns 104,735 shares in the company, valued at approximately $3,380,845.80. The disclosure for this sale can be found here. Insiders sold a total of 44,957 shares of company stock worth $1,475,705 in the last ninety days. Corporate insiders own 0.49% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in PHM. Geode Capital Management LLC grew its stake in shares of PulteGroup by 4.1% in the 4th quarter. Geode Capital Management LLC now owns 3,726,118 shares of the construction company’s stock worth $96,689,000 after purchasing an additional 145,187 shares during the last quarter. Comerica Bank grew its stake in shares of PulteGroup by 68.5% in the 1st quarter. Comerica Bank now owns 89,231 shares of the construction company’s stock worth $2,581,000 after purchasing an additional 36,284 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of PulteGroup by 166.0% in the 1st quarter. Victory Capital Management Inc. now owns 305,621 shares of the construction company’s stock worth $8,545,000 after purchasing an additional 190,746 shares during the last quarter. Nissay Asset Management Corp Japan ADV grew its stake in shares of PulteGroup by 3.2% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 27,083 shares of the construction company’s stock worth $757,000 after purchasing an additional 836 shares during the last quarter. Finally, Toronto Dominion Bank grew its stake in shares of PulteGroup by 20.0% in the 1st quarter. Toronto Dominion Bank now owns 200,065 shares of the construction company’s stock worth $5,593,000 after purchasing an additional 33,370 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors.

About PulteGroup

PulteGroup, Inc, through its subsidiaries, primarily engages in the homebuilding business in the United States. The company acquires and develops land primarily for residential purposes; and constructs housing on such land. It offers various home designs, including single-family detached, townhouses, condominiums, and duplexes under the Centex, Pulte Homes, Del Webb, DiVosta Homes, and John Wieland Homes and Neighborhoods brand names.

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Analyst Recommendations for PulteGroup (NYSE:PHM)

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