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PulteGroup, Inc. Announces $1.0 Billion Increase to Share Repurchase Authorization
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
buyback
Rhea-AI Summary
PulteGroup, Inc. (NYSE: PHM) has approved a $1.0 billion increase to its share repurchase program, expanding the total authorization to $1.458 billion. This decision aligns with the company's capital allocation priorities, which include investments, dividends, and share buybacks. In 2021, PulteGroup invested $4.0 billion in land acquisition and development, returned over $1.0 billion to shareholders, and reduced its debt-to-capital ratio to 21.3%. The company maintains a target debt-to-capital ratio of 20% to 30%.
Positive
Increased share repurchase authorization by $1.0 billion, signaling strong confidence in shareholder value.
Returned over $1.0 billion to shareholders in 2021, indicating strong capital management.
Reduced debt-to-capital ratio to 21.3%, improving financial stability.
Negative
None.
ATLANTA--(BUSINESS WIRE)--
PulteGroup, Inc. (NYSE: PHM) announced today that its Board of Directors has approved a $1.0 billion increase to the Company’s share purchase authorization. As of December 31, 2021, the Company had $458 million available under its prior share repurchase authorization.
“Increasing our repurchase authorization by $1.0 billion aligns with our defined capital allocation priorities that include investing in our business, paying a dividend, repurchasing shares and maintaining a modest leverage profile,” said Ryan Marshall, PulteGroup President and CEO. “Consistent with our disciplined and balanced approach to capital allocation, in 2021 we invested $4.0 billion in land acquisition and development, while returning over $1.0 billion to shareholders and retiring $726 million of bonds.”
“Coupled with our capital allocation activities, ongoing gains in our operating results helped to lower our year end debt-to-capital ratio to 21.3%,” added Mr. Marshall. “Going forward, we expect our debt-to-capital ratio to be in the range of 20% to 30%, which is down from our previous target of 30% to 40%.”
About PulteGroup
PulteGroup, Inc. (NYSE: PHM), based in Atlanta, Georgia, is one of America’s largest homebuilding companies with operations in more than 40 markets throughout the country. Through its brand portfolio that includes Centex, Pulte Homes, Del Webb, DiVosta Homes, American West and John Wieland Homes and Neighborhoods, the company is one of the industry’s most versatile homebuilders able to meet the needs of multiple buyer groups and respond to changing consumer demand. PulteGroup’s purpose is building incredible places where people can live their dreams.
What is the new share repurchase authorization for PulteGroup (PHM)?
PulteGroup has increased its share repurchase authorization by $1.0 billion, totaling $1.458 billion.
How did PulteGroup (PHM) manage its capital allocation in 2021?
In 2021, PulteGroup invested $4.0 billion in land acquisition and development, returned over $1.0 billion to shareholders, and retired $726 million of bonds.
What is PulteGroup's (PHM) current debt-to-capital ratio?
PulteGroup's debt-to-capital ratio is currently 21.3%, with a target range of 20% to 30% moving forward.
