U.S. stocks lower as investors rotate out of tech ahead of Jackson Hole
ATLANTA – PulteGroup Inc. (NYSE:PHM) disclosed Monday that J. Phillip Holloman has decided not to seek re-election to the company’s board of directors. The announcement, based on a recent SEC filing, stated that Holloman will step down at the end of his current term, coinciding with the upcoming annual shareholders’ meeting on April 30, 2025. The homebuilder, currently trading at $103.49, has seen its shares decline about 26% over the past six months, though InvestingPro analysis suggests the stock is currently undervalued.
Holloman, who has served on the board of the operative builders company, is leaving due to other time commitments. According to the filing, his departure is not due to any disagreements with the company’s operations, policies, or practices. The board expressed gratitude to Holloman for his service.
Following Holloman’s departure, the board will reduce its size from eleven to ten members. This change will take effect immediately after the annual meeting.
PulteGroup, headquartered in Atlanta, GA, operates under the real estate and construction sector, specializing in building homes. The company’s shares are traded on the New York Stock Exchange under the ticker symbol PHM.
The SEC filing indicates a straightforward transition in the board’s composition without hinting at any internal strife or operational issues. It is a routine disclosure for publicly traded companies, ensuring transparency with shareholders about changes in governance.
The information in this article is based on a press release statement.
In other recent news, PulteGroup has reported a strong financial performance for the fourth quarter of 2024, with earnings per share (EPS) of $4.43, surpassing the projected $3.27. The company’s revenue also exceeded expectations, reaching $4.92 billion compared to the anticipated $4.65 billion. In addition to these financial results, PulteGroup has launched Del Webb Explore, a new brand extension aimed at offering resort-style living to a broader demographic, including Generation X. This initiative marks an expansion beyond the traditional 55-plus communities, with new developments in Southern California and the Tampa Bay Area.
Moreover, Seaport Research has upgraded several homebuilding stocks, including PulteGroup, raising them from neutral to buy. This upgrade is based on valuation and operating metrics suggesting potential upside, despite challenges such as increased home supply and declining housing starts. The upgrades reflect a shift in sector bias, with Seaport Research highlighting the potential for gains when market conditions change. These developments indicate PulteGroup’s strategic initiatives and market positioning, which are expected to support continued revenue growth in 2025.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.