PulteGroup Increases Share Repurchase Authorization By $1.5 Bln

(RTTNews) - PulteGroup, Inc. (PHM), a homebuilding company, Tuesday announced that its board has approved a $1.5 billion increase in share repurchase authorization.

With this, the total share repurchase authorization will be $1.8 billion.

"Given the record earnings of $11.72 per share and cash flows from operations of $2.2 billion which PulteGroup delivered in fiscal 2023, we are confident in increasing our share repurchase authorization by $1.5 billion," said Ryan Marshall, PulteGroup CEO.

Previously, the company had approved a $1.0 billion increase to the company's share repurchase authorization in April 2023.

As per the company, it has returned over $7 billion to its shareholders through the payment of dividends and share repurchases.

In pre-market activity, PulteGroup shares are trading at $103.02, down 2.87% on the New York Stock Exchange.