PulteGroup, a corporation that specializes in homebuilding, revealed on Tuesday that its board has greenlit a substantial $1.5 billion augmentation to the company's share repurchase authorization. This expansion brings the total capital allocated for stock buybacks to $1.8 billion.
CEO Ryan Marshall expressed confidence in this decision, attributing it to the company's outstanding fiscal performance in 2023 - record earnings of $11.72 per share and operational cash flows amounting to $2.2 billion.
Before this announcement, PulteGroup had already sanctioned a $1 billion increase to the share repurchase authorization back in April 2023. More impressively, the company claims to have returned over $7 billion to its shareholders through dividends and share buybacks.
As of pre-market activity, PulteGroup's shares have slightly declined, falling 2.87% to trade at $103.02 on the New York Stock Exchange.
