PulteGroup Board Approves $1.5 Bln Increase To Share Repurchase Authorization

(RTTNews) - PulteGroup (PHM) announced that its Board of Directors has approved a $1.5 billion increase to the company's share repurchase authorization. This increase brings the current share repurchase authorization to $2.1 billion.

Ryan Marshall, PulteGroup President and CEO, said: "Over the past 10 years, we have invested $38 billion into our business while returning $9 billion to shareholders through dividends and share repurchases."

In the first quarter, the company repurchased 2.4 million of its common shares outstanding for $308 million, or an average price of $127.39 per share. The company ended the quarter with a debt-to-capital ratio of 12.3%, and a cash balance of $1.8 billion.