The Harbor Capital Advisors released its “Mid Cap Value Fund’s” Q4 2025 investor letter. A copy of the letter can be downloaded here. Harbor Mid Cap Value Fund, subadvised by LSV Asset Management, delivered solid outperformance in the fourth quarter of 2025, with the Institutional Class returning 4.07% versus 1.42% for the Russell Midcap Value Index, benefiting from strength in value stocks as the Russell Midcap Growth Index declined 3.7% during the period. U.S. equities broadly advanced, with the S&P 500 ...

智通财经APP获悉，美国30年期抵押贷款平均利率在本周跌破6%，为三年半来首次。但经济学家表示，这可能只是暂时的现象，且除非住房供应增加，否 则仅凭利率下降本身不足以显著提振住房需求。房地美周四公布的数据显示，30年期固定抵押贷款平均利率为5.98%，为2022年9月以来最低水平，低于上 周的6.01%，同时显著低于上年同期的6.76%。 美国住房市场已成为一个敏感的政治议题。由于供应有限、利率高企和建筑成本上升，美国房地产市场一直举步维艰，1月成屋销售降至两年多来最低水 平。负责监管抵押贷款金融巨头房地美和房利美的联邦住房金融局周二表示，美国去年12月房价同比上涨1.8%，较11月的同比涨幅2.1%有所下降。 美国总统特朗普正面临在11月国会中期选举前解决生活成本问题的压力，他提出了多项旨在提高购房可负担性的建议。特朗普上个月命令联邦住房金融局购 买2000亿美元的抵押贷款债券，以帮助降低住房贷款成本。经济学家对这些抵押贷款购买行为能否显著改善住房可负担性持怀疑态度。 上周公布的美联储1月27-28日政策会议纪要描述了一位纽约联储官员的情况介绍，指出政府的债券购买计划已导致"抵押贷款支持证券收益率显著下降" ...

智通财经APP获悉，在家装零售商劳氏(LOW.US)表示利率和其他压力仍在拖累房屋销售后，美国房屋 建筑商和其他房地产相关公司股价周三大幅下挫，多只股票成为当天标普500指数中百分比跌幅最大的 个股，与美股大盘0.8%的涨幅形成鲜明对比。数据显示，劳氏跌5.6%，莱纳建筑(LEN.US)跌4.9%，普 得集团(PHM.US)跌4.7%，霍顿房屋(DHI.US)跌4.0%，建筑材料公司Builders FirstSource(BLDR.US)跌 6.4%。此外，标普1500房屋建筑指数下跌3.7%，触及三周低点;费城住房行业指数下跌3%。 周三公布的数据显示，美国30年期固定抵押贷款平均利率下降8个基点至6.09%。然而，作为房地产市 场最具前瞻性的指标之一，购房贷款需求下降了4.7%。 由于供应有限、利率高企和建筑成本上升，美国房地产市场一直举步维艰，1月成屋销售降至两年多来 最低水平。美国总统特朗普在周二晚间的国情咨文中重申了限制大公司拥有住房数量的计划。对此，俄 克拉荷马州塔尔萨Longbow Asset Management首席执行官杰克·多拉海德表示："你可能会认为，总统关 于禁止大型企业购房的言论将 ...

Company Overview - PulteGroup, Inc. (PHM) is a homebuilding company based in Atlanta, Georgia, with a market cap of $27.4 billion. The company engages in selling and constructing homes, developing residential land, and providing mortgage financing and title insurance services to home buyers [1]. Stock Performance - PHM shares have outperformed the broader market over the past year, gaining 33.6% compared to the S&P 500 Index's increase of 11.8%. Year-to-date, PHM stock is up 21.6%, while the S&P 500 has experienced a slight decline [2]. - Compared to the SPDR S&P Homebuilders ETF (XHB), which gained about 14.5% over the past year, PHM's year-to-date gains also surpass the ETF's 17.9% returns [3]. Market Demand and Strategy - PulteGroup's strong performance is attributed to high demand in the Midwest, Northeast, and Florida, which has offset weaknesses in Texas and Western markets. The company's Del Webb communities have seen increased active adult sign-ups, contributing to higher gross margins [3]. - To address softer demand, PulteGroup has increased sales incentives and is shifting towards built-to-order homes. Management expresses optimism for the spring 2026 selling season due to improved affordability and lower mortgage rates [3]. Financial Results - In Q4, PulteGroup reported an adjusted EPS of $2.88, exceeding Wall Street expectations of $2.78. The company's revenue reached $4.6 billion, surpassing forecasts of $4.3 billion [4]. - For the current fiscal year ending in December, analysts project an 11.6% decline in EPS to $10.11 on a diluted basis. PulteGroup has a strong earnings surprise history, beating consensus estimates in each of the last four quarters [4]. Analyst Ratings - Among 17 analysts covering PHM stock, the consensus rating is a "Moderate Buy," consisting of eight "Strong Buy" ratings, one "Moderate Buy," seven "Holds," and one "Strong Sell" [5]. - The current analyst configuration is more bullish than two months ago, with seven analysts now suggesting a "Strong Buy" [6].

Core Viewpoint - PulteGroup, Inc. has announced a public offering of $800 million in senior unsecured notes, indicating a strategic move to raise capital for future investments and operations [1] Group 1: Offering Details - The offering consists of two tranches: $400 million of 4.250% senior notes due March 1, 2031, and $400 million of 4.900% senior notes due March 1, 2036 [1] - The senior notes due 2031 were offered to the public at 99.658% of the principal amount, reflecting a slight discount [1]

Economic Indicators - Nonfarm payrolls are expected to increase by +68,000 in January, with the unemployment rate remaining unchanged at 4.4% [1] - Average hourly earnings are projected to rise by +0.3% month-over-month and +3.7% year-over-year in January [1] - Initial weekly unemployment claims are anticipated to decrease by -7,000 to 224,000 [1] - Existing home sales in January are expected to decline by -4.3% month-over-month to 4.16 million [1] - January CPI is expected to rise by +2.5% year-over-year, with core CPI also expected to increase by +2.5% year-over-year [1] Retail Sales and Employment Costs - US December retail sales were unchanged month-over-month, falling short of expectations of +0.4% [2] - The employment cost index for Q4 rose by +0.7% quarter-over-quarter, which is the smallest increase in 4.5 years and below the expected +0.8% [2] Stock Market Performance - Stock indexes experienced mixed trading, with the Dow Jones reaching a new all-time high while the S&P 500 closed down -0.33% and the Nasdaq down -0.56% [6][5] - The broader market initially found support from weaker-than-expected retail sales and employment cost index reports, which lowered bond yields [5] Earnings Season Insights - Over half of the S&P 500 companies have reported earnings, with 78% beating expectations [7] - S&P earnings growth is expected to rise by +8.4% in Q4, marking the tenth consecutive quarter of year-over-year growth [7] - Excluding the Magnificent Seven tech stocks, Q4 earnings are projected to increase by +4.6% [7] Interest Rates and Bond Market - The markets are pricing in a 23% chance of a -25 basis point rate cut at the next Federal Reserve meeting [8] - The 10-year T-note yield fell to a 3.5-week low of 4.13%, supported by weaker-than-expected economic reports [9] Sector Performance - AI-infrastructure stocks faced pressure, with Western Digital down more than -7% and other tech stocks also declining [12] - Wealth-management stocks dropped significantly, with Raymond James Financial down more than -8% due to concerns over AI disruption [13] - Homebuilding stocks rose after the drop in mortgage rates, with Toll Brothers up more than +6% [14] Company-Specific Developments - Goodyear Tire & Rubber Co reported Q4 adjusted EPS of 39 cents, below the consensus of 49 cents, leading to a decline of more than -14% [15] - Incyte forecasted dull-year total net product revenue of $4.77 billion to $4.94 billion, causing a drop of more than -8% [16] - Spotify reported a record 38 million monthly active users in Q4, leading to a rise of more than +17% [17]

Company Overview - PulteGroup, Inc. (NYSE:PHM) was founded in 1950 and is headquartered in Atlanta, positioning itself to navigate near-term housing volatility while maintaining long-term profitability [5] Financial Performance - In 2025, PulteGroup closed over 29,500 homes, generating $16.7 billion in home sale revenues, with a net income of $2.2 billion, equating to $11.12 per share [4] - Raymond James raised its price target on PulteGroup to $145 from $140, citing resilient Q4 results despite challenges in the homebuilding industry [2] Strategic Focus - The company plans to divest its off-site manufacturing operations (ICG) to sharpen its strategic focus on core homebuilding, which is expected to enhance returns and free up capital for reinvestment and shareholder value creation [4] - PulteGroup is recognized as a best-in-class operator, supported by diversified buyer demographics, balanced geographic exposure, and a disciplined approach to capital allocation [2]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Core Viewpoint - PulteGroup, Inc. has declared a quarterly dividend of $0.26 per common share, payable on April 2, 2026, to shareholders of record as of March 17, 2026 [1] Company Overview - PulteGroup, Inc. is one of America's largest homebuilding companies, operating in over 45 markets across the country [1]

Homebuilding Operations - Homebuilding operations generated 98% of consolidated revenues, totaling $17.3 billion in 2025, $17.9 billion in 2024, and $16.1 billion in 2023[10] - The company delivered 29,572 homes in 2025, a decrease from 31,219 homes in 2024, but an increase from 28,603 homes in 2023[10] - The average selling price of homes was $566,000 in 2025, up from $555,000 in 2024 and $545,000 in 2023[11] - Backlog at December 31, 2025, was $5.3 billion (8,495 units), down from $6.5 billion (10,153 units) at December 31, 2024[22] - The company controlled 234,632 lots as of December 31, 2025, with 101,104 owned and 133,528 under land option agreements[15] - 38% of home closings in 2025 were to first-time homebuyers, 40% to move-up buyers, and 22% to active adults[17] - The company aims to enhance shareholder value through operational gains, increased lot optionality, and maintaining a balance of built-to-order and speculative homes[12] - The company is focused on energy efficiency in home designs, incorporating high-efficiency systems and smart home features[18] Financial Services - The company originated mortgage loans for 64% of homes closed in 2025, up from 63% in 2024 and 61% in 2023, demonstrating a consistent reliance on in-house financing[31] - The company’s financial services operations are highly correlated to homebuilding, emphasizing the integrated nature of its business model[31] - The company utilizes a centralized fulfillment center for mortgage operations, improving speed, efficiency, and quality, which enhances profitability[33] - The mortgage operations are subject to regulations from various government agencies, impacting the business[34] - The company sells substantially all originated mortgage loans in the secondary market within 30 days, reducing risks and costs[32] Market Position - The company holds approximately 4% market share of U.S. new home sales in 2025, indicating a highly competitive environment with numerous competitors[27] - The U.S. housing market is fragmented, with the company holding approximately 4% market share of new home sales in 2025[27] - Cash buyers represented 21% of home closings in both 2025 and 2024, and 22% in 2023, highlighting the importance of cash transactions in the home sales market[31] Workforce and Leadership - The company employed 6,506 people as of December 31, 2025, with 1,034 in Financial Services operations, reflecting a significant workforce dedicated to supporting homebuilding[38] - The average tenure of the executive team and homebuilding area presidents is 17 years, indicating stability in leadership[42] - The company focuses on developing future leaders from within, promoting from within for many leadership positions[42] - The company offers competitive compensation and benefits, including a 401(k) retirement plan and performance-based incentives[39] Risk Management and Operations - The company utilizes land option agreements to manage risk and enhance expected returns on land investments[14] - The construction process is primarily conducted by independent subcontractors, with a focus on quality and efficiency[23] - The company has not experienced significant claims related to its title operations, indicating a strong performance in this area[36]