PulteGroup, Inc. (NYSE: PHM) announced today that its Board of Directors has approved a $1.0 billion increase to the Company’s share purchase authorization. As of December 31, 2021, the Company had $458 million available under its prior share repurchase authorization.

“Increasing our repurchase authorization by $1.0 billion aligns with our defined capital allocation priorities that include investing in our business, paying a dividend, repurchasing shares and maintaining a modest leverage profile,” said Ryan Marshall, PulteGroup President and CEO. “Consistent with our disciplined and balanced approach to capital allocation, in 2021 we invested $4.0 billion in land acquisition and development, while returning over $1.0 billion to shareholders and retiring $726 million of bonds.”

“Coupled with our capital allocation activities, ongoing gains in our operating results helped to lower our year end debt-to-capital ratio to 21.3%,” added Mr. Marshall. “Going forward, we expect our debt-to-capital ratio to be in the range of 20% to 30%, which is down from our previous target of 30% to 40%.”