PHH Corp (PHH) Earns Hold Rating from Keefe, Bruyette & Woods
PHH Corp (NYSE:PHH)‘s stock had its “hold” rating reissued by research analysts at Keefe, Bruyette & Woods in a research report issued to clients and investors on Tuesday. They currently have a $15.00 price objective on the credit services provider’s stock. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 12.78% from the company’s current price.
Several other analysts also recently weighed in on the company. ValuEngine downgraded PHH Corp from a “sell” rating to a “strong sell” rating in a research note on Thursday, May 25th. Zacks Investment Research downgraded PHH Corp from a “hold” rating to a “sell” rating in a research note on Thursday, May 25th. Wedbush downgraded PHH Corp from an “outperform” rating to a “neutral” rating and set a $14.50 price target on the stock. in a research note on Tuesday, June 20th. Finally, BidaskClub upgraded PHH Corp from a “hold” rating to a “buy” rating in a research note on Tuesday, August 22nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. PHH Corp has a consensus rating of “Hold” and an average price target of $15.83.
PHH Corp (NYSE PHH) opened at 13.30 on Tuesday. PHH Corp has a 12-month low of $11.76 and a 12-month high of $15.70. The firm has a 50-day moving average price of $14.06 and a 200-day moving average price of $13.45. The company’s market cap is $682.37 million.
PHH Corp (NYSE:PHH) last posted its quarterly earnings results on Tuesday, August 8th. The credit services provider reported ($0.81) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.31) by $0.50. The business had revenue of $112 million for the quarter, compared to the consensus estimate of $121.80 million. PHH Corp had a negative return on equity of 20.67% and a negative net margin of 55.15%. The company’s quarterly revenue was down 42.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.08) EPS. On average, analysts forecast that PHH Corp will post ($2.47) earnings per share for the current fiscal year.
PHH Corp announced that its Board of Directors has approved a share repurchase program on Tuesday, August 8th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the credit services provider to buy up to 26.9% of its stock through a dutch auction. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.
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Several institutional investors and hedge funds have recently modified their holdings of the company. The Manufacturers Life Insurance Company boosted its stake in shares of PHH Corp by 2.0% in the second quarter. The Manufacturers Life Insurance Company now owns 42,372 shares of the credit services provider’s stock worth $583,000 after buying an additional 846 shares during the last quarter. State Street Corp boosted its stake in shares of PHH Corp by 3.7% in the second quarter. State Street Corp now owns 1,144,810 shares of the credit services provider’s stock worth $15,765,000 after buying an additional 40,915 shares during the last quarter. Tudor Investment Corp ET AL boosted its stake in shares of PHH Corp by 104.9% in the second quarter. Tudor Investment Corp ET AL now owns 67,805 shares of the credit services provider’s stock worth $934,000 after buying an additional 34,715 shares during the last quarter. Bayesian Capital Management LP purchased a new stake in shares of PHH Corp in the second quarter worth about $190,000. Finally, Voya Investment Management LLC boosted its stake in shares of PHH Corp by 8.7% in the second quarter. Voya Investment Management LLC now owns 26,113 shares of the credit services provider’s stock worth $360,000 after buying an additional 2,090 shares during the last quarter. Hedge funds and other institutional investors own 98.11% of the company’s stock.
PHH Corp Company Profile
PHH Corporation is a standalone mortgage company. The Company provides outsourced mortgage banking services to a range of clients, including financial institutions and real estate brokers throughout the United States, and is focused on originating, selling, servicing and subservicing residential mortgage loans through its subsidiary, PHH Mortgage Corporation and its subsidiaries.
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