PHH Corp (PHH) Position Held by Meridian Investment Counsel Inc.
Meridian Investment Counsel Inc. held its stake in PHH Corp (NYSE:PHH) during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 11,880 shares of the credit services provider’s stock at the end of the second quarter. Meridian Investment Counsel Inc.’s holdings in PHH Corp were worth $164,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Quantbot Technologies LP increased its position in shares of PHH Corp by 419.7% during the 1st quarter. Quantbot Technologies LP now owns 8,408 shares of the credit services provider’s stock valued at $107,000 after purchasing an additional 6,790 shares during the last quarter. BNP Paribas Arbitrage SA raised its stake in shares of PHH Corp by 237.1% during the second quarter. BNP Paribas Arbitrage SA now owns 8,482 shares of the credit services provider’s stock worth $117,000 after acquiring an additional 5,966 shares in the last quarter. Bayesian Capital Management LP purchased a new position in shares of PHH Corp during the second quarter worth approximately $190,000. Hancock Holding Co. purchased a new position in shares of PHH Corp during the second quarter worth approximately $199,000. Finally, Karp Capital Management Corp purchased a new position in shares of PHH Corp during the first quarter worth approximately $230,000. 97.42% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director Carroll R. Wetzel sold 21,000 shares of the stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $14.25, for a total value of $299,250.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.52% of the company’s stock.
PHH Corp (NYSE:PHH) traded up 0.22% on Monday, reaching $13.96. The company’s stock had a trading volume of 34,294 shares. The firm has a 50-day moving average of $13.91 and a 200-day moving average of $13.47. PHH Corp has a one year low of $11.76 and a one year high of $15.70. The company’s market capitalization is $716.23 million.
PHH Corp (NYSE:PHH) last announced its quarterly earnings data on Tuesday, August 8th. The credit services provider reported ($0.81) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.31) by $0.50. PHH Corp had a negative net margin of 55.15% and a negative return on equity of 20.67%. The business had revenue of $112.00 million during the quarter, compared to the consensus estimate of $121.80 million. During the same quarter last year, the firm earned ($0.08) earnings per share. The firm’s quarterly revenue was down 42.9% compared to the same quarter last year. Analysts predict that PHH Corp will post ($1.57) EPS for the current year.
PHH Corp declared that its Board of Directors has approved a stock buyback plan on Tuesday, August 8th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the credit services provider to buy up to 26.9% of its shares through a dutch auction. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
A number of equities research analysts have recently weighed in on the company. Zacks Investment Research raised PHH Corp from a “sell” rating to a “hold” rating in a research note on Saturday, July 22nd. ValuEngine raised PHH Corp from a “strong sell” rating to a “sell” rating in a research note on Friday, September 1st. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $15.00 price target on shares of PHH Corp in a research note on Tuesday, September 12th. BidaskClub upgraded PHH Corp from a “hold” rating to a “buy” rating in a research report on Tuesday, August 22nd. Finally, Wedbush downgraded PHH Corp from an “outperform” rating to a “neutral” rating and set a $14.50 price objective for the company. in a research report on Tuesday, June 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $15.83.
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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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