Perella Weinberg Partners (NASDAQ:PWP) Cut to “Hold” at Wall Street Zen

Wall Street Zen downgraded shares of Perella Weinberg Partners (NASDAQ:PWP) from a buy rating to a hold rating in a research note published on Saturday,Wall Street Zen reports.

A number of other equities research analysts have also weighed in on PWP. Weiss Ratings upgraded shares of Perella Weinberg Partners from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, September 29th. The Goldman Sachs Group upped their target price on shares of Perella Weinberg Partners from $14.50 to $16.00 and gave the stock a “sell” rating in a research note on Monday, August 3rd. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $21.00 target price (up from $19.00) on shares of Perella Weinberg Partners in a research report on Monday, August 3rd. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $22.00.

Perella Weinberg Partners Stock Down 0.1%

Shares of Perella Weinberg Partners stock opened at $15.80 on Friday. The stock’s fifty day moving average is $15.89 and its two-hundred day moving average is $17.00. Perella Weinberg Partners has a 52 week low of $12.52 and a 52 week high of $25.92. The company has a market capitalization of $1.49 billion, a PE ratio of 60.77 and a beta of 1.63.

Perella Weinberg Partners (NASDAQ:PWP) last released its earnings results on Friday, July 31st. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.14. The business had revenue of $156.53 million during the quarter, compared to the consensus estimate of $144.76 million. Perella Weinberg Partners had a negative return on equity of 35.84% and a net margin of 3.19%.

Perella Weinberg Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Friday, August 28th were given a dividend of $0.07 per share. The ex-dividend date of this dividend was Friday, August 28th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.8%. Perella Weinberg Partners’s dividend payout ratio is presently 107.69%.

Insider Activity at Perella Weinberg Partners

In related news, CEO Andrew Bednar sold 80,045 shares of Perella Weinberg Partners stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $17.17, for a total value of $1,374,372.65. Following the completion of the sale, the chief executive officer directly owned 1,139,013 shares in the company, valued at $19,556,853.21. The trade was a 6.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 235,697 shares of company stock worth $4,080,379 in the last 90 days. Company insiders own 26.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Engineers Gate Manager LP purchased a new position in Perella Weinberg Partners during the 2nd quarter valued at about $273,000. IFP Advisors Inc lifted its position in shares of Perella Weinberg Partners by 7,779.7% in the 2nd quarter. IFP Advisors Inc now owns 21,354 shares of the company’s stock worth $341,000 after purchasing an additional 21,083 shares during the period. Allworth Financial LP lifted its position in shares of Perella Weinberg Partners by 328.8% in the 2nd quarter. Allworth Financial LP now owns 3,143 shares of the company’s stock worth $50,000 after purchasing an additional 2,410 shares during the period. Wellington Management Group LLP boosted its stake in shares of Perella Weinberg Partners by 32.2% during the second quarter. Wellington Management Group LLP now owns 5,189,199 shares of the company’s stock valued at $82,820,000 after purchasing an additional 1,263,345 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in shares of Perella Weinberg Partners during the second quarter valued at approximately $1,217,000. 41.07% of the stock is currently owned by institutional investors.

About Perella Weinberg Partners

Perella Weinberg Partners (NASDAQ:PWP) is an independent global financial services firm that provides strategic and financial advice to corporations, financial sponsors, governments and other institutions. The company operates primarily through its advisory business, helping clients address complex transactions and corporate finance matters.

Its services include mergers and acquisitions, divestitures, strategic alternatives, capital solutions, shareholder activism defense and other corporate advisory assignments.