Perella Weinberg Partners (NASDAQ:PWP) Stock Falls 14.6% – Here’s Why

Perella Weinberg Partners (NASDAQ:PWP)’s stock price fell 14.6% during mid-day trading on Wednesday. The company traded as low as $15.24 and last traded at $13.7550. Approximately 961,841 shares changed hands during trading, a decline of 23% from the average session volume of 1,250,859 shares. The stock had previously closed at $16.10.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PWP. Weiss Ratings lowered Perella Weinberg Partners from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $21.00 target price (up from $19.00) on shares of Perella Weinberg Partners in a research report on Monday, August 3rd. Wall Street Zen cut shares of Perella Weinberg Partners from a “buy” rating to a “hold” rating in a research report on Saturday, October 3rd. Finally, The Goldman Sachs Group increased their price target on shares of Perella Weinberg Partners from $14.50 to $16.00 and gave the stock a “sell” rating in a research report on Monday, August 3rd. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $22.00.

Perella Weinberg Partners Stock Performance

The company has a fifty day simple moving average of $15.65 and a 200 day simple moving average of $16.88. The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of 51.94 and a beta of 1.63.

Perella Weinberg Partners (NASDAQ:PWP) last issued its quarterly earnings results on Friday, July 31st. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.14. Perella Weinberg Partners had a net margin of 3.19% and a negative return on equity of 35.84%. The business had revenue of $156.53 million for the quarter, compared to analysts’ expectations of $144.76 million.

Perella Weinberg Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Friday, August 28th were given a $0.07 dividend. The ex-dividend date of this dividend was Friday, August 28th. This represents a $0.28 annualized dividend and a yield of 2.1%. Perella Weinberg Partners’s dividend payout ratio (DPR) is presently 107.69%.

Insider Buying and Selling at Perella Weinberg Partners

In related news, CEO Andrew Bednar sold 77,753 shares of the firm’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $17.41, for a total value of $1,353,679.73. Following the transaction, the chief executive officer owned 1,061,260 shares of the company’s stock, valued at approximately $18,476,536.60. This trade represents a 6.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 235,697 shares of company stock valued at $4,080,379. Corporate insiders own 26.10% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Engineers Gate Manager LP bought a new stake in Perella Weinberg Partners during the second quarter worth $273,000. IFP Advisors Inc raised its holdings in shares of Perella Weinberg Partners by 7,779.7% in the second quarter. IFP Advisors Inc now owns 21,354 shares of the company’s stock valued at $341,000 after purchasing an additional 21,083 shares during the last quarter. Allworth Financial LP raised its holdings in shares of Perella Weinberg Partners by 328.8% in the second quarter. Allworth Financial LP now owns 3,143 shares of the company’s stock valued at $50,000 after purchasing an additional 2,410 shares during the last quarter. Wellington Management Group LLP lifted its position 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 purchased a new position in shares of Perella Weinberg Partners in the 2nd quarter worth approximately $1,217,000. Institutional investors own 41.07% of the company’s stock.

Perella Weinberg Partners Company Profile

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.