Perella Weinberg Partners (NASDAQ:PWP) Downgraded by Wall Street Zen to “Hold”

Wall Street Zen cut shares of Perella Weinberg Partners (NASDAQ:PWP) from a buy rating to a hold rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

A number of other research firms also recently issued reports on PWP. The Goldman Sachs Group lifted their price target on shares of Perella Weinberg Partners from $14.50 to $16.00 and gave the company a “sell” rating in a research report on Monday, August 3rd. Weiss Ratings raised Perella Weinberg Partners from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $21.00 price objective (up from $19.00) on shares of Perella Weinberg Partners in a report on Monday, August 3rd. Two investment 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. According to data from MarketBeat, Perella Weinberg Partners currently has an average rating of “Hold” and a consensus price target of $22.00.

Perella Weinberg Partners Trading Up 0.4%

NASDAQ:PWP opened at $15.82 on Friday. Perella Weinberg Partners has a 12-month low of $12.52 and a 12-month high of $25.92. The stock’s 50 day simple moving average is $15.90 and its 200-day simple moving average is $17.01. The firm has a market cap of $1.49 billion, a P/E ratio of 60.85 and a beta of 1.63.

Perella Weinberg Partners (NASDAQ:PWP) last posted its quarterly earnings results on Friday, July 31st. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $156.53 million during the quarter, compared to analysts’ expectations of $144.76 million.

Perella Weinberg Partners Announces Dividend

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

Insider Activity at Perella Weinberg Partners

In related news, CEO Andrew Bednar sold 77,753 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $17.41, for a total transaction of $1,353,679.73. Following the sale, the chief executive officer owned 1,061,260 shares of the company’s stock, valued at $18,476,536.60. This trade represents a 6.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 over the last quarter. 26.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Engineers Gate Manager LP purchased a new position in Perella Weinberg Partners in the 2nd quarter valued at about $273,000. IFP Advisors Inc grew its holdings in shares of Perella Weinberg Partners by 7,779.7% during the second quarter. IFP Advisors Inc now owns 21,354 shares of the company’s stock worth $341,000 after buying an additional 21,083 shares in the last quarter. Allworth Financial LP raised its position 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 buying an additional 2,410 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Perella Weinberg Partners by 32.2% in the second quarter. Wellington Management Group LLP now owns 5,189,199 shares of the company’s stock valued at $82,820,000 after buying an additional 1,263,345 shares during the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Perella Weinberg Partners during the second quarter valued at approximately $1,217,000. Institutional investors and hedge funds own 41.07% of the company’s stock.

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.