Perella Weinberg Partners (NASDAQ:PWP) Shares Gap Up Following Better-Than-Expected Earnings

Perella Weinberg Partners (NASDAQ:PWP) shares gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $12.94, but opened at $14.29. Perella Weinberg Partners shares last traded at $14.5530, with a volume of 212,378 shares traded.

The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.22. Perella Weinberg Partners had a negative return on equity of 35.84% and a net margin of 3.19%. The company had revenue of $251.37 million for the quarter, compared to analysts’ expectations of $172.82 million.

Perella Weinberg Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Friday, August 28th were given a $0.07 dividend. The ex-dividend date was Friday, August 28th. This represents a $0.28 annualized dividend and a yield of 1.9%. Perella Weinberg Partners’s payout ratio is 107.69%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $21.00 price target (up from $19.00) on shares of Perella Weinberg Partners in a research report on Monday, August 3rd. Weiss Ratings lowered Perella Weinberg Partners from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, October 14th. Wall Street Zen downgraded 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 lifted their price objective on shares of Perella Weinberg Partners from $14.50 to $16.00 and gave the company a “sell” rating in a research note on Monday, August 3rd. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Perella Weinberg Partners presently has an average rating of “Hold” and a consensus price target of $22.00.

Insider Transactions at Perella Weinberg Partners

In related news, CEO Andrew Bednar sold 77,753 shares of Perella Weinberg Partners stock in a transaction dated 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 directly 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. 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. Company insiders own 26.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PWP. Wellington Management Group LLP lifted its stake in shares of Perella Weinberg Partners by 32.2% in the 2nd 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 during the period. Bank of America Corp DE grew its position in shares of Perella Weinberg Partners by 41.6% during the 1st quarter. Bank of America Corp DE now owns 1,316,482 shares of the company’s stock worth $23,907,000 after buying an additional 386,473 shares during the period. Sei Investments Co. increased its stake in shares of Perella Weinberg Partners by 151.2% in the 1st quarter. Sei Investments Co. now owns 610,588 shares of the company’s stock valued at $11,088,000 after acquiring an additional 367,525 shares in the last quarter. Ranger Investment Management L.P. bought a new position in Perella Weinberg Partners during the second quarter worth $5,139,000. Finally, Dimensional Fund Advisors LP grew its holdings in Perella Weinberg Partners by 45.8% in the first quarter. Dimensional Fund Advisors LP now owns 852,987 shares of the company’s stock worth $15,488,000 after purchasing an additional 267,859 shares during the period. Institutional investors own 41.07% of the company’s stock.

Perella Weinberg Partners Price Performance

The stock has a market cap of $1.38 billion, a price-to-earnings ratio of 56.36 and a beta of 1.63. The firm’s fifty day moving average price is $14.85 and its two-hundred day moving average price is $17.48.

Perella Weinberg Partners Company Profile

Perella Weinberg Partners (NASDAQ: PWP) is an independent investment banking and financial services firm that provides strategic and financial advice to corporations, financial institutions, governments, and other organizations. The firm focuses on complex, high-value transactions and situations that require specialized advice and senior-level expertise.

Its services include mergers and acquisitions, strategic transactions, financial restructurings, capital markets advisory, and private capital advisory.