PHH Corp (PHH) Position Held by Fmr LLC
Fmr LLC maintained its stake in PHH Corp (NYSE:PHH) during the first quarter, Holdings Channel reports. The fund owned 18,000 shares of the credit services provider’s stock at the end of the first quarter. Fmr LLC’s holdings in PHH Corp were worth $229,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new stake in PHH Corp during the fourth quarter worth approximately $13,946,000. Clear Harbor Asset Management LLC bought a new stake in PHH Corp during the first quarter worth approximately $139,000. First Trust Advisors LP bought a new stake in PHH Corp during the first quarter worth approximately $428,000. Engineers Gate Manager LP boosted its stake in PHH Corp by 42.0% in the first quarter. Engineers Gate Manager LP now owns 61,873 shares of the credit services provider’s stock worth $788,000 after buying an additional 18,305 shares in the last quarter. Finally, Symphony Asset Management LLC boosted its stake in PHH Corp by 13.8% in the first quarter. Symphony Asset Management LLC now owns 32,849 shares of the credit services provider’s stock worth $418,000 after buying an additional 3,993 shares in the last quarter. Hedge funds and other institutional investors own 96.45% of the company’s stock.
PHH Corp (PHH) opened at 14.15 on Thursday. PHH Corp has a 1-year low of $11.76 and a 1-year high of $15.92. The firm’s market capitalization is $756.86 million. The stock has a 50 day moving average price of $13.89 and a 200 day moving average price of $13.45.
PHH Corp (NYSE:PHH) last issued its earnings results on Tuesday, August 8th. The credit services provider reported ($0.81) earnings per share for the quarter, topping the consensus estimate of ($1.31) by $0.50. PHH Corp had a negative return on equity of 19.92% and a negative net margin of 55.15%. The company had revenue of $112 million for the quarter, compared to analyst estimates of $121.80 million. During the same period in the prior year, the firm posted ($0.08) EPS. The business’s 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 authorized a stock repurchase program on Tuesday, May 9th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the credit services provider to repurchase up to 14.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
PHH has been the subject of a number of recent research reports. ValuEngine upgraded PHH Corp from a “strong sell” rating to a “sell” rating in a research report on Friday, June 2nd. Zacks Investment Research upgraded PHH Corp from a “sell” rating to a “hold” rating in a report on Wednesday, May 3rd. Finally, Wedbush lowered PHH Corp from an “outperform” rating to a “neutral” rating and set a $14.50 price objective on the stock. in a research note on Tuesday, June 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $16.50.
In other PHH Corp news, major shareholder Silver Point Capital L.P. sold 107,299 shares of the company’s stock in a transaction dated Friday, May 12th. The stock was sold at an average price of $13.21, for a total value of $1,417,419.79. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 2.52% of the company’s stock.
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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