PHH Corp (PHH) Shares Sold by Glenview Capital Management LLC
Glenview Capital Management LLC lowered its stake in shares of PHH Corp (NYSE:PHH) by 12.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,932,639 shares of the credit services provider’s stock after selling 574,800 shares during the quarter. Glenview Capital Management LLC owned about 7.37% of PHH Corp worth $54,152,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Quantbot Technologies LP increased its position in shares of PHH Corp by 419.7% during the first quarter. Quantbot Technologies LP now owns 8,408 shares of the credit services provider’s stock valued at $107,000 after buying an additional 6,790 shares during the period. BNP Paribas Arbitrage SA increased its position in shares of PHH Corp by 237.1% during the second quarter. BNP Paribas Arbitrage SA now owns 8,482 shares of the credit services provider’s stock valued at $117,000 after buying an additional 5,966 shares during the period. Bayesian Capital Management LP purchased a new position in shares of PHH Corp during the second quarter valued at about $190,000. Hancock Holding Co. purchased a new position in shares of PHH Corp during the second quarter valued at about $199,000. Finally, Karp Capital Management Corp purchased a new position in shares of PHH Corp during the first quarter valued at about $230,000. Institutional investors own 97.42% of the company’s stock.
In related news, Director Carroll R. Wetzel sold 21,000 shares of the firm’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $14.25, for a total value of $299,250.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.52% of the company’s stock.
Shares of PHH Corp (PHH) traded down 0.92% during trading on Friday, hitting $13.99. 157,653 shares of the company traded hands. The company has a 50 day moving average price of $13.85 and a 200 day moving average price of $13.56. PHH Corp has a 52 week low of $11.76 and a 52 week high of $15.70. The company’s market capitalization is $717.77 million.
PHH Corp (NYSE:PHH) last posted its quarterly earnings results on Tuesday, August 8th. The credit services provider reported ($0.81) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.31) by $0.50. The company had revenue of $112.00 million for the quarter, compared to the consensus estimate of $121.80 million. PHH Corp had a negative net margin of 55.15% and a negative return on equity of 20.67%. The firm’s revenue was down 42.9% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.08) EPS. On average, analysts expect that PHH Corp will post ($1.57) earnings per share for the current year.
PHH Corp declared that its board has approved a share repurchase plan on Tuesday, August 8th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the credit services provider to buy up to 26.9% of its shares through a dutch auction. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.
PHH has been the topic of several research analyst reports. Wedbush cut shares of PHH Corp from an “outperform” rating to a “neutral” rating and set a $14.50 price target on the stock. in a research report on Tuesday, June 20th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $15.00 price target on shares of PHH Corp in a research report on Tuesday, September 12th. ValuEngine upgraded shares of PHH Corp from a “strong sell” rating to a “sell” rating in a research report on Friday, September 1st. Zacks Investment Research upgraded shares of PHH Corp from a “sell” rating to a “hold” rating in a research report on Saturday, July 22nd. Finally, BidaskClub upgraded shares of PHH Corp from a “hold” rating to a “buy” rating in a research report on Tuesday, August 22nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. PHH Corp presently has a consensus rating of “Hold” and an average target price of $15.83.
About PHH Corp
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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