Dimensional Fund Advisors LP increased its stake in shares of PHH Corp (NYSE:PHH) by 13.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,791,261 shares of the credit services provider’s stock after acquiring an additional 449,526 shares during the period. Dimensional Fund Advisors LP owned about 7.07% of PHH Corp worth $52,206,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in PHH Corp by 0.4% during the second quarter. Vanguard Group Inc. now owns 4,372,716 shares of the credit services provider’s stock worth $60,212,000 after acquiring an additional 15,988 shares in the last quarter. Renaissance Technologies LLC raised its holdings in PHH Corp by 27.0% during the second quarter. Renaissance Technologies LLC now owns 2,662,400 shares of the credit services provider’s stock worth $36,661,000 after acquiring an additional 566,600 shares in the last quarter. Point72 Asset Management L.P. raised its stake in PHH Corp by 63.3% in the first quarter. Point72 Asset Management L.P. now owns 1,765,600 shares of the credit services provider’s stock valued at $22,476,000 after buying an additional 684,128 shares during the period. Royce & Associates LP raised its stake in PHH Corp by 5.7% in the second quarter. Royce & Associates LP now owns 509,928 shares of the credit services provider’s stock valued at $7,022,000 after buying an additional 27,500 shares during the period. Finally, TIAA CREF Investment Management LLC raised its stake in PHH Corp by 4.2% in the second quarter. TIAA CREF Investment Management LLC now owns 471,285 shares of the credit services provider’s stock valued at $6,490,000 after buying an additional 18,869 shares during the period. Institutional investors and hedge funds own 97.42% of the company’s stock.
Several research firms have issued reports on PHH. Zacks Investment Research upgraded PHH Corp from a “sell” rating to a “hold” rating in a research note on Saturday, July 22nd. ValuEngine lowered PHH Corp from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 11th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $15.00 price objective on shares of PHH Corp in a research note on Tuesday, September 12th. Finally, BidaskClub upgraded PHH Corp from a “hold” rating to a “buy” rating in a research note on Tuesday, August 22nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. PHH Corp currently has an average rating of “Hold” and a consensus target price of $15.83.
Shares of PHH Corp (NYSE:PHH) opened at 13.72 on Friday. PHH Corp has a 1-year low of $11.76 and a 1-year high of $15.70. The company’s market cap is $703.92 million. The firm has a 50-day moving average price of $13.76 and a 200 day moving average price of $13.65.
PHH Corp (NYSE:PHH) last posted its 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. PHH Corp had a negative net margin of 55.15% and a negative return on equity of 20.67%. The firm had revenue of $112.00 million for the quarter, compared to analysts’ expectations of $121.80 million. During the same quarter last year, the firm earned ($0.08) EPS. The company’s quarterly revenue was down 42.9% compared to the same quarter last year. On average, analysts predict that PHH Corp will post ($1.57) EPS for the current fiscal year.
PHH Corp declared that its board has approved a stock buyback program on Tuesday, August 8th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the credit services provider to reacquire up to 26.9% of its shares through a dutch auction. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
In other PHH Corp news, Director Carroll R. Wetzel sold 21,000 shares of PHH Corp stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $14.25, for a total transaction of $299,250.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.52% of the stock is owned by company insiders.
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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