Swiss National Bank lessened its holdings in shares of PHH Corp (NYSE:PHH) by 23.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 66,700 shares of the credit services provider’s stock after selling 20,000 shares during the quarter. Swiss National Bank owned approximately 129,994.15% of PHH worth $929,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of the business. Rhumbline Advisers lifted its stake in shares of PHH by 0.6% during the 2nd quarter. Rhumbline Advisers now owns 69,569 shares of the credit services provider’s stock worth $958,000 after purchasing an additional 448 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of PHH by 2.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 42,372 shares of the credit services provider’s stock worth $583,000 after purchasing an additional 846 shares during the period. Bank of America Corp DE lifted its stake in shares of PHH by 3.2% during the 1st quarter. Bank of America Corp DE now owns 46,481 shares of the credit services provider’s stock worth $591,000 after purchasing an additional 1,439 shares during the period. Teachers Advisors LLC lifted its stake in shares of PHH by 1.8% during the 1st quarter. Teachers Advisors LLC now owns 96,881 shares of the credit services provider’s stock worth $1,233,000 after purchasing an additional 1,681 shares during the period. Finally, Voya Investment Management LLC lifted its stake in shares of PHH by 8.7% during the 2nd quarter. Voya Investment Management LLC now owns 26,113 shares of the credit services provider’s stock worth $360,000 after purchasing an additional 2,090 shares during the period. 95.06% of the stock is currently owned by institutional investors.
Shares of PHH Corp (NYSE PHH) remained flat at $$11.31 during trading on Friday. The company’s stock had a trading volume of 244,067 shares, compared to its average volume of 422,620. PHH Corp has a 1-year low of $10.89 and a 1-year high of $15.70. The company has a current ratio of 2.94, a quick ratio of 2.94 and a debt-to-equity ratio of 1.84.
PHH (NYSE:PHH) last issued its earnings results on Tuesday, November 7th. The credit services provider reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.72) by ($0.38). The firm had revenue of $121.00 million during the quarter, compared to analysts’ expectations of $61.00 million. PHH had a negative return on equity of 27.98% and a negative net margin of 71.84%. The company’s quarterly revenue was down 38.6% compared to the same quarter last year. During the same period last year, the business posted ($0.35) earnings per share. sell-side analysts expect that PHH Corp will post -4.93 earnings per share for the current year.
PHH declared that its Board of Directors has authorized a stock repurchase program on Tuesday, August 8th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the credit services provider to purchase up to 26.9% of its shares through a dutch auction. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
PHH has been the topic of a number of recent analyst reports. BidaskClub raised PHH from a “hold” rating to a “buy” rating in a research note on Tuesday, August 22nd. Keefe, Bruyette & Woods reissued a “hold” rating and set a $15.00 price target on shares of PHH in a research note on Tuesday, September 12th. Finally, ValuEngine raised PHH from a “strong sell” rating to a “sell” rating in a research note on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. PHH presently has a consensus rating of “Hold” and an average target price of $15.83.
In related news, SVP Leith W. Kaplan sold 9,800 shares of the stock in a transaction on Friday, November 10th. The stock was sold at an average price of $11.21, for a total value of $109,858.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP William F. Brown sold 8,000 shares of the stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $10.92, for a total value of $87,360.00. The disclosure for this sale can be found here. Insiders sold a total of 39,625 shares of company stock worth $508,018 over the last ninety days. Corporate insiders own 2.52% of the company’s stock.
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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