Greenhill & Co., Inc. (NYSE:GHL)’s stock price was up 5% during trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $18.60 and last traded at $18.35, approximately 848,938 shares were traded during mid-day trading. An increase of 177% from the average daily volume of 306,329 shares. The stock had previously closed at $17.47.
The financial services provider reported $0.63 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.11. Greenhill & Co., Inc. had a negative return on equity of 8.98% and a negative net margin of 2.03%. The business had revenue of $87.04 million during the quarter, compared to analyst estimates of $89.22 million. During the same quarter in the previous year, the business earned $0.43 earnings per share. The company’s revenue for the quarter was up .3% compared to the same quarter last year.
Several research analysts have issued reports on GHL shares. Zacks Investment Research lowered Greenhill & Co., Inc. from a “buy” rating to a “hold” rating in a research report on Friday, July 19th. ValuEngine upgraded Greenhill & Co., Inc. from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Finally, Buckingham Research lowered their price target on Greenhill & Co., Inc. from $18.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. Greenhill & Co., Inc. has an average rating of “Hold” and a consensus target price of $20.80.
In other news, CEO Scott L. Bok purchased 36,761 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was purchased at an average price of $13.71 per share, for a total transaction of $503,993.31. Following the completion of the acquisition, the chief executive officer now owns 16,791 shares of the company’s stock, valued at $230,204.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 20.80% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in GHL. Foundry Partners LLC boosted its holdings in shares of Greenhill & Co., Inc. by 20.0% in the second quarter. Foundry Partners LLC now owns 291,245 shares of the financial services provider’s stock valued at $3,958,000 after purchasing an additional 48,625 shares during the period. Systematic Financial Management LP bought a new position in Greenhill & Co., Inc. in the second quarter worth approximately $731,000. KBC Group NV raised its stake in Greenhill & Co., Inc. by 10.2% in the second quarter. KBC Group NV now owns 76,628 shares of the financial services provider’s stock worth $1,041,000 after buying an additional 7,065 shares in the last quarter. Capital Management Corp VA raised its stake in Greenhill & Co., Inc. by 74.5% in the second quarter. Capital Management Corp VA now owns 1,217,104 shares of the financial services provider’s stock worth $16,540,000 after buying an additional 519,541 shares in the last quarter. Finally, Wedge Capital Management L L P NC bought a new position in Greenhill & Co., Inc. in the second quarter worth approximately $143,000. Hedge funds and other institutional investors own 78.50% of the company’s stock.
The company has a quick ratio of 4.00, a current ratio of 4.00 and a debt-to-equity ratio of 17.56. The business’s 50 day moving average is $14.60 and its 200 day moving average is $15.51.
About Greenhill & Co., Inc. (NYSE:GHL)
Greenhill & Co, Inc, an independent investment bank, provides financial and strategic advisory services to corporations, partnerships, institutions, and governments worldwide. The company offers advisory services to clients in relation to mergers, acquisitions, divestitures, spin-offs, and other strategic transactions, as well as various stages of a transaction's life cycle ranging from initial structuring and negotiation to final execution.
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