Kings Path Partners LLC Reduces Stake in Perella Weinberg Partners (NASDAQ:PWP)

Kings Path Partners LLC reduced its stake in shares of Perella Weinberg Partners (NASDAQ:PWP) by 38.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,760 shares of the company’s stock after selling 8,665 shares during the quarter. Kings Path Partners LLC’s holdings in Perella Weinberg Partners were worth $253,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Barclays PLC boosted its holdings in shares of Perella Weinberg Partners by 8.7% in the 4th quarter. Barclays PLC now owns 202,517 shares of the company’s stock worth $4,828,000 after purchasing an additional 16,130 shares during the period. Jump Financial LLC raised its holdings in Perella Weinberg Partners by 181.5% during the 4th quarter. Jump Financial LLC now owns 33,502 shares of the company’s stock valued at $799,000 after buying an additional 21,602 shares during the period. BNP Paribas Financial Markets purchased a new stake in Perella Weinberg Partners during the 4th quarter valued at $413,000. Bank of New York Mellon Corp lifted its position in Perella Weinberg Partners by 47.6% in the fourth quarter. Bank of New York Mellon Corp now owns 190,553 shares of the company’s stock worth $4,543,000 after buying an additional 61,428 shares during the last quarter. Finally, Deutsche Bank AG lifted its position in Perella Weinberg Partners by 53.6% in the fourth quarter. Deutsche Bank AG now owns 45,179 shares of the company’s stock worth $1,077,000 after buying an additional 15,763 shares during the last quarter. 41.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. JMP Securities cut their price objective on shares of Perella Weinberg Partners from $33.00 to $29.00 and set a “market outperform” rating on the stock in a research report on Tuesday, April 8th. The Goldman Sachs Group raised their target price on shares of Perella Weinberg Partners from $16.00 to $18.00 and gave the stock a “sell” rating in a report on Thursday, May 15th. Wall Street Zen downgraded shares of Perella Weinberg Partners from a “buy” rating to a “hold” rating in a report on Saturday, May 24th. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of Perella Weinberg Partners from $24.00 to $22.00 and set an “outperform” rating on the stock in a research report on Monday, May 12th.

Perella Weinberg Partners Stock Performance

Shares of PWP stock opened at $17.79 on Friday. The stock has a 50 day moving average price of $17.41 and a 200 day moving average price of $21.58. Perella Weinberg Partners has a 52-week low of $13.82 and a 52-week high of $27.03. The firm has a market capitalization of $1.57 billion, a P/E ratio of -11.26 and a beta of 1.69.

Perella Weinberg Partners (NASDAQ:PWP) last released its earnings results on Friday, May 2nd. The company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.07. Perella Weinberg Partners had a negative return on equity of 72.27% and a negative net margin of 7.37%. The business had revenue of $211.83 million for the quarter, compared to analyst estimates of $200.29 million. During the same quarter last year, the firm posted ($0.10) earnings per share.

Perella Weinberg Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Wednesday, May 14th will be paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date of this dividend is Wednesday, May 14th. Perella Weinberg Partners’s dividend payout ratio is currently -65.12%.

About Perella Weinberg Partners

Perella Weinberg Partners, an independent investment banking company, provides strategic and financial advice services in the United States and internationally. The company offers advisory services related to strategic and financial decisions, mergers and acquisition execution, shareholder and defense advisory, and financing and capital solutions advice with resources focused on restructuring, liability management, and capital markets advisory, as well as underwriting and research services primarily for the energy and related industries.