Renaissance Technologies LLC grew its holdings in PHH Corp (NYSE:PHH) by 27.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,662,400 shares of the credit services provider’s stock after purchasing an additional 566,600 shares during the quarter. Renaissance Technologies LLC owned approximately 4.97% of PHH Corp worth $36,661,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the company. Rhumbline Advisers raised its position in shares of PHH Corp 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 last quarter. Bank of America Corp DE lifted its stake in PHH Corp by 3.2% in the 1st quarter. Bank of America Corp DE now owns 46,481 shares of the credit services provider’s stock valued at $591,000 after buying an additional 1,439 shares in the last quarter. Teachers Advisors LLC grew its holdings in PHH Corp by 1.8% during the 1st quarter. Teachers Advisors LLC now owns 96,881 shares of the credit services provider’s stock valued at $1,233,000 after buying an additional 1,681 shares during the last quarter. American International Group Inc. grew its holdings in PHH Corp by 7.1% during the 1st quarter. American International Group Inc. now owns 32,629 shares of the credit services provider’s stock valued at $415,000 after buying an additional 2,160 shares during the last quarter. Finally, Aperio Group LLC grew its holdings in PHH Corp by 12.2% during the 2nd quarter. Aperio Group LLC now owns 20,249 shares of the credit services provider’s stock valued at $279,000 after buying an additional 2,194 shares during the last quarter. Institutional investors and hedge funds own 97.42% of the company’s stock.
A number of equities analysts have recently weighed in on PHH shares. Wedbush cut PHH Corp from an “outperform” rating to a “neutral” rating and set a $14.50 price target for the company. in a report on Tuesday, June 20th. Zacks Investment Research raised PHH Corp from a “sell” rating to a “hold” rating in a research note on Saturday, July 22nd. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $15.00 price objective on shares of PHH Corp in a research report on Tuesday, September 12th. ValuEngine downgraded shares of PHH Corp from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 11th. Finally, BidaskClub raised shares of PHH Corp from a “hold” rating to a “buy” rating in a research note on Tuesday, August 22nd. One 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 Corp presently has an average rating of “Hold” and a consensus price target of $15.83.
In other PHH Corp news, Director Carroll R. Wetzel sold 21,000 shares of the business’s stock in a transaction on Monday, September 11th. The shares were sold at an average price of $14.25, for a total transaction of $299,250.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.52% of the stock is owned by insiders.
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Shares of PHH Corp (NYSE PHH) opened at 14.11 on Wednesday. PHH Corp has a 12-month low of $11.76 and a 12-month high of $15.70. The firm’s market cap is $723.93 million. The stock’s 50 day moving average price is $13.85 and its 200 day moving average price is $13.54.
PHH Corp (NYSE:PHH) last posted its quarterly earnings data on Tuesday, August 8th. The credit services provider reported ($0.81) EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $121.80 million. During the same quarter last year, the business posted ($0.08) EPS. The company’s revenue was down 42.9% on a year-over-year basis. On average, equities research analysts predict that PHH Corp will post ($1.57) EPS for the current fiscal year.
PHH Corp declared that its Board of Directors has authorized 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 stock through a dutch auction. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.
PHH Corp Company Profile
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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