Vanguard Group Inc. increased its position in shares of PHH Corp (NYSE:PHH) by 0.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,372,716 shares of the credit services provider’s stock after purchasing an additional 15,988 shares during the quarter. Vanguard Group Inc. owned 8.16% of PHH Corp worth $60,212,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Los Angeles Capital Management & Equity Research Inc. bought a new position in PHH Corp during the second quarter worth $1,736,000. Royce & Associates LP lifted its stake in PHH Corp by 5.7% during the second quarter. Royce & Associates LP now owns 509,928 shares of the credit services provider’s stock worth $7,022,000 after purchasing an additional 27,500 shares during the last quarter. TIAA CREF Investment Management LLC lifted its stake in PHH Corp by 4.2% during the second quarter. TIAA CREF Investment Management LLC now owns 471,285 shares of the credit services provider’s stock worth $6,490,000 after purchasing an additional 18,869 shares during the last quarter. Legal & General Group Plc lifted its stake in PHH Corp by 1.7% during the first quarter. Legal & General Group Plc now owns 169,830 shares of the credit services provider’s stock worth $2,164,000 after purchasing an additional 2,838 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its stake in PHH Corp by 0.9% during the first quarter. Schwab Charles Investment Management Inc. now owns 367,897 shares of the credit services provider’s stock worth $4,684,000 after purchasing an additional 3,122 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.
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In other news, Director Carroll R. Wetzel sold 21,000 shares of the firm’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $14.25, for a total transaction of $299,250.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.52% of the stock is currently owned by company insiders.
PHH has been the topic of several analyst reports. BidaskClub raised PHH Corp from a “hold” rating to a “buy” rating in a research report on Tuesday, August 22nd. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $15.00 target price on shares of PHH Corp in a research report on Tuesday, September 12th. ValuEngine raised PHH Corp from a “strong sell” rating to a “sell” rating in a research report on Friday, September 1st. Finally, Zacks Investment Research raised PHH Corp from a “sell” rating to a “hold” rating in a research report on Saturday, July 22nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $15.83.
Shares of PHH Corp (PHH) opened at $11.06 on Friday. The company has a debt-to-equity ratio of 1.84, a current ratio of 2.94 and a quick ratio of 5.61. PHH Corp has a 52-week low of $10.97 and a 52-week high of $15.70.
PHH Corp (NYSE:PHH) last issued its quarterly earnings results on Tuesday, November 7th. The credit services provider reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.38). The business had revenue of $121.00 million for the quarter, compared to analyst estimates of $61.00 million. PHH Corp had a negative net margin of 71.84% and a negative return on equity of 27.98%. PHH Corp’s revenue for the quarter was down 38.6% on a year-over-year basis. During the same period last year, the business posted ($0.35) earnings per share.
PHH Corp declared that its Board of Directors has approved 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 purchase up to 26.9% of its shares through a dutch auction. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
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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