American International Group Inc. reduced its position in PHH Co. (NYSE:PHH) by 39.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 21,592 shares of the credit services provider’s stock after selling 13,811 shares during the quarter. American International Group Inc.’s holdings in PHH were worth $222,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company boosted its position in shares of PHH by 2.0% in the second quarter. The Manufacturers Life Insurance Company now owns 42,372 shares of the credit services provider’s stock valued at $583,000 after acquiring an additional 846 shares during the period. Wells Fargo & Company MN lifted its position in PHH by 18.7% during the third quarter. Wells Fargo & Company MN now owns 46,824 shares of the credit services provider’s stock valued at $652,000 after purchasing an additional 7,363 shares during the last quarter. UBS Asset Management Americas Inc. lifted its position in PHH by 19.0% during the fourth quarter. UBS Asset Management Americas Inc. now owns 65,756 shares of the credit services provider’s stock valued at $677,000 after purchasing an additional 10,500 shares during the last quarter. Gabelli Funds LLC lifted its position in PHH by 63.2% during the third quarter. Gabelli Funds LLC now owns 28,491 shares of the credit services provider’s stock valued at $397,000 after purchasing an additional 11,028 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. lifted its position in PHH by 11.3% during the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 140,263 shares of the credit services provider’s stock valued at $1,954,000 after purchasing an additional 14,190 shares during the last quarter. Institutional investors own 98.65% of the company’s stock.
Several equities research analysts have issued reports on the stock. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $12.00 target price on shares of PHH in a research report on Friday, December 22nd. ValuEngine lowered shares of PHH from a “sell” rating to a “strong sell” rating in a research report on Friday, December 22nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $13.25.
Shares of PHH Co. (PHH) opened at $10.56 on Tuesday. PHH Co. has a 1 year low of $8.01 and a 1 year high of $15.00. The stock has a market cap of $343.10, a P/E ratio of -2.23 and a beta of 1.46. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.77 and a current ratio of 1.77.
PHH (NYSE:PHH) last announced its earnings results on Tuesday, February 27th. The credit services provider reported ($1.44) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.68) by $0.24. PHH had a negative net margin of 47.59% and a negative return on equity of 26.45%. The business had revenue of $109.00 million during the quarter, compared to analyst estimates of $103.70 million.
In other PHH news, SVP William F. Brown sold 8,000 shares of PHH stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $11.12, for a total transaction of $88,960.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.52% of the company’s stock.
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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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