Perella Weinberg Partners $PWP Shares Acquired by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners GP L.L.C. increased its shareholding in Perella Weinberg Partners by 124.4% in the first quarter, bringing its total ownership to 1,808,172 shares valued at approximately $33.27 million.
• Analysts have varying outlooks on Perella Weinberg, with Goldman Sachs revising their price target down to $18.00, while Keefe, Bruyette & Woods set theirs at $24.00, resulting in a consensus rating of "Hold" and an average price target of $23.67.
• The company recently announced a quarterly dividend of $0.07 per share, which will be paid on September 10th, representing an annualized yield of 1.3% based on a payout ratio of 34.15%.

Adage Capital Partners GP L.L.C. boosted its position in shares of Perella Weinberg Partners (NASDAQ:PWP - Free Report) by 124.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,808,172 shares of the company's stock after buying an additional 1,002,387 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 2.05% of Perella Weinberg Partners worth $33,270,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PWP. Wellington Management Group LLP boosted its stake in Perella Weinberg Partners by 128.6% during the first quarter. Wellington Management Group LLP now owns 3,009,484 shares of the company's stock valued at $55,375,000 after buying an additional 1,692,922 shares during the last quarter. Channing Capital Management LLC lifted its stake in shares of Perella Weinberg Partners by 215.2% in the 1st quarter. Channing Capital Management LLC now owns 2,142,888 shares of the company's stock valued at $39,429,000 after purchasing an additional 1,463,083 shares during the last quarter. New York State Common Retirement Fund lifted its stake in shares of Perella Weinberg Partners by 402.6% in the 1st quarter. New York State Common Retirement Fund now owns 849,590 shares of the company's stock valued at $15,632,000 after purchasing an additional 680,563 shares during the last quarter. Penn Capital Management Company LLC bought a new stake in shares of Perella Weinberg Partners in the 1st quarter valued at approximately $9,721,000. Finally, Emerald Advisers LLC bought a new stake in shares of Perella Weinberg Partners in the 1st quarter valued at approximately $7,420,000. 41.07% of the stock is owned by institutional investors.

Insider Buying and Selling at Perella Weinberg Partners

In related news, President Dietrich Becker sold 177,553 shares of Perella Weinberg Partners stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $22.20, for a total value of $3,941,676.60. Following the completion of the transaction, the president owned 368,469 shares in the company, valued at $8,180,011.80. The trade was a 32.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 31.82% of the stock is currently owned by corporate insiders.

Perella Weinberg Partners Stock Performance

Shares of Perella Weinberg Partners stock traded down $0.44 on Friday, hitting $21.73. The company's stock had a trading volume of 940,013 shares, compared to its average volume of 1,128,561. Perella Weinberg Partners has a 1 year low of $14.12 and a 1 year high of $27.03. The firm has a fifty day moving average price of $21.12 and a 200-day moving average price of $19.39. The company has a market capitalization of $1.90 billion, a price-to-earnings ratio of 26.50 and a beta of 1.67.

Perella Weinberg Partners (NASDAQ:PWP - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.07). Perella Weinberg Partners had a net margin of 6.57% and a negative return on equity of 26.14%. The business had revenue of $155.27 million during the quarter, compared to analysts' expectations of $188.06 million.

Perella Weinberg Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 29th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Friday, August 29th. Perella Weinberg Partners's payout ratio is currently 34.15%.

Wall Street Analysts Forecast Growth

PWP has been the subject of several analyst reports. The Goldman Sachs Group raised their price objective on Perella Weinberg Partners from $16.00 to $18.00 and gave the company a "sell" rating in a research note on Thursday, May 15th. Keefe, Bruyette & Woods raised their price objective on Perella Weinberg Partners from $23.00 to $24.00 and gave the company a "market perform" rating in a research note on Monday, August 4th. Finally, Wall Street Zen lowered Perella Weinberg Partners from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $23.67.

Perella Weinberg Partners Company Profile

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.