Bank of America Corp DE Buys 386,473 Shares of Perella Weinberg Partners $PWP

Key Points

• Bank of America increased its Perella Weinberg Partners stake by 41.6%, buying 386,473 shares to own 1.32 million shares, or 1.42% of PWP. Institutional investors collectively hold 41.07% of the company.
• PWP shares recently traded at $16.78, down 3.5%, despite the company beating quarterly earnings and revenue expectations with EPS of $0.20 and revenue of $156.5 million. The firm also declared a quarterly dividend of $0.07 per share, yielding about 1.7%.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $22.00. Recent insider activity was mainly selling, including shares sold by the CEO and CFO.

Bank of America Corp DE raised its stake in shares of Perella Weinberg Partners (NASDAQ:PWP - Free Report) by 41.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,316,482 shares of the company's stock after purchasing an additional 386,473 shares during the period. Bank of America Corp DE owned 1.42% of Perella Weinberg Partners worth $23,907,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of PWP. William Blair Investment Management LLC boosted its position in shares of Perella Weinberg Partners by 10.6% during the fourth quarter. William Blair Investment Management LLC now owns 3,946,163 shares of the company's stock valued at $68,269,000 after buying an additional 379,652 shares during the period. Wesbanco Bank Inc. bought a new position in Perella Weinberg Partners in the 4th quarter valued at $986,000. First Eagle Investment Management LLC grew its position in Perella Weinberg Partners by 24.8% in the 4th quarter. First Eagle Investment Management LLC now owns 583,848 shares of the company's stock valued at $10,101,000 after acquiring an additional 116,056 shares during the last quarter. Vanguard Group Inc. increased its stake in Perella Weinberg Partners by 6.9% in the fourth quarter. Vanguard Group Inc. now owns 3,722,756 shares of the company's stock worth $64,404,000 after purchasing an additional 241,363 shares during the period. Finally, Emerald Mutual Fund Advisers Trust lifted its position in shares of Perella Weinberg Partners by 14.9% during the first quarter. Emerald Mutual Fund Advisers Trust now owns 621,774 shares of the company's stock worth $11,291,000 after purchasing an additional 80,490 shares during the last quarter. Hedge funds and other institutional investors own 41.07% of the company's stock.

Perella Weinberg Partners Trading Down 3.5%

Shares of PWP opened at $16.78 on Tuesday. Perella Weinberg Partners has a 12 month low of $14.11 and a 12 month high of $25.92. The stock has a fifty day moving average price of $16.15 and a 200-day moving average price of $18.13. The firm has a market cap of $1.58 billion, a PE ratio of 64.54 and a beta of 1.64.

Perella Weinberg Partners (NASDAQ:PWP - Get Free Report) last issued its quarterly earnings results on Friday, July 31st. The company reported $0.20 earnings per share for the quarter, topping analysts' consensus estimates of $0.06 by $0.14. The business had revenue of $156.53 million for the quarter, compared to analyst estimates of $144.76 million. Perella Weinberg Partners had a negative return on equity of 35.84% and a net margin of 3.19%.

Perella Weinberg Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Friday, August 28th will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, August 28th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.7%. Perella Weinberg Partners's payout ratio is 107.69%.

Insider Buying and Selling at Perella Weinberg Partners

In related news, CFO Alexandra Gottschalk sold 14,018 shares of the company's stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $17.46, for a total value of $244,754.28. Following the transaction, the chief financial officer directly owned 72,492 shares of the company's stock, valued at $1,265,710.32. This represents a 16.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Andrew Bednar sold 80,045 shares of the firm's stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $17.17, for a total value of $1,374,372.65. Following the completion of the transaction, the chief executive officer owned 1,139,013 shares of the company's stock, valued at $19,556,853.21. This trade represents a 6.57% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 249,715 shares of company stock worth $4,325,133. 26.10% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on PWP. The Goldman Sachs Group upped their price target on shares of Perella Weinberg Partners from $14.50 to $16.00 and gave the stock a "sell" rating in a report on Monday, August 3rd. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $21.00 target price (up from $19.00) on shares of Perella Weinberg Partners in a research report on Monday, August 3rd. Finally, Weiss Ratings raised Perella Weinberg Partners from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, August 4th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Perella Weinberg Partners currently has a consensus rating of "Hold" and an average price target of $22.00.

Perella Weinberg Partners Company Profile

Perella Weinberg Partners L.P. is a global, partner-led advisory firm specializing in strategic and financial counsel. Founded in 2006 by Joseph R. Perella and Peter Weinberg—both veterans of leading Wall Street institutions—the firm delivers independent advice on mergers and acquisitions, financing, restructuring and capital markets. As an independent entity, it emphasizes senior banker involvement throughout every transaction, ensuring clients benefit from depth of experience and continuity of service.

The firm's core offerings encompass M&A advisory, debt and equity financing, corporate restructuring and capital markets solutions.

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