Channing Capital Management LLC Boosts Position in Perella Weinberg Partners $PWP

Key Points

• Channing Capital Management LLC has increased its stock position in Perella Weinberg Partners by 215.2%, owning over 2.14 million shares worth approximately $39.4 million.
• Perella Weinberg Partners announced a quarterly dividend of $0.07, which represents an annualized dividend yield of 1.3% and a dividend payout ratio of 34.15%.
• Following their recent earnings report, several analysts have downgraded their ratings on the stock, with the current consensus rating categorized as "Hold" and an average price target of $23.67.

Channing Capital Management LLC increased its position in Perella Weinberg Partners (NASDAQ:PWP - Free Report) by 215.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,142,888 shares of the company's stock after buying an additional 1,463,083 shares during the quarter. Channing Capital Management LLC owned 2.47% of Perella Weinberg Partners worth $39,429,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of PWP. Versant Capital Management Inc bought a new stake in Perella Weinberg Partners in the 1st quarter worth approximately $32,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Perella Weinberg Partners in the 1st quarter worth approximately $40,000. GAMMA Investing LLC lifted its position in Perella Weinberg Partners by 2,401.3% in the 1st quarter. GAMMA Investing LLC now owns 3,827 shares of the company's stock worth $70,000 after buying an additional 3,674 shares during the last quarter. Picton Mahoney Asset Management bought a new stake in Perella Weinberg Partners in the 1st quarter worth approximately $118,000. Finally, State of Wyoming lifted its position in Perella Weinberg Partners by 180.4% in the 4th quarter. State of Wyoming now owns 8,855 shares of the company's stock worth $211,000 after buying an additional 5,697 shares during the last quarter. Institutional investors own 41.07% of the company's stock.

Perella Weinberg Partners Trading Up 6.2%

PWP stock traded up $1.31 during midday trading on Friday, hitting $22.40. The company had a trading volume of 1,317,439 shares, compared to its average volume of 1,233,791. Perella Weinberg Partners has a 52 week low of $14.12 and a 52 week high of $27.03. The stock's 50 day moving average price is $20.44 and its 200 day moving average price is $19.53. The stock has a market cap of $1.96 billion, a price-to-earnings ratio of 27.32 and a beta of 1.66.

Perella Weinberg Partners (NASDAQ:PWP - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $155.27 million during the quarter, compared to the consensus estimate of $188.06 million.

Perella Weinberg Partners Dividend Announcement

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

Insiders Place Their Bets

In other news, President Dietrich Becker sold 177,553 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $22.20, for a total transaction of $3,941,676.60. Following the transaction, the president directly owned 368,469 shares of the company's stock, valued at approximately $8,180,011.80. The trade was a 32.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 31.82% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on PWP. The Goldman Sachs Group boosted their target price on Perella Weinberg Partners from $16.00 to $18.00 and gave the stock a "sell" rating in a research report on Thursday, May 15th. Keefe, Bruyette & Woods boosted their target price on Perella Weinberg Partners from $23.00 to $24.00 and gave the stock a "market perform" rating in a research report on Monday, August 4th. Finally, Wall Street Zen downgraded Perella Weinberg Partners from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. One analyst has 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 presently has an average rating of "Hold" and an average target price of $23.67.

Perella Weinberg Partners 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.