Channing Capital Management LLC Has $39.43 Million Stock 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 boosted its holdings in shares of Perella Weinberg Partners (NASDAQ:PWP - Free Report) by 215.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,142,888 shares of the company's stock after purchasing an additional 1,463,083 shares during the quarter. Channing Capital Management LLC owned about 2.47% of Perella Weinberg Partners worth $39,429,000 at the end of the most recent quarter.

Several other hedge funds have 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 1st quarter. Wellington Management Group LLP now owns 3,009,484 shares of the company's stock valued at $55,375,000 after purchasing an additional 1,692,922 shares during the period. New York State Common Retirement Fund boosted its stake in Perella Weinberg Partners by 402.6% during 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 period. Emerald Advisers LLC bought a new stake in Perella Weinberg Partners during the 1st quarter valued at approximately $7,420,000. Algert Global LLC boosted its stake in Perella Weinberg Partners by 137.4% during the 4th quarter. Algert Global LLC now owns 376,564 shares of the company's stock valued at $8,977,000 after purchasing an additional 217,918 shares during the period. Finally, Bank of America Corp DE boosted its stake in Perella Weinberg Partners by 46.1% during the 4th quarter. Bank of America Corp DE now owns 672,481 shares of the company's stock valued at $16,032,000 after purchasing an additional 212,296 shares during the period. Institutional investors own 41.07% of the company's stock.

Perella Weinberg Partners Stock Up 4.9%

Shares of PWP stock traded up $1.07 during mid-day trading on Tuesday, reaching $22.80. The stock had a trading volume of 597,318 shares, compared to its average volume of 959,896. Perella Weinberg Partners has a one year low of $14.12 and a one year high of $27.03. The firm's 50 day simple moving average is $20.51 and its 200 day simple moving average is $19.46. The firm has a market cap of $1.99 billion, a PE ratio of 27.65 and a beta of 1.66.

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

Perella Weinberg Partners Dividend Announcement

The firm 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 1.2%. Perella Weinberg Partners's payout ratio is presently 34.15%.

Insider Transactions at Perella Weinberg Partners

In other Perella Weinberg Partners news, President Dietrich Becker sold 177,553 shares of Perella Weinberg Partners stock in a transaction on 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 approximately $8,180,011.80. The trade was a 32.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 31.82% of the company's stock.

Wall Street Analysts Forecast Growth

PWP has been the subject of several recent analyst reports. Wall Street Zen downgraded Perella Weinberg Partners from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. Keefe, Bruyette & Woods raised their price objective 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, The Goldman Sachs Group raised their price objective 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. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target 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.