Hotchkis & Wiley Capital Management LLC Sells 548,580 Shares of Perella Weinberg Partners $PWP

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its holdings in Perella Weinberg Partners by 67.2%, selling 548,580 shares, and now owns 267,190 shares valued at approximately $4.9 million.
• Several institutional investors have significantly increased their stakes in Perella Weinberg Partners, with the New York State Common Retirement Fund raising its position by 402.6% during the first quarter.
• Perella Weinberg Partners announced a quarterly dividend of $0.07 per share, representing a yield of 1.3%, and disclosed disappointing earnings results, missing EPS estimates by $0.07.

Hotchkis & Wiley Capital Management LLC trimmed its holdings in Perella Weinberg Partners (NASDAQ:PWP - Free Report) by 67.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 267,190 shares of the company's stock after selling 548,580 shares during the period. Hotchkis & Wiley Capital Management LLC owned 0.31% of Perella Weinberg Partners worth $4,916,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in PWP. Wellington Management Group LLP boosted its stake in shares of 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 worth $55,375,000 after purchasing an additional 1,692,922 shares during the last quarter. Azora Capital LP boosted its stake in shares of Perella Weinberg Partners by 3.4% during the 4th quarter. Azora Capital LP now owns 2,492,789 shares of the company's stock worth $59,428,000 after purchasing an additional 81,747 shares during the last quarter. Channing Capital Management LLC boosted its stake in shares of Perella Weinberg Partners by 215.2% during the 1st quarter. Channing Capital Management LLC now owns 2,142,888 shares of the company's stock worth $39,429,000 after purchasing an additional 1,463,083 shares during the last quarter. Westwood Holdings Group Inc. boosted its stake in shares of Perella Weinberg Partners by 0.8% during the 4th quarter. Westwood Holdings Group Inc. now owns 2,112,393 shares of the company's stock worth $50,359,000 after purchasing an additional 15,961 shares during the last quarter. Finally, Royce & Associates LP boosted its stake in shares of Perella Weinberg Partners by 3.7% during the 1st quarter. Royce & Associates LP now owns 1,099,154 shares of the company's stock worth $20,224,000 after purchasing an additional 39,096 shares during the last quarter. 41.07% of the stock is owned by institutional investors and hedge funds.

Perella Weinberg Partners Trading Down 0.1%

PWP stock traded down $0.02 during midday trading on Thursday, reaching $22.40. The company had a trading volume of 1,379,526 shares, compared to its average volume of 1,287,928. Perella Weinberg Partners has a 1 year low of $14.12 and a 1 year high of $27.03. The company has a market capitalization of $1.96 billion, a P/E ratio of 27.32 and a beta of 1.66. The company has a 50 day moving average of $20.79 and a two-hundred day moving average of $19.49.

Perella Weinberg Partners (NASDAQ:PWP - Get Free Report) last released 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 analysts' expectations 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. 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 of this dividend is Friday, August 29th. Perella Weinberg Partners's payout ratio is presently 34.15%.

Insider Activity

In related news, President Dietrich Becker sold 177,553 shares of Perella Weinberg Partners stock in a transaction on Friday, August 8th. The shares were sold at an average price of $22.20, for a total value of $3,941,676.60. Following the completion of the sale, the president 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 31.82% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Keefe, Bruyette & Woods raised their price target on shares of Perella Weinberg Partners from $23.00 to $24.00 and gave the stock a "market perform" rating in a research note on Monday, August 4th. Wall Street Zen cut shares of Perella Weinberg Partners from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Finally, The Goldman Sachs Group raised their target price on shares of 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 research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $23.67.

About Perella Weinberg Partners

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.