Perella Weinberg Partners $PWP Position Trimmed by Hotchkis & Wiley Capital Management LLC

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 lowered its stake in shares of Perella Weinberg Partners (NASDAQ:PWP - Free Report) by 67.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 267,190 shares of the company's stock after selling 548,580 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned approximately 0.31% of Perella Weinberg Partners worth $4,916,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Versant Capital Management Inc acquired a new stake in shares of Perella Weinberg Partners during the first quarter worth approximately $32,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Perella Weinberg Partners during the first quarter worth approximately $40,000. GAMMA Investing LLC grew its position in shares of Perella Weinberg Partners by 2,401.3% during the first quarter. GAMMA Investing LLC now owns 3,827 shares of the company's stock worth $70,000 after buying an additional 3,674 shares in the last quarter. Picton Mahoney Asset Management acquired a new stake in shares of Perella Weinberg Partners during the first quarter worth approximately $118,000. Finally, State of Wyoming grew its position in shares of Perella Weinberg Partners by 180.4% during the fourth quarter. State of Wyoming now owns 8,855 shares of the company's stock worth $211,000 after buying an additional 5,697 shares in the last quarter. Institutional investors and hedge funds own 41.07% of the company's stock.

Perella Weinberg Partners Price Performance

Shares of NASDAQ PWP traded down $0.27 during midday trading on Friday, reaching $22.13. 965,810 shares of the company traded hands, compared to its average volume of 1,189,455. The stock has a 50-day moving average price of $20.88 and a 200 day moving average price of $19.43. Perella Weinberg Partners has a 52 week low of $14.12 and a 52 week high of $27.03. The company has a market cap of $1.94 billion, a price-to-earnings ratio of 26.99 and a beta of 1.67.

Perella Weinberg Partners (NASDAQ:PWP - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The company reported $0.09 EPS for the quarter, missing the consensus estimate 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 business had revenue of $155.27 million during the quarter, compared to the consensus estimate 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. 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 34.15%.

Insider Transactions at Perella Weinberg Partners

In other Perella Weinberg Partners news, President Dietrich Becker sold 177,553 shares of the business's stock in a transaction dated 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 sale, 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 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.

Analyst Upgrades and Downgrades

PWP has been the subject of a number of recent analyst reports. 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 report on Monday, August 4th. Wall Street Zen downgraded shares of Perella Weinberg Partners from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Finally, The Goldman Sachs Group lifted their price objective on shares of Perella Weinberg Partners from $16.00 to $18.00 and gave the stock a "sell" rating in a report on Thursday, May 15th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Perella Weinberg Partners presently has a consensus rating of "Hold" and an average 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.