Clark Capital Management Group Inc. Grows Stock Holdings in Perella Weinberg Partners $PWP

Key Points

• Clark Capital Management Group Inc. increased its stake in Perella Weinberg Partners (NASDAQ:PWP) by 16.9%, owning approximately $3.75 million worth of shares after purchasing an additional 29,438 shares.
• Several other institutional investors have made significant increases in their stakes, with Wellington Management Group LLP raising its position by 128.6% and New York State Common Retirement Fund increasing by 402.6% during the first quarter.
• Perella Weinberg Partners reported earnings per share of $0.09, falling short of analysts' estimates of $0.16, while the company also declared a quarterly dividend of $0.07 per share to be paid on September 10th.

Clark Capital Management Group Inc. lifted its position in shares of Perella Weinberg Partners (NASDAQ:PWP - Free Report) by 16.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 203,941 shares of the company's stock after purchasing an additional 29,438 shares during the period. Clark Capital Management Group Inc. owned about 0.23% of Perella Weinberg Partners worth $3,753,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. AQR Capital Management LLC grew its stake in Perella Weinberg Partners by 79.1% during the 1st quarter. AQR Capital Management LLC now owns 23,435 shares of the company's stock worth $431,000 after buying an additional 10,350 shares during the last quarter. Ancora Advisors LLC boosted its holdings in shares of Perella Weinberg Partners by 2.2% in the first quarter. Ancora Advisors LLC now owns 207,966 shares of the company's stock valued at $3,827,000 after acquiring an additional 4,520 shares during the period. Adage Capital Partners GP L.L.C. grew its position in shares of Perella Weinberg Partners by 124.4% during the first quarter. Adage Capital Partners GP L.L.C. now owns 1,808,172 shares of the company's stock worth $33,270,000 after acquiring an additional 1,002,387 shares during the last quarter. Cubist Systematic Strategies LLC grew its position in shares of Perella Weinberg Partners by 55.8% during the first quarter. Cubist Systematic Strategies LLC now owns 73,030 shares of the company's stock worth $1,344,000 after acquiring an additional 26,163 shares during the last quarter. Finally, State of Wyoming increased its holdings in shares of Perella Weinberg Partners by 94.9% in the 1st quarter. State of Wyoming now owns 17,258 shares of the company's stock valued at $318,000 after acquiring an additional 8,403 shares during the period. 41.07% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PWP. The Goldman Sachs Group increased their price target on shares of Perella Weinberg Partners from $16.00 to $18.00 and gave the stock a "sell" rating in a research note on Thursday, May 15th. Keefe, Bruyette & Woods increased their target price 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. Finally, Wall Street Zen lowered Perella Weinberg Partners from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Perella Weinberg Partners has a consensus rating of "Hold" and an average target price of $23.67.

Insider Buying and Selling at Perella Weinberg Partners

In related news, President Dietrich Becker sold 177,553 shares of the company's stock in a transaction 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 owned 368,469 shares of the company's stock, valued at $8,180,011.80. This represents a 32.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 31.82% of the stock is currently owned by company insiders.

Perella Weinberg Partners Price Performance

Shares of PWP stock traded up $0.82 during mid-day trading on Thursday, hitting $22.67. The stock had a trading volume of 1,178,972 shares, compared to its average volume of 1,070,879. The firm has a market cap of $1.98 billion, a PE ratio of 27.65 and a beta of 1.67. The company's 50-day simple moving average is $21.28 and its 200-day simple moving average is $19.38. Perella Weinberg Partners has a fifty-two week low of $14.12 and a fifty-two week high of $27.03.

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

Perella Weinberg Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Friday, August 29th were issued a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, August 29th. Perella Weinberg Partners's dividend payout ratio (DPR) is currently 34.15%.

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.