Russell Investments Group Ltd. Sells 63,380 Shares of Perella Weinberg Partners $PWP

Key Points

• Russell Investments Group Ltd. reduced its position in Perella Weinberg Partners by 9.6%, holding approximately $11 million worth of shares after selling over 63,000 shares in the first quarter.
• Institutional investors collectively own 41.07% of Perella Weinberg Partners, with notable increases in stakes from firms such as Deutsche Bank AG and UBS AM.
• Perella Weinberg Partners reported earnings of $0.09 per share, falling short of analyst estimates, and announced a quarterly dividend of $0.07 to be paid on September 10th.

Russell Investments Group Ltd. cut its stake in Perella Weinberg Partners (NASDAQ:PWP - Free Report) by 9.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 598,084 shares of the company's stock after selling 63,380 shares during the period. Russell Investments Group Ltd. owned about 0.69% of Perella Weinberg Partners worth $11,005,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. BNP Paribas Financial Markets acquired a new position in shares of Perella Weinberg Partners in the 4th quarter worth approximately $413,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Perella Weinberg Partners by 21.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 91,898 shares of the company's stock worth $2,191,000 after buying an additional 16,057 shares in the last quarter. Barclays PLC raised its holdings in shares of Perella Weinberg Partners by 8.7% in the 4th quarter. Barclays PLC now owns 202,517 shares of the company's stock worth $4,828,000 after buying an additional 16,130 shares in the last quarter. Deutsche Bank AG raised its holdings in shares of Perella Weinberg Partners by 53.6% in the 4th quarter. Deutsche Bank AG now owns 45,179 shares of the company's stock worth $1,077,000 after buying an additional 15,763 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in shares of Perella Weinberg Partners by 49.6% in the 4th quarter. Millennium Management LLC now owns 180,031 shares of the company's stock worth $4,292,000 after buying an additional 59,672 shares in the last quarter. 41.07% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Perella Weinberg Partners news, President Dietrich Becker sold 177,553 shares of the 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 transaction, the president directly owned 368,469 shares in the company, valued at approximately $8,180,011.80. This trade represents a 32.52% decrease in their position. The sale 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.

Perella Weinberg Partners Stock Up 6.2%

PWP stock traded up $1.31 during midday trading on Friday, reaching $22.40. 1,317,439 shares of the company's stock traded hands, compared to its average volume of 1,254,870. The company has a market cap of $1.96 billion, a price-to-earnings ratio of 27.32 and a beta of 1.66. The company has a 50-day simple moving average of $20.44 and a two-hundred day simple moving average of $19.48. Perella Weinberg Partners has a 1-year low of $14.12 and a 1-year high of $27.03.

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

Perella Weinberg Partners Dividend Announcement

The company 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. This represents a $0.28 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Friday, August 29th. Perella Weinberg Partners's dividend payout ratio (DPR) is presently 34.15%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on PWP shares. Wall Street Zen cut Perella Weinberg Partners from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Keefe, Bruyette & Woods raised their price target on Perella Weinberg Partners from $23.00 to $24.00 and gave the company a "market perform" rating in a report on Monday, August 4th. Finally, The Goldman Sachs Group raised their price target on Perella Weinberg Partners from $16.00 to $18.00 and gave the company a "sell" rating in a report on Thursday, May 15th. One equities research 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, the stock has a consensus 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.