Russell Investments Group Ltd. Cuts Stake in 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. lowered its stake in Perella Weinberg Partners (NASDAQ:PWP - Free Report) by 9.6% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 598,084 shares of the company's stock after selling 63,380 shares during the quarter. Russell Investments Group Ltd. owned 0.69% of Perella Weinberg Partners worth $11,005,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BNP Paribas Financial Markets bought a new stake in Perella Weinberg Partners during the 4th quarter valued at $413,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Perella Weinberg Partners by 21.2% during 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 valued at $2,191,000 after purchasing an additional 16,057 shares in the last quarter. Barclays PLC increased its stake in Perella Weinberg Partners by 8.7% during the 4th quarter. Barclays PLC now owns 202,517 shares of the company's stock valued at $4,828,000 after purchasing an additional 16,130 shares in the last quarter. Deutsche Bank AG increased its stake in Perella Weinberg Partners by 53.6% during the 4th quarter. Deutsche Bank AG now owns 45,179 shares of the company's stock valued at $1,077,000 after purchasing an additional 15,763 shares in the last quarter. Finally, Millennium Management LLC increased its stake in Perella Weinberg Partners by 49.6% during the 4th quarter. Millennium Management LLC now owns 180,031 shares of the company's stock valued at $4,292,000 after purchasing an additional 59,672 shares in the last quarter. Institutional investors own 41.07% of the company's stock.

Perella Weinberg Partners Stock Performance

PWP traded up $1.31 during mid-day trading on Friday, reaching $22.40. 1,317,439 shares of the stock were exchanged, compared to its average volume of 1,233,791. The stock has a market capitalization of $1.96 billion, a PE ratio of 27.32 and a beta of 1.66. The company has a 50 day moving average price of $20.44 and a two-hundred day moving average price of $19.57. 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 issued its quarterly earnings results on Friday, August 1st. The company reported $0.09 earnings per share for the quarter, missing analysts' consensus estimates of $0.16 by ($0.07). The company had revenue of $155.27 million during 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 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 29th will be issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis 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 34.15%.

Analysts Set New Price Targets

A number of analysts have commented on the stock. The Goldman Sachs Group boosted their price target on shares of Perella Weinberg Partners from $16.00 to $18.00 and gave the company a "sell" rating in a research note on Thursday, May 15th. Keefe, Bruyette & Woods lifted their price objective on shares of Perella Weinberg Partners from $23.00 to $24.00 and gave the stock a "market perform" rating in a report on Monday, August 4th. Finally, Wall Street Zen downgraded shares of Perella Weinberg Partners from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Perella Weinberg Partners presently has a consensus rating of "Hold" and a consensus price target of $23.67.

Insider Buying and Selling at Perella Weinberg Partners

In related news, President Dietrich Becker sold 177,553 shares of the business's stock in a transaction dated 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 transaction, the president directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 31.82% of the company's stock.

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.