Perella Weinberg Partners (NASDAQ:PWP) Shares Gap Up After Dividend Announcement

Key Points

• Perella Weinberg Partners shares gapped up from $20.97 to $22.31 after announcing a dividend of $0.07 per share, which signifies a 1.3% yield.
• The stock currently has a market capitalization of $1.94 billion and a negative return on equity of 25.25% following disappointing quarterly earnings that missed analyst expectations.
• Recent analyst reports show mixed ratings, with price targets ranging from $16.00 to $29.00, reflecting some concerns about the company's performance and outlook.

Perella Weinberg Partners (NASDAQ:PWP - Get Free Report)'s stock price gapped up prior to trading on Monday following a dividend announcement from the company. The stock had previously closed at $20.97, but opened at $22.31. Perella Weinberg Partners shares last traded at $21.82, with a volume of 66,205 shares.

The newly announced dividend which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 29th will be paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Friday, August 29th. Perella Weinberg Partners's payout ratio is currently 34.15%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Keefe, Bruyette & Woods boosted their price target on Perella Weinberg Partners from $23.00 to $24.00 and gave the company a "market perform" rating in a research note on Monday. The Goldman Sachs Group boosted their price target on Perella Weinberg Partners from $16.00 to $18.00 and gave the company a "sell" rating in a research note on Thursday, May 15th. Finally, Wall Street Zen downgraded Perella Weinberg Partners from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th.

Perella Weinberg Partners Trading Down 0.9%

The stock has a 50 day moving average of $19.69 and a 200-day moving average of $19.83. The company has a market capitalization of $1.96 billion, a P/E ratio of 27.05 and a beta of 1.66.

Perella Weinberg Partners (NASDAQ:PWP - Get Free Report) last announced its quarterly earnings data 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). The company had revenue of $155.27 million for 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%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Westwood Holdings Group Inc. purchased a new position in Perella Weinberg Partners in the 2nd quarter worth approximately $28,019,000. Creative Planning lifted its holdings in Perella Weinberg Partners by 80.8% in the 2nd quarter. Creative Planning now owns 37,883 shares of the company's stock worth $736,000 after purchasing an additional 16,928 shares in the last quarter. SG Americas Securities LLC lifted its holdings in Perella Weinberg Partners by 634.0% in the 2nd quarter. SG Americas Securities LLC now owns 54,988 shares of the company's stock worth $1,068,000 after purchasing an additional 47,496 shares in the last quarter. Police & Firemen s Retirement System of New Jersey lifted its holdings in Perella Weinberg Partners by 20.7% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 14,219 shares of the company's stock worth $276,000 after purchasing an additional 2,436 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Perella Weinberg Partners by 10.9% in the 2nd quarter. Geode Capital Management LLC now owns 1,490,650 shares of the company's stock worth $28,952,000 after purchasing an additional 146,352 shares in the last quarter. 41.07% of the stock is currently owned by institutional investors.

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.