Perella Weinberg Partners (NASDAQ:PWP) Shares Gap Up After Earnings Beat

Key Points

• Perella Weinberg Partners beat quarterly expectations: EPS was $0.39 versus the $0.17 consensus, while revenue reached $251.37 million compared with estimates of $172.82 million.
• The earnings report drove a 13.1% stock gain, with shares opening at $14.29 after previously closing at $12.94. The stock was last trading near $14.55.
• The company declared a quarterly dividend of $0.07 per share, equivalent to a $0.28 annualized payout and a 1.9% yield. Analysts’ consensus rating remains Hold, with an average price target of $22.00.

Perella Weinberg Partners (NASDAQ:PWP - Get Free Report)'s stock price gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $12.94, but opened at $14.29. Perella Weinberg Partners shares last traded at $14.5530, with a volume of 212,378 shares traded.

The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.22. Perella Weinberg Partners had a negative return on equity of 35.84% and a net margin of 3.19%. The firm had revenue of $251.37 million during the quarter, compared to the consensus estimate of $172.82 million.

Perella Weinberg Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Friday, August 28th were paid a dividend of $0.07 per share. The ex-dividend date was Friday, August 28th. This represents a $0.28 annualized dividend and a yield of 1.9%. Perella Weinberg Partners's dividend payout ratio is currently 107.69%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $21.00 price target (up from $19.00) on shares of Perella Weinberg Partners in a research report on Monday, August 3rd. Wall Street Zen cut Perella Weinberg Partners from a "buy" rating to a "hold" rating in a research note on Saturday, October 3rd. The Goldman Sachs Group upped their target price on Perella Weinberg Partners from $14.50 to $16.00 and gave the stock a "sell" rating in a research report on Monday, August 3rd. Finally, Weiss Ratings lowered Perella Weinberg Partners from a "hold (c)" rating to a "hold (c-)" rating in a research note on Wednesday, October 14th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $22.00.

Insider Transactions at Perella Weinberg Partners

In other Perella Weinberg Partners news, CEO Andrew Bednar sold 77,753 shares of the stock in a transaction on Friday, August 7th. The shares were sold at an average price of $17.41, for a total transaction of $1,353,679.73. Following the transaction, the chief executive officer directly owned 1,061,260 shares in the company, valued at $18,476,536.60. This represents a 6.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 235,697 shares of company stock valued at $4,080,379 over the last 90 days. Corporate insiders own 26.10% of the company's stock.

Hedge Funds Weigh In On Perella Weinberg Partners

A number of hedge funds have recently bought and sold shares of PWP. State of Wyoming acquired a new position in shares of Perella Weinberg Partners during the third quarter valued at $141,000. Sterling Capital Management LLC grew its holdings in Perella Weinberg Partners by 902.0% in the 3rd quarter. Sterling Capital Management LLC now owns 2,475 shares of the company's stock worth $40,000 after buying an additional 2,228 shares in the last quarter. T3 Companies LLC acquired a new stake in Perella Weinberg Partners in the 3rd quarter valued at approximately $285,000. Kings Path Partners LLC bought a new stake in Perella Weinberg Partners during the 3rd quarter valued at $360,000. Finally, Engineers Gate Manager LP acquired a new stake in Perella Weinberg Partners in the second quarter worth about $273,000. 41.07% of the stock is currently owned by institutional investors and hedge funds.

Perella Weinberg Partners Trading Up 13.1%

The stock has a market cap of $1.38 billion, a P/E ratio of 56.36 and a beta of 1.63. The stock's 50-day moving average is $14.85 and its 200-day moving average is $17.48.

About Perella Weinberg Partners

Perella Weinberg Partners NASDAQ: PWP is an independent investment banking and financial services firm that provides strategic and financial advice to corporations, financial institutions, governments, and other organizations. The firm focuses on complex, high-value transactions and situations that require specialized advice and senior-level expertise.

Its services include mergers and acquisitions, strategic transactions, financial restructurings, capital markets advisory, and private capital advisory.

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