PHH Corp (NYSE:PHH) Board of Directors Declares Stock Repurchase Plan

PHH Corp (NYSE:PHH) declared that its Board of Directors has initiated a share repurchase plan, which allows the company to repurchase $200.00 million in outstanding shares on Tuesday, August 8th, EventVestor reports. This repurchase authorization allows the credit services provider to purchase up to 26.9% of its shares through a dutch auction. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Shares of PHH Corp (PHH) opened at 14.02 on Friday. The firm’s market capitalization is $747.84 million. PHH Corp has a 12-month low of $11.76 and a 12-month high of $15.92. The firm has a 50-day moving average of $13.92 and a 200 day moving average of $13.45.

PHH Corp (NYSE:PHH) last released its quarterly earnings data on Tuesday, August 8th. The credit services provider reported ($0.81) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.31) by $0.50. The firm had revenue of $112 million for the quarter, compared to the consensus estimate of $121.80 million. PHH Corp had a negative net margin of 55.15% and a negative return on equity of 19.92%. The business’s revenue was down 42.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.08) earnings per share. On average, equities research analysts expect that PHH Corp will post ($1.57) earnings per share for the current year.

PHH has been the topic of a number of recent research reports. Zacks Investment Research raised shares of PHH Corp from a “sell” rating to a “hold” rating in a research note on Saturday, July 22nd. Wedbush cut shares of PHH Corp from an “outperform” rating to a “neutral” rating and set a $14.50 price objective on the stock. in a research note on Tuesday, June 20th. Finally, ValuEngine raised shares of PHH Corp from a “strong sell” rating to a “sell” rating in a research note on Friday, June 2nd.

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PHH Corp Company Profile

PHH Corporation is a standalone mortgage company. The Company provides outsourced mortgage banking services to a range of clients, including financial institutions and real estate brokers throughout the United States, and is focused on originating, selling, servicing and subservicing residential mortgage loans through its subsidiary, PHH Mortgage Corporation and its subsidiaries.

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