PHH Corp (NYSE:PHH) has been assigned an average rating of “Hold” from the six brokerages that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and two have given a buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $15.83.
PHH has been the topic of a number of research reports. ValuEngine cut PHH Corp from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 11th. BidaskClub upgraded PHH Corp from a “hold” rating to a “buy” rating in a research note on Tuesday, August 22nd. Keefe, Bruyette & Woods restated a “hold” rating and set a $15.00 price target on shares of PHH Corp in a research note on Tuesday, September 12th. Finally, Zacks Investment Research upgraded PHH Corp from a “sell” rating to a “hold” rating in a research note on Saturday, July 22nd.
Shares of PHH Corp (PHH) opened at 13.21 on Wednesday. The company’s 50 day moving average price is $13.64 and its 200-day moving average price is $13.70. The company’s market capitalization is $677.75 million. PHH Corp has a 52 week low of $11.76 and a 52 week high of $15.70.
PHH Corp (NYSE:PHH) last released its quarterly earnings results on Tuesday, August 8th. The credit services provider reported ($0.81) EPS for the quarter, topping analysts’ consensus estimates of ($1.31) by $0.50. PHH Corp had a negative return on equity of 20.67% and a negative net margin of 55.15%. The company had revenue of $112.00 million for the quarter, compared to analysts’ expectations of $121.80 million. During the same period in the prior year, the firm earned ($0.08) earnings per share. The firm’s revenue was down 42.9% compared to the same quarter last year. Analysts anticipate that PHH Corp will post ($1.57) earnings per share for the current fiscal year.
PHH Corp announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, August 8th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the credit services provider to repurchase up to 26.9% of its stock through a dutch auction. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
In other news, Director Carroll R. Wetzel sold 21,000 shares of the stock in a transaction on Monday, September 11th. The stock was sold at an average price of $14.25, for a total value of $299,250.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.52% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Fox Run Management L.L.C. acquired a new stake in shares of PHH Corp in the third quarter valued at $369,000. The Manufacturers Life Insurance Company raised its stake in PHH Corp by 2.0% in the second quarter. The Manufacturers Life Insurance Company now owns 42,372 shares of the credit services provider’s stock valued at $583,000 after buying an additional 846 shares in the last quarter. State Street Corp raised its stake in PHH Corp by 3.7% in the second quarter. State Street Corp now owns 1,144,810 shares of the credit services provider’s stock valued at $15,765,000 after buying an additional 40,915 shares in the last quarter. Tudor Investment Corp ET AL raised its stake in PHH Corp by 104.9% in the second quarter. Tudor Investment Corp ET AL now owns 67,805 shares of the credit services provider’s stock valued at $934,000 after buying an additional 34,715 shares in the last quarter. Finally, Bayesian Capital Management LP acquired a new stake in PHH Corp in the second quarter valued at $190,000. Institutional investors and hedge funds own 97.84% of the company’s stock.
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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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