Zacks Investment Research Lowers PHH Co. (PHH) to Sell
PHH Co. (NYSE:PHH) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “PHH Corp is a leading outsource provider of mortgage and vehicle fleet management services. It is the sixth largest retail originator of residential mortgages in the United States and the second largest fleet management services provider in the United States and Canada. “
Separately, Wedbush raised PHH from a “neutral” rating to an “outperform” rating and cut their price objective for the stock from $17.00 to $15.50 in a research report on Friday, March 3rd. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $16.83.
PHH (NYSE:PHH) traded up 0.44% during midday trading on Thursday, reaching $13.58. The company had a trading volume of 280,775 shares. PHH has a 12-month low of $11.76 and a 12-month high of $16.80. The firm’s market capitalization is $728.05 million. The stock’s 50 day moving average is $13.15 and its 200 day moving average is $13.76.
PHH (NYSE:PHH) last posted its quarterly earnings data on Tuesday, May 9th. The credit services provider reported ($1.24) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.68) by $0.56. PHH had a negative return on equity of 5.38% and a negative net margin of 18.28%. The business had revenue of $114 million during the quarter, compared to analysts’ expectations of $134.75 million. During the same period in the prior year, the firm posted ($0.45) EPS. The firm’s revenue for the quarter was down 27.4% on a year-over-year basis. Equities research analysts expect that PHH will post ($1.57) earnings per share for the current year.
In other PHH news, major shareholder Silver Point Capital L.P. sold 107,299 shares of the business’s stock in a transaction on Friday, May 12th. The stock was sold at an average price of $13.21, for a total value of $1,417,419.79. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.14% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of PHH. Point72 Asset Management L.P. boosted its position in PHH by 63.3% in the first quarter. Point72 Asset Management L.P. now owns 1,765,600 shares of the credit services provider’s stock valued at $22,476,000 after buying an additional 684,128 shares in the last quarter. EJF Capital LLC acquired a new position in PHH during the first quarter valued at $67,371,000. Bank of America Corp DE boosted its position in PHH by 3.2% in the first quarter. Bank of America Corp DE now owns 46,481 shares of the credit services provider’s stock valued at $591,000 after buying an additional 1,439 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position in PHH by 0.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 367,897 shares of the credit services provider’s stock valued at $4,684,000 after buying an additional 3,122 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in PHH by 21.0% in the first quarter. Renaissance Technologies LLC now owns 2,095,800 shares of the credit services provider’s stock valued at $26,680,000 after buying an additional 364,300 shares in the last quarter. 99.39% of the stock is currently owned by institutional investors and hedge funds.
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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