Wedbush Comments on PHH Corp’s Q2 2017 Earnings (PHH)
PHH Corp (NYSE:PHH) – Wedbush decreased their Q2 2017 earnings per share estimates for shares of PHH Corp in a research note issued to investors on Tuesday. Wedbush analyst H. Coffey now expects that the credit services provider will earn ($1.31) per share for the quarter, down from their prior estimate of ($1.17). Wedbush has a “Neutral” rating and a $14.50 price target on the stock. Wedbush also issued estimates for PHH Corp’s Q3 2017 earnings at ($1.52) EPS, Q4 2017 earnings at ($2.23) EPS, Q1 2018 earnings at ($0.55) EPS and Q2 2018 earnings at ($0.55) EPS.
PHH Corp (NYSE:PHH) last posted its earnings results 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. The firm had revenue of $114 million during the quarter, compared to analyst estimates of $134.75 million. PHH Corp had a negative return on equity of 16.51% and a negative net margin of 41.28%. The company’s revenue for the quarter was down 27.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.45) earnings per share.
Other equities research analysts have also issued reports about the stock. Zacks Investment Research raised shares of PHH Corp from a “sell” rating to a “hold” rating in a report on Wednesday, May 3rd. ValuEngine raised shares of PHH Corp from a “strong sell” rating to a “sell” rating in a report on Friday, June 2nd. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $16.50.
Shares of PHH Corp (NYSE:PHH) opened at 13.38 on Thursday. The firm’s market capitalization is $717.33 million. PHH Corp has a 12-month low of $11.76 and a 12-month high of $16.80. The firm has a 50-day moving average of $13.53 and a 200 day moving average of $13.65.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Metropolitan Life Insurance Co. NY increased its position in shares of PHH Corp by 3.4% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 36,956 shares of the credit services provider’s stock worth $560,000 after buying an additional 1,207 shares during the period. Bank of America Corp DE increased its position in shares of PHH Corp by 3.2% in the first quarter. Bank of America Corp DE now owns 46,481 shares of the credit services provider’s stock worth $591,000 after buying an additional 1,439 shares during the period. Teachers Advisors LLC increased its position in shares of PHH Corp by 1.8% in the first quarter. Teachers Advisors LLC now owns 96,881 shares of the credit services provider’s stock worth $1,233,000 after buying an additional 1,681 shares during the period. American International Group Inc. increased its position in shares of PHH Corp by 7.1% in the first quarter. American International Group Inc. now owns 32,629 shares of the credit services provider’s stock worth $415,000 after buying an additional 2,160 shares during the period. Finally, Legal & General Group Plc increased its position in shares of PHH Corp by 1.7% in the first quarter. Legal & General Group Plc now owns 169,830 shares of the credit services provider’s stock worth $2,164,000 after buying an additional 2,838 shares during the period. Hedge funds and other institutional investors own 96.45% of the company’s stock.
In other news, major shareholder Silver Point Capital L.P. sold 910,000 shares of the business’s stock in a transaction that occurred on Friday, April 21st. The shares were sold at an average price of $13.17, for a total value of $11,984,700.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.14% of the stock is currently owned by insiders.
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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