PHH Corp (NYSE:PHH) Stock Rating Upgraded by Zacks Investment Research
PHH Corp (NYSE:PHH) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.
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. “
Several other equities analysts have also recently issued reports on the stock. ValuEngine cut shares of PHH Corp from a “sell” rating to a “strong sell” rating in a research note on Thursday, May 25th. 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. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. PHH Corp has an average rating of “Hold” and a consensus price target of $16.50.
Shares of PHH Corp (NYSE:PHH) opened at 13.94 on Friday. PHH Corp has a one year low of $11.76 and a one year high of $16.80. The company’s 50-day moving average is $13.87 and its 200-day moving average is $13.52. The stock’s market capitalization is $747.35 million.
PHH Corp (NYSE:PHH) last announced its quarterly earnings data on Tuesday, May 9th. The credit services provider reported ($1.24) earnings per share (EPS) for the quarter, missing the 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 net margin of 41.28% and a negative return on equity of 16.51%. The business’s quarterly revenue was down 27.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.45) earnings per share. On average, equities research analysts anticipate that PHH Corp will post ($1.57) earnings per share for the current year.
PHH Corp declared that its board has authorized a share buyback program on Tuesday, May 9th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the credit services provider to purchase up to 14.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
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In other news, major shareholder Silver Point Capital L.P. sold 107,299 shares of the company’s stock in a transaction on Friday, May 12th. The shares were sold at an average price of $13.21, for a total transaction of $1,417,419.79. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.52% of the company’s stock.
Several institutional investors have recently bought and sold shares of PHH. EJF Capital LLC bought a new position in PHH Corp during the first quarter worth $67,371,000. Vanguard Group Inc. boosted its position in PHH Corp by 4.1% in the first quarter. Vanguard Group Inc. now owns 4,356,728 shares of the credit services provider’s stock worth $55,461,000 after buying an additional 171,346 shares during the period. Dimensional Fund Advisors LP boosted its position in PHH Corp by 5.7% in the first quarter. Dimensional Fund Advisors LP now owns 3,341,735 shares of the credit services provider’s stock worth $42,540,000 after buying an additional 181,321 shares during the period. Renaissance Technologies LLC boosted its position in PHH Corp by 21.0% in the first quarter. Renaissance Technologies LLC now owns 2,095,800 shares of the credit services provider’s stock worth $26,680,000 after buying an additional 364,300 shares during the period. Finally, Point72 Asset Management L.P. boosted its position in PHH Corp 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 worth $22,476,000 after buying an additional 684,128 shares during the period. 96.46% of the stock is currently owned by institutional investors and hedge funds.
About PHH Corp
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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