PHH Corp (PHH) Issues Quarterly Earnings Results
PHH Corp (NYSE:PHH) posted its quarterly earnings results on Tuesday. 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, Bloomberg Earnings reports. PHH Corp had a negative return on equity of 16.51% and a negative net margin of 41.28%. The business had revenue of $112 million during the quarter, compared to the consensus estimate of $121.80 million. During the same period in the prior year, the company posted ($0.08) EPS. The firm’s revenue for the quarter was down 42.9% compared to the same quarter last year.
PHH Corp (PHH) opened at 13.88 on Wednesday. The stock’s 50 day moving average price is $13.87 and its 200-day moving average price is $13.46. The company’s market capitalization is $744.13 million. PHH Corp has a 52-week low of $11.76 and a 52-week high of $16.80.
In other PHH Corp 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 transaction of $1,417,419.79. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.52% of the stock is currently owned by insiders.
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Several research analysts have weighed in on the company. Wedbush downgraded PHH Corp from an “outperform” rating to a “neutral” rating and set a $14.50 price target for the company. in a research note on Tuesday, June 20th. ValuEngine downgraded PHH Corp from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 11th. Finally, Zacks Investment Research upgraded PHH Corp from a “sell” rating to a “hold” rating in a research report on Saturday, July 22nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $16.50.
PHH Corp declared that its board has approved a share repurchase plan on Tuesday, May 9th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the credit services provider to purchase up to 14.7% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
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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