Morgan Stanley cut its stake in PHH Corp (NYSE:PHH) by 58.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 417,937 shares of the credit services provider’s stock after selling 576,923 shares during the period. Morgan Stanley owned approximately 0.78% of PHH Corp worth $5,322,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of 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 valued at $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 valued at $42,540,000 after buying an additional 181,321 shares in the last quarter. Norges Bank purchased a new position in PHH Corp during the fourth quarter valued at $13,946,000. Royce & Associates LP boosted its position in PHH Corp by 535.4% in the first quarter. Royce & Associates LP now owns 482,428 shares of the credit services provider’s stock valued at $6,141,000 after buying an additional 406,500 shares in the last quarter. Finally, TIAA CREF Investment Management LLC boosted its position in PHH Corp by 13.1% in the first quarter. TIAA CREF Investment Management LLC now owns 452,416 shares of the credit services provider’s stock valued at $5,759,000 after buying an additional 52,452 shares in the last quarter. Institutional investors own 97.01% of the company’s stock.
PHH Corp (PHH) opened at 14.11 on Friday. The firm’s market capitalization is $723.93 million. PHH Corp has a 52-week low of $11.76 and a 52-week high of $15.73. The stock’s 50 day moving average price is $13.97 and its 200 day moving average price is $13.44.
PHH Corp (NYSE:PHH) last issued its quarterly earnings data 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. The firm had revenue of $112 million during the quarter, compared to analyst estimates of $121.80 million. PHH Corp had a negative return on equity of 20.67% and a negative net margin of 55.15%. The company’s revenue for the quarter was down 42.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.08) EPS. On average, analysts predict that PHH Corp will post ($2.47) EPS for the current fiscal year.
PHH Corp announced that its Board of Directors has approved a share repurchase program on Tuesday, May 9th that authorizes the company to buyback $100.00 million in 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 a sign that the company’s board believes its stock is undervalued.
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Several research analysts have recently weighed in on PHH shares. ValuEngine raised PHH Corp from a “strong sell” rating to a “sell” rating in a research report on Friday, June 2nd. Wedbush cut PHH Corp from an “outperform” rating to a “neutral” rating and set a $14.50 price objective for the company. in a research report on Tuesday, June 20th. Finally, Zacks Investment Research cut PHH Corp from a “hold” rating to a “sell” rating in a research report on Thursday, May 25th.
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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