PHH Corp (PHH) Stock Price Down 6.3%

PHH Corp (NYSE:PHH) was down 6.3% on Monday . The company traded as low as $13.10 and last traded at $13.30. Approximately 2,907,791 shares changed hands during mid-day trading, an increase of 609% from the average daily volume of 410,144 shares. The stock had previously closed at $14.20.

A number of equities research analysts have recently weighed in on PHH shares. BidaskClub upgraded shares of PHH Corp from a “hold” rating to a “buy” rating in a research note on Tuesday, August 22nd. Zacks Investment Research upgraded shares of PHH Corp from a “sell” rating to a “hold” rating in a research note on Saturday, July 22nd. Wedbush downgraded shares of PHH Corp from an “outperform” rating to a “neutral” rating and set a $14.50 price target on the stock. in a research note on Tuesday, June 20th. Finally, ValuEngine upgraded shares of PHH Corp from a “strong sell” rating to a “sell” rating in a research note on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $16.25.

The company has a 50 day moving average of $14.06 and a 200-day moving average of $13.45. The firm’s market cap is $682.37 million.

PHH Corp (NYSE:PHH) last issued its earnings results on Tuesday, August 8th. The credit services provider reported ($0.81) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.31) by $0.50. The business 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%. PHH Corp’s revenue for the quarter was down 42.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.08) earnings per share. Analysts predict that PHH Corp will post ($2.47) earnings per share for the current year.

PHH Corp announced that its Board of Directors has initiated a stock buyback program on Tuesday, August 8th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the credit services provider to buy up to 26.9% of its shares through a dutch auction. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

A number of institutional investors and hedge funds have recently modified their holdings of the business. The Manufacturers Life Insurance Company boosted its stake in PHH Corp by 2.0% in the second quarter. The Manufacturers Life Insurance Company now owns 42,372 shares of the credit services provider’s stock worth $583,000 after buying an additional 846 shares in the last quarter. State Street Corp boosted its stake in PHH Corp by 3.7% in the second quarter. State Street Corp now owns 1,144,810 shares of the credit services provider’s stock worth $15,765,000 after buying an additional 40,915 shares in the last quarter. Tudor Investment Corp ET AL boosted its stake in PHH Corp by 104.9% in the second quarter. Tudor Investment Corp ET AL now owns 67,805 shares of the credit services provider’s stock worth $934,000 after buying an additional 34,715 shares in the last quarter. Bayesian Capital Management LP purchased a new stake in PHH Corp in the second quarter worth approximately $190,000. Finally, Voya Investment Management LLC boosted its stake in PHH Corp by 8.7% in the second quarter. Voya Investment Management LLC now owns 26,113 shares of the credit services provider’s stock worth $360,000 after buying an additional 2,090 shares in the last quarter. 98.11% of the stock is owned by institutional investors and hedge funds.

ILLEGAL ACTIVITY WARNING: This article was posted by Markets Daily and is owned by of Markets Daily. If you are viewing this article on another site, it was illegally copied and reposted in violation of US & international trademark & copyright law. The correct version of this article can be viewed at https://www.themarketsdaily.com/2017/09/12/phh-corp-phh-stock-price-down-6-3.html.

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.

Receive News & Ratings for PHH Corp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PHH Corp and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply