Perella Weinberg Partners (NASDAQ:PWP) Sees Large Drop in Short Interest

Perella Weinberg Partners (NASDAQ:PWP) was the recipient of a significant decline in short interest in the month of January. As of January 15th, there was short interest totalling 2,780,000 shares, a decline of 13.9% from the December 31st total of 3,230,000 shares. Based on an average daily volume of 578,100 shares, the days-to-cover ratio is presently 4.8 days. Approximately 5.1% of the shares of the company are short sold.

Perella Weinberg Partners Price Performance

Shares of PWP stock traded down $0.25 during trading on Friday, hitting $25.82. 429,912 shares of the stock traded hands, compared to its average volume of 638,207. The firm has a market capitalization of $2.28 billion, a P/E ratio of -10.89 and a beta of 1.58. Perella Weinberg Partners has a 52-week low of $11.44 and a 52-week high of $27.03. The firm’s fifty day moving average price is $24.66 and its 200-day moving average price is $21.72.

Perella Weinberg Partners (NASDAQ:PWP) last released its quarterly earnings results on Friday, November 8th. The company reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.14. The business had revenue of $278.20 million during the quarter, compared to analysts’ expectations of $196.42 million. Perella Weinberg Partners had a negative return on equity of 295.65% and a negative net margin of 11.09%. The company’s revenue was up 100.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.12 EPS.

Perella Weinberg Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th were issued a $0.07 dividend. The ex-dividend date of this dividend was Wednesday, December 4th. This represents a $0.28 annualized dividend and a dividend yield of 1.08%. Perella Weinberg Partners’s dividend payout ratio is currently -11.81%.

Analysts Set New Price Targets

PWP has been the subject of several recent research reports. JMP Securities increased their price objective on Perella Weinberg Partners from $22.00 to $26.00 and gave the company a “market outperform” rating in a research note on Wednesday, October 9th. Keefe, Bruyette & Woods cut their target price on Perella Weinberg Partners from $28.00 to $27.00 and set an “outperform” rating for the company in a research note on Tuesday, January 14th.

Insider Buying and Selling

In related news, President Dietrich Becker sold 442,889 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $24.48, for a total value of $10,841,922.72. Following the transaction, the president now directly owns 379,140 shares of the company’s stock, valued at approximately $9,281,347.20. This trade represents a 53.88 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Andrew Bednar sold 300,579 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $24.48, for a total value of $7,358,173.92. Following the sale, the chief executive officer now owns 566,386 shares of the company’s stock, valued at approximately $13,865,129.28. This trade represents a 34.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 43.53% of the company’s stock.

Institutional Trading of Perella Weinberg Partners

Institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its stake in shares of Perella Weinberg Partners by 49.4% in the third quarter. JPMorgan Chase & Co. now owns 435,922 shares of the company’s stock worth $8,418,000 after acquiring an additional 144,222 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Perella Weinberg Partners by 197.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 434,005 shares of the company’s stock worth $8,381,000 after purchasing an additional 288,186 shares during the period. Geode Capital Management LLC raised its position in Perella Weinberg Partners by 2.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,257,620 shares of the company’s stock valued at $24,289,000 after purchasing an additional 34,301 shares in the last quarter. Harbor Capital Advisors Inc. boosted its stake in shares of Perella Weinberg Partners by 72.6% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 49,728 shares of the company’s stock valued at $960,000 after buying an additional 20,923 shares during the period. Finally, Kings Path Partners LLC acquired a new position in shares of Perella Weinberg Partners during the fourth quarter worth about $535,000. Institutional investors and hedge funds own 41.07% of the company’s stock.

Perella Weinberg Partners Company Profile

Perella Weinberg Partners, an independent investment banking company, provides strategic and financial advice services in the United States and internationally. The company offers advisory services related to strategic and financial decisions, mergers and acquisition execution, shareholder and defense advisory, and financing and capital solutions advice with resources focused on restructuring, liability management, and capital markets advisory, as well as underwriting and research services primarily for the energy and related industries.