Perella Weinberg Partners (NASDAQ:PWP) Shares Down 14.6% – Here’s What Happened

Shares of Perella Weinberg Partners (NASDAQ:PWP) dropped 14.6% on Wednesday. The company traded as low as $15.24 and last traded at $13.7550. Approximately 961,841 shares were traded during trading, a decline of 23% from the average session volume of 1,250,859 shares. The stock had previously closed at $16.10.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on PWP shares. The Goldman Sachs Group increased their target price on Perella Weinberg Partners from $14.50 to $16.00 and gave the stock a “sell” rating in a research report on Monday, August 3rd. Keefe, Bruyette & Woods restated an “outperform” rating and set a $21.00 price target (up from $19.00) on shares of Perella Weinberg Partners in a research report on Monday, August 3rd. Weiss Ratings raised Perella Weinberg Partners from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, September 29th. Finally, Wall Street Zen cut Perella Weinberg Partners from a “buy” rating to a “hold” rating in a research note on Saturday, October 3rd. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Perella Weinberg Partners presently has an average rating of “Hold” and a consensus target price of $22.00.

Perella Weinberg Partners Stock Performance

The company has a market capitalization of $1.30 billion, a PE ratio of 54.13 and a beta of 1.63. The company’s 50-day moving average is $15.81 and its 200 day moving average is $16.94.

Perella Weinberg Partners (NASDAQ:PWP) last posted its quarterly earnings results on Friday, July 31st. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.14. The firm had revenue of $156.53 million for the quarter, compared to analysts’ expectations of $144.76 million. Perella Weinberg Partners had a net margin of 3.19% and a negative return on equity of 35.84%.

Perella Weinberg Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Friday, August 28th were given a $0.07 dividend. The ex-dividend date of this dividend was Friday, August 28th. This represents a $0.28 annualized dividend and a yield of 2.0%. Perella Weinberg Partners’s dividend payout ratio is 107.69%.

Insider Buying and Selling

In other Perella Weinberg Partners news, CEO Andrew Bednar sold 77,753 shares of Perella Weinberg Partners stock in a transaction on Friday, August 7th. The stock was sold at an average price of $17.41, for a total value of $1,353,679.73. Following the completion of the sale, the chief executive officer owned 1,061,260 shares of the company’s stock, valued at approximately $18,476,536.60. This trade represents a 6.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 235,697 shares of company stock worth $4,080,379. Company insiders own 26.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Wellington Management Group LLP boosted its stake in shares of Perella Weinberg Partners by 32.2% in the second quarter. Wellington Management Group LLP now owns 5,189,199 shares of the company’s stock worth $82,820,000 after acquiring an additional 1,263,345 shares during the period. Aristotle Capital Boston LLC bought a new stake in Perella Weinberg Partners during the 4th quarter valued at approximately $8,433,000. Bank of America Corp DE lifted its holdings in Perella Weinberg Partners by 41.6% in the 1st quarter. Bank of America Corp DE now owns 1,316,482 shares of the company’s stock worth $23,907,000 after purchasing an additional 386,473 shares in the last quarter. Sei Investments Co. boosted its stake in Perella Weinberg Partners by 151.2% in the 1st quarter. Sei Investments Co. now owns 610,588 shares of the company’s stock worth $11,088,000 after purchasing an additional 367,525 shares during the period. Finally, Ranger Investment Management L.P. bought a new position in Perella Weinberg Partners in the 2nd quarter worth approximately $5,139,000. 41.07% of the stock is owned by institutional investors.

About Perella Weinberg Partners

Perella Weinberg Partners (NASDAQ:PWP) is an independent global financial services firm that provides strategic and financial advice to corporations, financial sponsors, governments and other institutions. The company operates primarily through its advisory business, helping clients address complex transactions and corporate finance matters.

Its services include mergers and acquisitions, divestitures, strategic alternatives, capital solutions, shareholder activism defense and other corporate advisory assignments.