Share Buyback Program Announced by PHH Corp (NYSE:PHH) Board
PHH Corp (NYSE:PHH) declared that its board has initiated a share buyback program, which authorizes the company to repurchase $200.00 million in shares on Tuesday, August 8th, EventVestor reports. This repurchase authorization authorizes the credit services provider to repurchase 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.
PHH Corp (PHH) traded up 2.74% during trading on Wednesday, reaching $14.26. 204,444 shares of the company were exchanged. PHH Corp has a 1-year low of $11.76 and a 1-year high of $16.80. The stock’s market capitalization is $764.51 million. The company’s 50-day moving average price is $13.87 and its 200-day moving average price is $13.46.
PHH Corp (NYSE:PHH) last issued its quarterly earnings results on Tuesday, August 8th. The credit services provider reported ($0.81) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($1.31) by $0.50. PHH Corp had a negative net margin of 41.28% and a negative return on equity of 16.51%. The business had revenue of $112 million for the quarter, compared to analyst estimates of $121.80 million. During the same quarter in the prior year, the business posted ($0.08) EPS. PHH Corp’s revenue for the quarter was down 42.9% compared to the same quarter last year. On average, equities analysts forecast that PHH Corp will post ($1.57) EPS for the current year.
A number of research firms recently issued reports on PHH. ValuEngine downgraded shares of PHH Corp from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 11th. Zacks Investment Research raised shares of PHH Corp from a “sell” rating to a “hold” rating in a research note on Wednesday, May 3rd. Finally, Wedbush downgraded shares of 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. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $16.50.
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In other PHH Corp news, major shareholder Silver Point Capital L.P. sold 107,299 shares of the company’s stock in a transaction that occurred on Friday, May 12th. The shares were sold at an average price of $13.21, for a total transaction of $1,417,419.79. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 2.52% of the company’s stock.
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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