Perella Weinberg Partners (NASDAQ:PWP) Shares Down 7.3% – Here’s What Happened

Perella Weinberg Partners (NASDAQ:PWP) traded down 7.3% on Tuesday . The stock traded as low as $13.37 and last traded at $13.3260. 246,138 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 1,116,104 shares. The stock had previously closed at $14.37.

Analyst Ratings Changes

PWP has been the subject of a number of research reports. Weiss Ratings cut shares of Perella Weinberg Partners from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, August 19th. The Goldman Sachs Group upped their price objective on Perella Weinberg Partners from $14.50 to $16.00 and gave the company a “sell” rating in a research report on Monday, August 3rd. Wall Street Zen raised Perella Weinberg Partners from a “hold” rating to a “buy” rating in a research note on Saturday, August 22nd. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $21.00 price objective (up from $19.00) on shares of Perella Weinberg Partners in a research report on Monday, August 3rd. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $22.00.

Perella Weinberg Partners Stock Up 1.6%

The firm has a market cap of $1.22 billion, a PE ratio of 50.03 and a beta of 1.62. The firm’s 50 day moving average is $16.16 and its 200-day moving average is $17.27.

Perella Weinberg Partners (NASDAQ:PWP) last announced its earnings results on Friday, July 31st. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.14. The firm had revenue of $156.53 million for the quarter, compared to analyst estimates 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.2%. Perella Weinberg Partners’s payout ratio is currently 107.69%.

Insider Activity at Perella Weinberg Partners

In related news, CEO Andrew Bednar sold 77,753 shares of the company’s 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 transaction, the chief executive officer directly owned 1,061,260 shares in the company, valued at approximately $18,476,536.60. This represents a 6.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 235,697 shares of company stock valued at $4,080,379 over the last ninety days. 26.10% of the stock is owned by insiders.

Institutional Trading of Perella Weinberg Partners

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allworth Financial LP lifted its holdings in shares of Perella Weinberg Partners by 328.8% during the 2nd quarter. Allworth Financial LP now owns 3,143 shares of the company’s stock worth $50,000 after acquiring an additional 2,410 shares during the period. PNC Financial Services Group Inc. raised its stake in Perella Weinberg Partners by 24.3% during the first quarter. PNC Financial Services Group Inc. now owns 6,852 shares of the company’s stock worth $124,000 after purchasing an additional 1,338 shares during the period. Alpine Global Management LLC acquired a new position in shares of Perella Weinberg Partners in the 4th quarter valued at $181,000. ProShare Advisors LLC boosted its holdings in shares of Perella Weinberg Partners by 6.9% in the 4th quarter. ProShare Advisors LLC now owns 11,366 shares of the company’s stock valued at $197,000 after purchasing an additional 733 shares during the last quarter. Finally, Ritholtz Wealth Management purchased a new stake in shares of Perella Weinberg Partners during the 1st quarter valued at $249,000. Hedge funds and other institutional investors own 41.07% of the company’s stock.

About Perella Weinberg Partners

Perella Weinberg Partners (NASDAQ:PWP) is an independent global advisory firm that provides strategic and financial advice to corporations, financial sponsors, institutions and other organizations. The firm focuses on complex transactions and business situations where clients require specialized expertise and objective advice.

Its principal services include mergers and acquisitions, divestitures, restructuring and liability management, capital structure and financing advice, and other strategic matters.