PHH Corp (PHH) Stake Lessened by California Public Employees Retirement System

California Public Employees Retirement System reduced its stake in shares of PHH Corp (NYSE:PHH) by 22.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 405,932 shares of the credit services provider’s stock after selling 116,800 shares during the quarter. California Public Employees Retirement System owned approximately 0.76% of PHH Corp worth $5,590,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. BNP Paribas Arbitrage SA boosted its stake in shares of PHH Corp by 237.1% during the second quarter. BNP Paribas Arbitrage SA now owns 8,482 shares of the credit services provider’s stock valued at $117,000 after purchasing an additional 5,966 shares during the period. Karp Capital Management Corp purchased a new stake in shares of PHH Corp during the first quarter valued at $230,000. Aperio Group LLC boosted its stake in shares of PHH Corp by 12.2% during the second quarter. Aperio Group LLC now owns 20,249 shares of the credit services provider’s stock valued at $279,000 after purchasing an additional 2,194 shares during the period. Westpac Banking Corp purchased a new stake in shares of PHH Corp during the second quarter valued at $322,000. Finally, American International Group Inc. boosted its stake in shares of PHH Corp by 7.1% during the first quarter. American International Group Inc. now owns 32,629 shares of the credit services provider’s stock valued at $415,000 after purchasing an additional 2,160 shares during the period. 97.42% of the stock is owned by hedge funds and other institutional investors.

Shares of PHH Corp (PHH) opened at 13.75 on Tuesday. PHH Corp has a 1-year low of $11.76 and a 1-year high of $15.70. The company has a 50-day moving average of $13.80 and a 200-day moving average of $13.64. The stock’s market capitalization is $705.46 million.

PHH Corp (NYSE:PHH) last announced its earnings results on Tuesday, August 8th. The credit services provider reported ($0.81) EPS for the quarter, beating analysts’ consensus estimates of ($1.31) by $0.50. PHH Corp had a negative return on equity of 20.67% and a negative net margin of 55.15%. The company had revenue of $112.00 million during the quarter, compared to analysts’ expectations of $121.80 million. During the same period last year, the business posted ($0.08) EPS. PHH Corp’s revenue for the quarter was down 42.9% on a year-over-year basis. On average, equities research analysts expect that PHH Corp will post ($1.57) EPS for the current fiscal year.

PHH Corp declared that its Board of Directors has approved a share repurchase plan on Tuesday, August 8th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the credit services provider to repurchase up to 26.9% of its stock through a dutch auction. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

A number of analysts have recently issued reports on PHH shares. Wedbush lowered shares of PHH Corp from an “outperform” rating to a “neutral” rating and set a $14.50 price objective for the company. in a research note on Tuesday, June 20th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $15.00 price objective on shares of PHH Corp in a research note on Tuesday, September 12th. ValuEngine raised shares of PHH Corp from a “strong sell” rating to a “sell” rating in a research note on Friday, September 1st. Zacks Investment Research raised shares of PHH Corp from a “sell” rating to a “hold” rating in a research note on Saturday, July 22nd. Finally, BidaskClub raised shares of PHH Corp from a “hold” rating to a “buy” rating in a research note on Tuesday, August 22nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. PHH Corp currently has a consensus rating of “Hold” and a consensus target price of $15.83.

COPYRIGHT VIOLATION WARNING: This news story was first posted by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are viewing this news story on another domain, it was illegally stolen and reposted in violation of US and international copyright and trademark legislation. The correct version of this news story can be accessed at https://ledgergazette.com/2017/10/17/phh-corp-phh-stake-lessened-by-california-public-employees-retirement-system.html.

In related news, Director Carroll R. Wetzel sold 21,000 shares of the firm’s stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $14.25, for a total transaction of $299,250.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through

Other institutional investors and hedge funds also recently modified their holdings of the company. BNP Paribas Arbitrage SA boosted its stake in shares of PHH Corp by 237.1% during the second quarter. BNP Paribas Arbitrage SA now owns 8,482 shares of the credit services provider’s stock valued at $117,000 after purchasing an additional 5,966 shares during the period. Karp Capital Management Corp purchased a new stake in shares of PHH Corp during the first quarter valued at $230,000. Aperio Group LLC boosted its stake in shares of PHH Corp by 12.2% during the second quarter. Aperio Group LLC now owns 20,249 shares of the credit services provider’s stock valued at $279,000 after purchasing an additional 2,194 shares during the period. Westpac Banking Corp purchased a new stake in shares of PHH Corp during the second quarter valued at $322,000. Finally, American International Group Inc. boosted its stake in shares of PHH Corp by 7.1% during the first quarter. American International Group Inc. now owns 32,629 shares of the credit services provider’s stock valued at $415,000 after purchasing an additional 2,160 shares during the period. 97.42% of the stock is owned by hedge funds and other institutional investors.

Shares of PHH Corp (PHH) opened at 13.75 on Tuesday. PHH Corp has a 1-year low of $11.76 and a 1-year high of $15.70. The company has a 50-day moving average of $13.80 and a 200-day moving average of $13.64. The stock’s market capitalization is $705.46 million.

PHH Corp (NYSE:PHH) last announced its earnings results on Tuesday, August 8th. The credit services provider reported ($0.81) EPS for the quarter, beating analysts’ consensus estimates of ($1.31) by $0.50. PHH Corp had a negative return on equity of 20.67% and a negative net margin of 55.15%. The company had revenue of $112.00 million during the quarter, compared to analysts’ expectations of $121.80 million. During the same period last year, the business posted ($0.08) EPS. PHH Corp’s revenue for the quarter was down 42.9% on a year-over-year basis. On average, equities research analysts expect that PHH Corp will post ($1.57) EPS for the current fiscal year.

PHH Corp declared that its Board of Directors has approved a share repurchase plan on Tuesday, August 8th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the credit services provider to repurchase up to 26.9% of its stock through a dutch auction. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

A number of analysts have recently issued reports on PHH shares. Wedbush lowered shares of PHH Corp from an “outperform” rating to a “neutral” rating and set a $14.50 price objective for the company. in a research note on Tuesday, June 20th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $15.00 price objective on shares of PHH Corp in a research note on Tuesday, September 12th. ValuEngine raised shares of PHH Corp from a “strong sell” rating to a “sell” rating in a research note on Friday, September 1st. Zacks Investment Research raised shares of PHH Corp from a “sell” rating to a “hold” rating in a research note on Saturday, July 22nd. Finally, BidaskClub raised shares of PHH Corp from a “hold” rating to a “buy” rating in a research note on Tuesday, August 22nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. PHH Corp currently has a consensus rating of “Hold” and a consensus target price of $15.83.

COPYRIGHT VIOLATION WARNING: This news story was first posted by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are viewing this news story on another domain, it was illegally stolen and reposted in violation of US and international copyright and trademark legislation. The correct version of this news story can be accessed at https://ledgergazette.com/2017/10/17/phh-corp-phh-stake-lessened-by-california-public-employees-retirement-system.html.

In related news, Director Carroll R. Wetzel sold 21,000 shares of the firm’s stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $14.25, for a total transaction of $299,250.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.52% of the company’s stock.

PHH Corp Profile

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.

Want to see what other hedge funds are holding PHH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PHH Corp (NYSE:PHH).

Institutional Ownership by Quarter for PHH Corp (NYSE:PHH)

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.