Perella Weinberg Partners (NASDAQ:PWP) Shares Gap Up Following Better-Than-Expected Earnings

Perella Weinberg Partners (NASDAQ:PWP)’s share price gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $23.88, but opened at $25.10. Perella Weinberg Partners shares last traded at $24.07, with a volume of 20,641 shares changing hands.

The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.14. Perella Weinberg Partners had a negative net margin of 15.75% and a positive return on equity of 56.85%. The company had revenue of $278.20 million for the quarter, compared to the consensus estimate of $196.42 million. During the same period last year, the firm posted $0.12 EPS. Perella Weinberg Partners’s revenue for the quarter was up 100.1% on a year-over-year basis.

Perella Weinberg Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $0.28 dividend on an annualized basis and a yield of 1.15%. Perella Weinberg Partners’s payout ratio is -9.72%.

Wall Street Analyst Weigh In

Separately, JMP Securities boosted their target price on Perella Weinberg Partners from $22.00 to $26.00 and gave the company a “market outperform” rating in a report on Wednesday, October 9th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PWP. Vanguard Group Inc. raised its position in Perella Weinberg Partners by 6.7% in the first quarter. Vanguard Group Inc. now owns 2,491,989 shares of the company’s stock worth $35,212,000 after acquiring an additional 155,855 shares in the last quarter. Russell Investments Group Ltd. grew its stake in shares of Perella Weinberg Partners by 17.5% during the 1st quarter. Russell Investments Group Ltd. now owns 1,114,240 shares of the company’s stock worth $15,744,000 after purchasing an additional 166,168 shares during the period. Janus Henderson Group PLC increased its holdings in shares of Perella Weinberg Partners by 160.3% in the 1st quarter. Janus Henderson Group PLC now owns 90,715 shares of the company’s stock valued at $1,280,000 after purchasing an additional 55,862 shares in the last quarter. Westwood Holdings Group Inc. acquired a new stake in shares of Perella Weinberg Partners in the second quarter valued at about $35,715,000. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in Perella Weinberg Partners by 21.2% during the first quarter. Jacobs Levy Equity Management Inc. now owns 354,326 shares of the company’s stock worth $5,007,000 after buying an additional 61,975 shares in the last quarter. 41.07% of the stock is currently owned by institutional investors and hedge funds.

Perella Weinberg Partners Price Performance

The company has a market capitalization of $2.10 billion, a price-to-earnings ratio of -8.48 and a beta of 1.49. The firm’s 50-day simple moving average is $20.16 and its two-hundred day simple moving average is $17.79.

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.