Bank of New York Mellon Corp decreased its position in PHH Corp. (NYSE:PHH) by 1.5% during the second quarter, Holdings Channel reports. The firm owned 204,955 shares of the company’s stock after selling 3,180 shares during the period. Bank of New York Mellon Corp owned about 0.38% of PHH Corp. worth $2,730,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Jacobs Levy Equity Management Inc. acquired a new stake in PHH Corp. during the first quarter valued at $3,401,000. Bank of Montreal Can acquired a new stake in PHH Corp. during the second quarter valued at $1,485,000. TIAA CREF Investment Management LLC boosted its stake in PHH Corp. by 19.3% in the first quarter. TIAA CREF Investment Management LLC now owns 223,593 shares of the company’s stock valued at $2,804,000 after buying an additional 36,196 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in PHH Corp. by 122.2% in the second quarter. Nisa Investment Advisors LLC now owns 24,000 shares of the company’s stock valued at $320,000 after buying an additional 13,200 shares during the last quarter. Finally, BNP Paribas Arbitrage SA boosted its stake in PHH Corp. by 75.3% in the second quarter. BNP Paribas Arbitrage SA now owns 16,601 shares of the company’s stock valued at $221,000 after buying an additional 7,131 shares during the last quarter.
PHH Corp. (NYSE:PHH) traded up 1.69% during mid-day trading on Friday, hitting $14.45. The company’s stock had a trading volume of 729,850 shares. PHH Corp. has a 52-week low of $8.26 and a 52-week high of $18.68. The company’s 50 day moving average is $14.91 and its 200-day moving average is $13.67. The stock’s market cap is $773.47 million.
PHH Corp. (NYSE:PHH) last issued its quarterly earnings data on Monday, August 8th. The company reported ($0.08) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.46) by $0.38. PHH Corp. had a negative return on equity of 6.33% and a negative net margin of 22.64%. The company earned $196 million during the quarter, compared to analyst estimates of $182 million. During the same quarter in the previous year, the company posted ($1.43) earnings per share. PHH Corp.’s revenue was down 17.3% compared to the same quarter last year. On average, equities analysts predict that PHH Corp. will post ($1.17) EPS for the current fiscal year.
Several analysts have weighed in on the company. Keefe, Bruyette & Woods cut PHH Corp. from an “outperform” rating to a “market perform” rating and raised their price target for the company from $14.92 to $17.00 in a report on Thursday, August 11th. Oppenheimer Holdings Inc. reaffirmed a “buy” rating on shares of PHH Corp. in a report on Monday, August 8th. Finally, Zacks Investment Research raised PHH Corp. from a “sell” rating to a “hold” rating in a report on Tuesday, July 19th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. PHH Corp. presently has a consensus rating of “Hold” and a consensus target price of $14.33.
About PHH Corp.
PHH Corporation (PHH) is a non-bank mortgage originator and servicer of the United States residential mortgage loans. The Company conducts its business through two segments: Mortgage Production and Mortgage Servicing. Its Mortgage Production segment originates, purchases and sells mortgage loans through PHH Mortgage.
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