Bank of Montreal Can trimmed its holdings in PHH Co. (NYSE:PHH) by 95.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 9,891 shares of the credit services provider’s stock after selling 205,011 shares during the quarter. Bank of Montreal Can’s holdings in PHH were worth $102,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company raised its holdings in shares of PHH by 2.0% in the second quarter. The Manufacturers Life Insurance Company now owns 42,372 shares of the credit services provider’s stock valued at $583,000 after buying an additional 846 shares during the last quarter. Voya Investment Management LLC raised its holdings in shares of PHH by 8.7% in the second quarter. Voya Investment Management LLC now owns 26,113 shares of the credit services provider’s stock valued at $360,000 after buying an additional 2,090 shares during the last quarter. Wells Fargo & Company MN raised its holdings in shares of PHH by 18.7% in the third quarter. Wells Fargo & Company MN now owns 46,824 shares of the credit services provider’s stock valued at $652,000 after buying an additional 7,363 shares during the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. raised its holdings in shares of PHH by 24.7% in the third quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 51,417 shares of the credit services provider’s stock valued at $716,000 after buying an additional 10,194 shares during the last quarter. Finally, Gabelli Funds LLC raised its holdings in shares of PHH by 63.2% in the third quarter. Gabelli Funds LLC now owns 28,491 shares of the credit services provider’s stock valued at $397,000 after buying an additional 11,028 shares during the last quarter. 86.50% of the stock is owned by institutional investors and hedge funds.
Shares of PHH Co. (PHH) opened at $8.52 on Wednesday. The company has a quick ratio of 2.94, a current ratio of 2.94 and a debt-to-equity ratio of 1.84. The company has a market capitalization of $282.51, a PE ratio of -1.48 and a beta of 1.74. PHH Co. has a 12-month low of $8.01 and a 12-month high of $15.00.
PHH announced that its Board of Directors has approved a share buyback program on Tuesday, November 7th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the credit services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
A number of research analysts recently issued reports on the company. ValuEngine cut PHH from a “sell” rating to a “strong sell” rating in a report on Sunday, December 31st. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $12.00 price target on shares of PHH in a report on Friday, December 22nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $13.25.
In related news, SVP William F. Brown sold 8,000 shares of PHH stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $11.12, for a total value of $88,960.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.52% of the stock is owned by company insiders.
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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