Perella Weinberg Partners (NASDAQ:PWP) Reaches New 12-Month Low – Here’s Why

Perella Weinberg Partners (NASDAQ:PWP) hit a new 52-week low on Tuesday. The stock traded as low as $12.46 and last traded at $13.18, with a volume of 54,919 shares trading hands. The stock had previously closed at $12.66.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PWP. Weiss Ratings cut Perella Weinberg Partners from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, October 14th. The Goldman Sachs Group raised their target price on Perella Weinberg Partners from $14.50 to $16.00 and gave the stock a “sell” rating in a research note on Monday, August 3rd. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $21.00 target price (up from $19.00) on shares of Perella Weinberg Partners in a report on Monday, August 3rd. Finally, Wall Street Zen cut Perella Weinberg Partners from a “buy” rating to a “hold” rating in a research report on Saturday, October 3rd. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $22.00.

Perella Weinberg Partners Trading Down 2.0%

The firm has a market cap of $1.17 billion, a P/E ratio of 47.96 and a beta of 1.63. The stock’s fifty day moving average is $15.28 and its two-hundred day moving average is $16.73.

Perella Weinberg Partners (NASDAQ:PWP) last announced its quarterly earnings results on Friday, July 31st. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.06 by $0.14. The firm had revenue of $156.53 million during the quarter, compared to the consensus estimate 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 company also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Friday, August 28th were issued a $0.07 dividend. The ex-dividend date of this dividend was Friday, August 28th. This represents a $0.28 annualized dividend and a dividend yield of 2.2%. Perella Weinberg Partners’s dividend payout ratio is presently 107.69%.

Insider Activity

In related news, CEO Andrew Bednar sold 77,753 shares of Perella Weinberg Partners stock in a transaction on Friday, August 7th. The stock was sold at an average price of $17.41, for a total transaction of $1,353,679.73. Following the completion of the sale, the chief executive officer owned 1,061,260 shares of the company’s stock, valued at approximately $18,476,536.60. This trade represents a 6.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 in the last quarter. Company insiders own 26.10% of the company’s stock.

Hedge Funds Weigh In On Perella Weinberg Partners

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Kings Path Partners LLC purchased a new position in shares of Perella Weinberg Partners during the third quarter worth about $360,000. Engineers Gate Manager LP purchased a new stake in Perella Weinberg Partners in the second quarter valued at approximately $273,000. IFP Advisors Inc raised its stake in Perella Weinberg Partners by 7,779.7% in the second quarter. IFP Advisors Inc now owns 21,354 shares of the company’s stock valued at $341,000 after purchasing an additional 21,083 shares in the last quarter. Allworth Financial LP raised its stake in Perella Weinberg Partners by 328.8% in the second quarter. Allworth Financial LP now owns 3,143 shares of the company’s stock valued at $50,000 after purchasing an additional 2,410 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in Perella Weinberg Partners by 32.2% during the second quarter. Wellington Management Group LLP now owns 5,189,199 shares of the company’s stock valued at $82,820,000 after purchasing an additional 1,263,345 shares during the last quarter. 41.07% of the stock is currently owned by hedge funds and other institutional investors.

About Perella Weinberg Partners

Perella Weinberg Partners (NASDAQ: PWP) is an independent investment banking and financial services firm that provides strategic and financial advice to corporations, financial institutions, governments, and other organizations. The firm focuses on complex, high-value transactions and situations that require specialized advice and senior-level expertise.

Its services include mergers and acquisitions, strategic transactions, financial restructurings, capital markets advisory, and private capital advisory.