Geode Capital Management LLC Buys 34,301 Shares of Perella Weinberg Partners (NASDAQ:PWP)

Geode Capital Management LLC grew its stake in shares of Perella Weinberg Partners (NASDAQ:PWP) by 2.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,257,620 shares of the company’s stock after acquiring an additional 34,301 shares during the quarter. Geode Capital Management LLC’s holdings in Perella Weinberg Partners were worth $24,289,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of PWP. Charles Schwab Investment Management Inc. grew its position in Perella Weinberg Partners by 197.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 434,005 shares of the company’s stock valued at $8,381,000 after purchasing an additional 288,186 shares during the last quarter. Westwood Holdings Group Inc. purchased a new position in Perella Weinberg Partners in the second quarter worth about $35,715,000. Harbor Capital Advisors Inc. lifted its stake in shares of Perella Weinberg Partners by 72.6% in the third quarter. Harbor Capital Advisors Inc. now owns 49,728 shares of the company’s stock worth $960,000 after buying an additional 20,923 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Perella Weinberg Partners by 39.1% during the second quarter. Bank of New York Mellon Corp now owns 166,998 shares of the company’s stock valued at $2,714,000 after buying an additional 46,926 shares during the last quarter. Finally, Millennium Management LLC increased its position in shares of Perella Weinberg Partners by 2,883.9% during the second quarter. Millennium Management LLC now owns 1,723,785 shares of the company’s stock valued at $28,012,000 after acquiring an additional 1,666,015 shares in the last quarter. 41.07% of the stock is currently owned by institutional investors.

Insider Transactions at Perella Weinberg Partners

In other news, CEO Andrew Bednar sold 300,579 shares of the stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $24.48, for a total value of $7,358,173.92. Following the transaction, the chief executive officer now owns 566,386 shares in the company, valued at $13,865,129.28. This represents a 34.67 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Dietrich Becker sold 442,889 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $24.48, for a total transaction of $10,841,922.72. Following the completion of the transaction, the president now directly owns 379,140 shares in the company, valued at approximately $9,281,347.20. The trade was a 53.88 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 43.53% of the company’s stock.

Perella Weinberg Partners Stock Performance

Shares of NASDAQ:PWP opened at $24.01 on Friday. The firm has a market cap of $2.12 billion, a price-to-earnings ratio of -10.13 and a beta of 1.57. The business has a 50-day simple moving average of $23.94 and a two-hundred day simple moving average of $20.15. Perella Weinberg Partners has a fifty-two week low of $10.73 and a fifty-two week high of $26.62.

Perella Weinberg Partners (NASDAQ:PWP) last released its quarterly earnings data on Friday, November 8th. The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.14. The firm had revenue of $278.20 million during the quarter, compared to analysts’ expectations of $196.42 million. Perella Weinberg Partners had a negative net margin of 11.09% and a negative return on equity of 295.65%. The firm’s quarterly revenue was up 100.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.12 earnings per share.

Perella Weinberg Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th were issued a dividend of $0.07 per share. The ex-dividend date of this dividend was Wednesday, December 4th. This represents a $0.28 annualized dividend and a dividend yield of 1.17%. Perella Weinberg Partners’s payout ratio is -11.81%.

Analyst Upgrades and Downgrades

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

Perella Weinberg Partners 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.