Perella Weinberg Partners (NASDAQ:PWP) Shares Gap Up Following Earnings Beat

Perella Weinberg Partners (NASDAQ:PWP) shares gapped up before the market opened on Friday following a stronger than expected earnings report. 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.

The company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.14. The company had revenue of $278.20 million for the quarter, compared to the consensus estimate of $196.42 million. Perella Weinberg Partners had a positive return on equity of 56.85% and a negative net margin of 15.75%. Perella Weinberg Partners’s quarterly revenue was up 100.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.12 earnings per share.

Perella Weinberg Partners Dividend Announcement

The company also recently announced 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 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%.

Analyst Ratings Changes

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

Institutional Trading of Perella Weinberg Partners

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Arizona State Retirement System lifted its position in shares of Perella Weinberg Partners by 15.3% in the second quarter. Arizona State Retirement System now owns 13,020 shares of the company’s stock valued at $212,000 after acquiring an additional 1,724 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Perella Weinberg Partners by 16.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 12,306 shares of the company’s stock valued at $174,000 after acquiring an additional 1,753 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its position in shares of Perella Weinberg Partners by 17.9% in the second quarter. Oppenheimer Asset Management Inc. now owns 16,709 shares of the company’s stock valued at $272,000 after acquiring an additional 2,537 shares in the last quarter. California State Teachers Retirement System lifted its position in shares of Perella Weinberg Partners by 6.0% in the first quarter. California State Teachers Retirement System now owns 45,448 shares of the company’s stock valued at $642,000 after acquiring an additional 2,560 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Perella Weinberg Partners by 27.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 15,212 shares of the company’s stock valued at $215,000 after acquiring an additional 3,237 shares in the last quarter. 41.07% of the stock is currently owned by hedge funds and other institutional investors.

Perella Weinberg Partners Price Performance

The company has a 50-day moving average price of $20.16 and a 200-day moving average price of $17.79. The firm has a market capitalization of $2.10 billion, a PE ratio of -8.48 and a beta of 1.49.

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.