Perella Weinberg Partners (NASDAQ:PWP) Shares Gap Up Following Dividend Announcement

Perella Weinberg Partners (NASDAQ:PWP)’s stock price gapped up prior to trading on Monday following a dividend announcement from the company. The stock had previously closed at $20.97, but opened at $22.31. Perella Weinberg Partners shares last traded at $21.82, with a volume of 66,205 shares traded.

The newly announced dividend which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 29th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Friday, August 29th. Perella Weinberg Partners’s dividend payout ratio (DPR) is 34.15%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on PWP shares. JMP Securities dropped their price target on Perella Weinberg Partners from $33.00 to $29.00 and set a “market outperform” rating for the company in a research report on Tuesday, April 8th. Wall Street Zen downgraded Perella Weinberg Partners from a “buy” rating to a “hold” rating in a research report on Saturday, July 12th. Keefe, Bruyette & Woods lifted their price target on Perella Weinberg Partners from $23.00 to $24.00 and gave the company a “market perform” rating in a research report on Monday. Finally, The Goldman Sachs Group boosted their target price on Perella Weinberg Partners from $16.00 to $18.00 and gave the stock a “sell” rating in a research report on Thursday, May 15th.

Perella Weinberg Partners Stock Performance

The stock has a 50-day moving average of $19.33 and a two-hundred day moving average of $19.85. The company has a market cap of $1.93 billion, a P/E ratio of 26.65 and a beta of 1.66.

Perella Weinberg Partners (NASDAQ:PWP) last released its earnings results on Friday, August 1st. The company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.07). The firm had revenue of $155.27 million during the quarter, compared to the consensus estimate of $188.06 million. Perella Weinberg Partners had a negative return on equity of 25.25% and a net margin of 6.57%.

Institutional Trading of Perella Weinberg Partners

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Quadrant Capital Group LLC increased its stake in shares of Perella Weinberg Partners by 43.9% during the fourth quarter. Quadrant Capital Group LLC now owns 1,540 shares of the company’s stock valued at $37,000 after buying an additional 470 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Perella Weinberg Partners by 1.8% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,403 shares of the company’s stock worth $701,000 after purchasing an additional 518 shares during the period. Ancora Advisors LLC grew its stake in Perella Weinberg Partners by 0.4% in the fourth quarter. Ancora Advisors LLC now owns 203,446 shares of the company’s stock worth $4,850,000 after purchasing an additional 830 shares during the period. US Bancorp DE grew its stake in Perella Weinberg Partners by 5.8% in the first quarter. US Bancorp DE now owns 18,623 shares of the company’s stock worth $343,000 after purchasing an additional 1,021 shares during the period. Finally, MetLife Investment Management LLC grew its stake in Perella Weinberg Partners by 5.5% in the fourth quarter. MetLife Investment Management LLC now owns 32,480 shares of the company’s stock worth $774,000 after purchasing an additional 1,692 shares during the period. Institutional investors own 41.07% of the company’s stock.

About Perella Weinberg Partners

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.