Perella Weinberg Partners (NASDAQ:PWP) Shares Gap Up on Strong Earnings

Perella Weinberg Partners (NASDAQ:PWP)’s share price gapped up before the market opened on Friday following a better than expected earnings announcement. 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 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.14. Perella Weinberg Partners had a positive return on equity of 56.85% and a negative net margin of 15.75%. The business had revenue of $278.20 million during the quarter, compared to analysts’ expectations of $196.42 million. During the same quarter last year, the business posted $0.12 earnings per share. The business’s revenue for the quarter was up 100.1% on a year-over-year basis.

Perella Weinberg Partners Announces Dividend

The firm 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. This represents a $0.28 dividend on an annualized basis and a yield of 1.15%. The ex-dividend date of this dividend is Wednesday, December 4th. Perella Weinberg Partners’s payout ratio is currently -9.72%.

Wall Street Analysts Forecast Growth

Separately, JMP Securities increased their price target on shares of 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.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PWP. Westwood Holdings Group Inc. acquired a new stake in shares of Perella Weinberg Partners during the 2nd quarter worth about $35,715,000. Millennium Management LLC lifted its stake 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 buying an additional 1,666,015 shares during the period. William Blair Investment Management LLC acquired a new stake in Perella Weinberg Partners during the second quarter worth approximately $20,198,000. Boston Partners grew its stake in Perella Weinberg Partners by 247.7% in the 1st quarter. Boston Partners now owns 534,968 shares of the company’s stock worth $7,568,000 after acquiring an additional 381,091 shares during the period. Finally, Russell Investments Group Ltd. raised its holdings in Perella Weinberg Partners by 17.5% in the 1st quarter. Russell Investments Group Ltd. now owns 1,114,240 shares of the company’s stock valued at $15,744,000 after acquiring an additional 166,168 shares during the last quarter. Institutional investors and hedge funds own 41.07% of the company’s stock.

Perella Weinberg Partners Stock Performance

The company has a market capitalization of $2.10 billion, a price-to-earnings ratio of -8.48 and a beta of 1.49. The company has a fifty day simple moving average of $20.16 and a two-hundred day simple moving average of $17.79.

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.