Verition Fund Management LLC Purchases Shares of 17,253 Perella Weinberg Partners (NASDAQ:PWP)

Verition Fund Management LLC purchased a new position in shares of Perella Weinberg Partners (NASDAQ:PWP) during the third quarter, HoldingsChannel reports. The institutional investor purchased 17,253 shares of the company’s stock, valued at approximately $333,000.

Other hedge funds have also made changes to their positions in the company. Westwood Holdings Group Inc. purchased a new position in Perella Weinberg Partners during the second quarter worth about $35,715,000. Millennium Management LLC increased its stake in shares of Perella Weinberg Partners by 2,883.9% during the 2nd 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 during the last quarter. William Blair Investment Management LLC purchased a new position in shares of Perella Weinberg Partners during the 2nd quarter worth about $20,198,000. Royce & Associates LP grew its holdings in Perella Weinberg Partners by 14.3% in the third quarter. Royce & Associates LP now owns 1,179,111 shares of the company’s stock valued at $22,769,000 after purchasing an additional 147,424 shares during the period. Finally, Eagle Asset Management Inc. increased its position in Perella Weinberg Partners by 32.1% during the third quarter. Eagle Asset Management Inc. now owns 756,540 shares of the company’s stock worth $14,609,000 after purchasing an additional 183,905 shares during the last quarter. Institutional investors and hedge funds own 41.07% of the company’s stock.

Insider Buying and Selling

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

Perella Weinberg Partners Price Performance

Shares of NASDAQ:PWP opened at $24.57 on Friday. The firm has a market capitalization of $2.17 billion, a PE ratio of -10.37 and a beta of 1.57. Perella Weinberg Partners has a 12 month low of $10.73 and a 12 month high of $26.62. The business has a 50-day moving average of $23.36 and a two-hundred day moving average of $19.53.

Perella Weinberg Partners (NASDAQ:PWP) last posted its earnings results on Friday, November 8th. The company reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.14. The firm had revenue of $278.20 million during the quarter, compared to the consensus estimate 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 company’s revenue was up 100.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.12 EPS.

Perella Weinberg Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $0.28 annualized dividend and a dividend yield of 1.14%. Perella Weinberg Partners’s payout ratio is -11.81%.

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 stock a “market outperform” rating in a research note on Wednesday, October 9th.

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.