Commerce Bank Cuts Holdings in Perella Weinberg Partners (NASDAQ:PWP)

Commerce Bank decreased its position in shares of Perella Weinberg Partners (NASDAQ:PWP) by 3.1% in the third quarter, HoldingsChannel reports. The firm owned 13,065 shares of the company’s stock after selling 415 shares during the quarter. Commerce Bank’s holdings in Perella Weinberg Partners were worth $252,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Perella Weinberg Partners by 6.7% in the first quarter. Vanguard Group Inc. now owns 2,491,989 shares of the company’s stock worth $35,212,000 after acquiring an additional 155,855 shares in the last quarter. Westwood Holdings Group Inc. purchased a new position in Perella Weinberg Partners in the second quarter worth about $35,715,000. Millennium Management LLC grew its position in Perella Weinberg Partners by 2,883.9% in the second quarter. Millennium Management LLC now owns 1,723,785 shares of the company’s stock worth $28,012,000 after acquiring an additional 1,666,015 shares in the last quarter. William Blair Investment Management LLC purchased a new position in Perella Weinberg Partners in the second quarter worth about $20,198,000. Finally, Royce & Associates LP grew its position 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 worth $22,769,000 after acquiring an additional 147,424 shares in the last quarter. Hedge funds and other institutional investors own 41.07% of the company’s stock.

Perella Weinberg Partners Stock Performance

PWP opened at $25.40 on Thursday. The stock has a market cap of $2.24 billion, a price-to-earnings ratio of -10.70 and a beta of 1.49. The stock’s 50 day moving average price is $21.84 and its 200-day moving average price is $18.69. Perella Weinberg Partners has a one year low of $10.73 and a one year high of $26.62.

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

Perella Weinberg Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be issued 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 1.10%. Perella Weinberg Partners’s dividend payout ratio is currently -11.81%.

Insiders Place Their Bets

In related news, CEO Andrew Bednar sold 300,579 shares of the company’s stock in a transaction on Tuesday, November 12th. The stock was 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 directly owns 566,386 shares of the company’s stock, valued at $13,865,129.28. This represents a 34.67 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Dietrich Becker sold 442,889 shares of the company’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $24.48, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. 43.53% of the stock is owned by company insiders.

Analyst Ratings Changes

Separately, JMP Securities lifted their price target 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.

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.