PHH Corporation (PHH) is Downgraded by Keefe Bruyette to Mkt Perform, Price Target at $17

PHH Corporation (PHH) was Downgraded by Keefe Bruyette to ” Mkt Perform” and the brokerage firm has set the Price Target at $17. Earlier the firm had a rating of “Outperform ” on the company shares. Keefe Bruyette advised their investors in a research report released on Aug 11, 2016.

On the company’s financial health, PHH Corporation reported $-0.08 EPS for the quarter, beating the analyst consensus estimate by $ 0.26 according to the earnings call on Aug 8, 2016. Analyst had a consensus of $-0.34. The company had revenue of $196.00 million for the quarter, compared to analysts expectations of $176.55 million. The company’s revenue was down -17.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-1.43 EPS.

PHH Corporation opened for trading at $15.07 and hit $15.27 on the upside on Monday, eventually ending the session at $15.03, with a gain of 0.27% or 0.04 points. The heightened volatility saw the trading volume jump to 5,32,405 shares. Company has a market cap of $804 M.

In a different news, on May 20, 2015, Gregory J Parseghian (director) sold 5,000 shares at $27.09 per share price. According to the SEC, on May 20, 2015, William F Brown (SVP, GC & Secretary) sold 14,933 shares at $27.16 per share price. On May 14, 2015, Carroll R Wetzel (director) sold 1,700 shares at $27.11 per share price, according to the Form-4 filing with the securities and exchange commission.

PHH Corporation (PHH) is an outsource provider of residential mortgage services. The Company conducts its business through two segments: Mortgage Production and Mortgage Servicing. Its Mortgage Production segment originates purchases and sells mortgage loans through PHH Mortgage. The Mortgage Servicing segment services mortgage loans originated by PHH Mortgage and acts as a subservicer for certain clients that own the underlying servicing rights. The Company is a non-bank mortgage originator and servicer of United States residential mortgage loans. Through its wholly-owned subsidiary PHH Mortgage Corporation and its subsidiaries (PHH Mortgage) the Company provides outsourced mortgage banking services to a variety of clients including financial institutions and real estate brokers throughout the United States and are focused on originating selling and servicing residential mortgage loans.

PHH Corporation

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