Ejf Capital buys $32,340,000 stake in PHH Corporation (PHH)

PHH Corporation (PHH) : Ejf Capital scooped up 1,402,683 additional shares in PHH Corporation during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 15, 2016. The investment management firm now holds a total of 2,100,000 shares of PHH Corporation which is valued at $32,340,000.PHH Corporation makes up approximately 2.96% of Ejf Capital’s portfolio.

Other Hedge Funds, Including , Parallax Volatility Advisers added PHH to its portfolio by purchasing 18,175 company shares during the most recent quarter which is valued at $279,895. PHH Corporation makes up approx 0.01% of Parallax Volatility Advisers’s portfolio.Rhumbline Advisers reduced its stake in PHH by selling 11,718 shares or 14.65% in the most recent quarter. The Hedge Fund company now holds 68,277 shares of PHH which is valued at $1,051,466.Alliancebernstein boosted its stake in PHH in the latest quarter, The investment management firm added 6,200 additional shares and now holds a total of 81,091 shares of PHH Corporation which is valued at $1,248,801.

PHH Corporation closed down -0.06 points or -0.39% at $15.24 with 3,50,077 shares getting traded on Thursday. Post opening the session at $15.29, the shares hit an intraday low of $14.95 and an intraday high of $15.39 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

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.

Many Wall Street Analysts have commented on PHH Corporation. Keefe Bruyette Downgraded PHH Corporation on Aug 11, 2016 to ” Mkt Perform”, Price Target of the shares are set at $17.

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.

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