Seeking Alpha

PHH Corp, surges amid capital return plan

  • The company's $450M buyback plan - $200M of which is accelerated - would allow for the repurchase of about 35% of outstanding shares at last night's closing price of $23.28.
  • Previously: PHH Corp. completes sale of PHH Arval; sets buyback
  • With the sale of its fleet management unit, PHH is now a pure-play mortgage production and servicing outfit, presumably set to benefit from banks moving to outsource the work, or maybe be bought out by a larger rival.
  • Listening in on this morning's conference call, Dealreporter's Jay Antenen says job cuts are coming, noting management's use of the term, "optimize operating expenses."
  • PHH +7.4% premarket to $25.01.
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