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Business Wire (Mon, 4:02PM)
at CNBC.com (Jun 3, 2014)
at CNBC.com (May 8, 2014)
Business Wire (May 7, 2014)
PHH vs. ETF Alternatives
PHH Corp is an outsource provider of mortgage and fleet management services. It conducts its business through three operating segments: Mortgage Production segment, Mortgage Servicing segment and Fleet Management Services segment.
Tue, Jul. 8, 9:08 AM
- 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.
Mon, Jul. 7, 4:14 PM
- PHH's fleet management services business was sold to Element Financial for $1.4B in cash, and the deal is expected to generate $821M in net proceeds.
- The board authorizes up to $450M in share repurchases, including a $200M accelerated program which will commence after the release of Q2 earnings.
- That still leaves some money, and the company in Q3 intends to redeem all of its outstanding ($170M) 9.25% senior notes due in two years.
- PHH also intends to invest up to $150M in growth initiatives across its remaining mortgage production and servicing units.
- Source: Press Release
Thu, Jun. 26, 10:28 AM| Thu, Jun. 26, 10:28 AM | Comment!
Tue, Jun. 3, 7:46 AM
- Element Financial's deal to buy PHH Corp.'s (PHH) fleet management business (PHH Arval) is official, with Element agreeing to purchase the unit for about $1.4B in cash. The deal is expected to close on or before July 31.
- PHH expects to record an after-tax gain of about $250M-$300M and have net proceeds of $750M-$800M.
- Press release
- Previously: PHH moving around on Arval sale rumors
Fri, May. 30, 1:11 PM
- Reuters reports a deal is near for Element Financial to buy PHH Corp.'s (PHH) fleet business for $1.35B. PHH briefly jumped on the news, but is back to about flat on the session.
- Element was first reported as a possible buyer at this price one week ago, and the stock's ahead nearly 20% since.
- Previously: Report: PHH nears sale of fleet business; +17%
Fri, May. 23, 3:02 PM| Fri, May. 23, 3:02 PM | Comment!
Wed, May. 21, 12:47 PM| Wed, May. 21, 12:47 PM | Comment!
Wed, May. 21, 12:14 PM
- PHH Corp. (PHH +16.9%) is in exclusive talks with acquisition-hungry Canadian equipment finance company Element Financial to sell its fleet leasing business for about $1.35B in cash, reports Reuters, whose source says a deal could come within the next two weeks.
- Previously: PHH confirms plans to break up the company
- Analysts had previously expected the business to fetch just about $700M, but Reuters' source says the deal is being structured using a step-up tax basis which allows the unit to be valued at a higher market value than it was originally acquired at. This reduces PHH's tax liability and Element expects more than $500M of future tax benefits.
Fri, May. 9, 10:06 AM
- Sterne Agee upgrades PHH Corp. (PHH +0.2%) to a Buy from Hold after yesterday's sharp post-earnings decline.
- The company reported a core loss of $18M or $0.32 per share as it continues to evaluate the splitting of its fleet management and mortgage businesses, and management expects to have something to report on that front by the end of June.
- As for operations, it's all about the mortgage slowdown. Fleet management profits of $21M were unchanged from a year ago, but mortgage production reported a $60M loss ($45M profit a year ago) and mortgage servicing a $29M loss ($18M profit a year ago).
- Previously: PHH Corporation EPS of -$0.32
- Source: Press Release
Wed, May. 7, 5:11 PM
Tue, Feb. 11, 5:40 PM
Tue, Feb. 11, 4:12 PM
Tue, Feb. 11, 4:10 PM| Tue, Feb. 11, 4:10 PM | Comment!
Tue, Feb. 11, 12:10 AM
Mon, Feb. 10, 5:35 PM
Wed, Jan. 29, 3:40 PM
- The CFPB alleges PHH Corp. (PHH -2.5%) over 15 years collected up to 40% of premiums paid by consumers to mortgage insurers - "hundreds of millions in kickbacks." The company worked it, says the CFPB, by pressuring the insurers to purchase reinsurance from PHH. Those fees - rather than transferring risk - were kickbacks in exchange for the original referral, says the agency.
- PHH: "We believe the CFPB's allegations grossly mischaracterize the legitimate business activities of our mortgage reinsurance subsidiary."
- The case will be handled by an administrative law judge.
- Last year, the CFPB reached settlements with five mortgage insurance companies totaling $15.5M over alleged kickbacks.
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