Ken Griffin’ Citadel Ups Stake in PHH Corporation (PHH) To Nearly 7%

Citadel Investment Group, managed by Ken Griffin, has raised its stake in PHH Corporation (NYSE:PHH), a new filing with the U.S. Securities and Exchange Commission showed. Citadel has disclosed holding 3.97 million shares of the company, an increase from 1.59 million shares the fund reported in its latest 13F filing. The position is equivalent to 6.9% of common stock and is passive by nature.

CITADEL INVESTMENT GROUP

PHH Corporation (NYSE:PHH) is a provider of business process management services for the mortgage and fleet industries. The company has a market cap of $1.32 billion. Shares of PHH Corporation (NYSE:PHH) rose 0.35% on early Thursday, hitting $23.00. Analysts set the consensus average target price of $26.50 for the company’s stock. The consensus average recommendation is ‘overweight.’

In the beginning of this month, the company announced that it agreed to sell its Fleet Management Services business d/b/a PHH Arval to Element Financial Corporation for about $1.40 billion in cash. Upon closing and subject to certain post-closing purchase price adjustments, the company expects to record an after-tax gain of about $250 million to $300 million, and net proceeds after taxes and transaction expenses are expected to be about $750 million to $800 million. The transaction is expected to close on or before July 31, 2014, according to a statement.

For the first quarter of 2014, PHH Corporation (NYSE:PHH) reported a net loss attributable to the company of $42 million, or $0.73 per basic share. Core loss and core loss per share for the quarter amounted $18 million and $0.32, respectively.

Aside from Ken Griffin, EJF Capital’s Emanuel J. Friedman disclosed ownership of 4.19 million shares of the company and Orange Capital, managed by Daniel Lewis, holds 3.45 million shares as of the end of March.

In January, Brian Taylor‘s Pine River Capital Management disclosed cutting its position in PHH Corporation (NYSE:PHH) to around 1.56 million shares. Recently, Citadel Advisors reported increasing its exposure to Rice Energy Inc (NYSE:RICE) and Spansion Inc. (NYSE:CODE).

Disclosure: none

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

Cheapest Cities to Visit in the US

Most Expensive Summer Camps

Most Expensive Animals in the World

Most Expensive Specialty Crops in the World

Movies That Took Ages to Make

The Longest Hollywood Films Ever Made

Most Expensive Concert Stages

The Richest Bands of all Time

10 Most Corrupt Countries 2013 List

10 Countries with the Highest Quality of Life Index

Most Expensive Mattresses in the World

5 Smallest Countries by Land Area

The Ultimate Heartbreak Songs

Richest Teenagers in the World

10 Most Haunted Places in America

10 Best Places to Retire in Florida East Coast

Top 10 Places to See Before You Die

Top 8 Countries in the World Where Justice Prevails

10 Richest States in America

15 Wealthiest Countries in the World

Richest Singers in the World

Most Expensive Tasting Menu in New York City

Most Expensive Baby Items in the World

Most Expensive Hotel Suites in Vegas

Most Expensive Brunch in New York City

Most Expensive Beef Cuts in the World

25 Best Colleges to Get a Job

Top 10 US Supermarkets

The 25 Most Dangerous Cities in the World to Visit

Most Expensive Xbox Games

Top 11 Cities Where Billionaires Live

Top 10 Most Charitable Companies in America

Most Expensive Seafood in the World

The 10 Wildest Conspiracy Theories

The 10 Best Job Markets in the US

Top 10 Accounting Scandals of All Time

The 25 Biggest Cities in the World

Top 10 Best Paying Virtual Jobs

Most Expensive Leather Shoes in the World

Top 6 Things to Buy in March

The 10 Most Stressful Jobs in America – 2014 List

Top 10 Jobs for Introverted People

Top 10 Honeymoon Destinations in the World

Top 10 Highest Paying Jobs in the World

Most Expensive Day-Care in New York City

The 10 Cheapest Places to Retire Abroad

Top 10 Most Expensive Luxury Cars in the World – 2014

Killer Small Business Ideas

The 50 Best Personal Finance Blogs

Most Expensive Apartments in New York City

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!