Emanuel Friedman loved Phh Corp (NYSE:PHH) at $15 and he loves it more at $12.50. He bought an additional 800K shares between March 13th and March 16th. Friedman paid an average of $12.78 for Phh Corp (PHH) shares. These are probably Friedman’s last purchases because his fund now controls 9.9% of PHH’s outstanding shares.
Billionaire Larry Robbins, activist Clint Carlson, and Edward Mule’s Silver Point Capital also have very large stakes in Phh Corp (PHH). Hedge funds won’t have any trouble getting their opinions heard by the management. However, the short interest in this stock is more than 7%, meaning that there are other hedge funds who don’t share the views of these fund managers. Phh Corp, a mortgage solutions company for the real estate market and financial institutions, disappointed its investors last month and lost about 20%.
The details of EJF Capital’s recent PHH purchases can be seen below. We don’t think it is a good idea to imitate EJF Capital at this time.
Ownership Summary Table
|Name||Sole Voting Power||Shared Voting Power||Sole Dispositive Power||Shared Dispositive Power||Aggregate Amount Owned Power||Percent of Class|
|Emanuel J. Friedman||5,292,329||5,292,329||5,292,329||9.9%|
|EJF Debt Opportunities Master Fund||5,292,329||5,292,329||5,292,329||9.9%|
|EJF Debt Opportunities GP||5,292,329||5,292,329||5,292,329||9.9%|
Page 1 of 8 – SEC Filing
(Amendment No. 1)
Common Stock, par value $0.01 per share
EJF Capital LLC
2107 Wilson Boulevard
Arlington, VA 22201
March 16, 2017