Douglas Silverman, Alexander Klabin Make a Play With PHH Corp

Douglas Silverman, Alexander Klabin: Senator Investment Group, a hedge fund managed by Douglas Silverman and Alexander Klabin, recently almost doubled its stake in PHH Corporation (NYSE:PHH). In a filing with the SEC, the hedge fund disclosed holding around 4.4 million shares of the company, including some 391,000 shares that can be converted into notes. The position represents 7.6% of the company and has a value of $104.3 million.

In the latest round of 13F filings, Senator Investment Group disclosed a stake which contained almost 2.5 million shares, and one 5 million shares position of 6% notes. PHH Corp announced a net income of $90 million, equal to $1.58 per basic share for the second quarter of the year. For the same period of last year, the company reported a net loss of $57 million.

Aside from Senator Investment Group, we should mention some other hedge funds bullish on PHH Corporation in the latest round of 13F filings. Scopia Capital, managed by Matt Sirovich and Jeremy Mindich, disclosed owning around 2.7 million shares, while Israel Englander’s Millennium Management stake in PHH Corporation involved almost 2.5 million shares. And last but not the least, Pennant Capital Management, managed by Alan Fournier, disclosed ownership of some 2.4 million shares of PHH Corporation.

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Disclosure: none