Western Asset Mortgage Capital Corp Shares Gap Up Following Dividend Announcement (WMC)
Western Asset Mortgage Capital Corp (NYSE:WMC) gapped up before the market opened on Friday following a dividend announcement from the company, ARN reports. The stock had previously closed at $14.45, but opened at $14.52. Western Asset Mortgage Capital Corp shares last traded at $14.87, with a volume of 1,199,242 shares trading hands.
The newly announced dividend is scheduled for Tuesday, July 29th. Shareholders of record on Monday, June 30th will be paid a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a dividend yield of 18.46%. The ex-dividend date is Thursday, June 26th.
A number of research firms have recently commented on WMC. Analysts at Zacks downgraded shares of Western Asset Mortgage Capital Corp from a “neutral” rating to an “underperform” rating in a research note on Tuesday, May 13th. They now have a $13.10 price target on the stock. Separately, analysts at Jefferies Group cut their price target on shares of Western Asset Mortgage Capital Corp from $16.00 to $14.00 in a research note on Friday, May 9th. They now have a “hold” rating on the stock. Finally, analysts at JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Western Asset Mortgage Capital Corp in a research note on Wednesday, April 16th. They now have a $13.50 price target on the stock. One analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. Western Asset Mortgage Capital Corp currently has an average rating of “Hold” and a consensus price target of $14.87.
The stock’s 50-day moving average is $14.24 and its 200-day moving average is $15.19. The company’s market cap is $623.6 million.
Western Asset Mortgage Capital Corp (NYSE:WMC) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.56 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.20 by $0.36. The company had revenue of $20.00 million for the quarter, compared to the consensus estimate of $789.30 million. During the same quarter in the prior year, the company posted $0.93 earnings per share. The company’s quarterly revenue was down 30.1% on a year-over-year basis. Analysts expect that Western Asset Mortgage Capital Corp will post $2.38 EPS for the current fiscal year.
In other Western Asset Mortgage Capital Corp news, CIO Anup Agarwal acquired 11,000 shares of the stock on the open market in a transaction dated Friday, June 6th. The stock was purchased at an average cost of $14.43 per share, with a total value of $158,730.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
Western Asset Mortgage Capital Corporation is focused on investing in, financing and managing primarily residential mortgage-backed securities (NYSE:WMC), which are not issued or guaranteed by a United States Government agency or federally chartered corporation, or non-Agency RMBS.