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Walter Investment Management Corp (NYSE:WAC) shares were down 7.4% on Monday after the company announced weaker than expected quarterly earnings, Analyst Ratings Network reports. The company traded as low as $25.98 and last traded at $26.17, with a volume of 1,202,604 shares traded. The stock had previously closed at $28.27.

The company reported $1.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.22 by $0.03. The company had revenue of $413.71 million for the quarter, compared to the consensus estimate of $381.07 million. During the same quarter in the previous year, the company posted $4.75 earnings per share.

WAC has been the subject of a number of recent research reports. Analysts at Wells Fargo & Co. downgraded shares of Walter Investment Management Corp from a “market perform” rating to an “underperform” rating in a research note on Wednesday, July 16th. Separately, analysts at Jefferies Group downgraded shares of Walter Investment Management Corp from a “buy” rating to a “hold” rating in a research note on Friday, May 16th. They now have a $27.00 price target on the stock, down previously from $38.00. Finally, analysts at Compass Point downgraded shares of Walter Investment Management Corp from a “neutral” rating to a “sell” rating in a research note on Thursday, May 15th. They now have a $23.00 price target on the stock, down previously from $28.00. Three analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $32.80.

The stock has a 50-day moving average of $28.38 and a 200-day moving average of $28.5. The company has a market cap of $970.1 million and a P/E ratio of 4.46.

Walter Investment Management Corp., together with its subsidiaries, is a fee-based business services provider to the residential mortgage industry.

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