Walter Investment Management Corp Hits New 12-Month Low on Disappointing Earnings (WAC)
Walter Investment Management Corp (NYSE:WAC) shares hit a new 52-week low on Tuesday following a weaker than expected earnings announcement, Stock Ratings Network.com reports. The stock traded as low as $23.51 and last traded at $24.12, with a volume of 1,392,447 shares traded. The stock had previously closed at $24.75.
The company reported $1.19 EPS for the quarter, missing the Thomson Reuters 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 prior year, the company posted $4.75 earnings per share. The company’s quarterly revenue was down 30.6% on a year-over-year basis.
Several analysts have recently commented on the stock. Analysts at Credit Suisse reiterated an “outperform” rating on shares of Walter Investment Management Corp in a research note on Tuesday. They now have a $40.00 price target on the stock, down previously from $44.00. Separately, analysts at Keefe, Bruyette & Woods cut their price target on shares of Walter Investment Management Corp from $30.00 to $26.00 in a research note on Tuesday. Finally, analysts at FBR Capital Markets downgraded shares of Walter Investment Management Corp from an “outperform” rating to a “market perform” rating in a research note on Tuesday. They now have a $28.00 price target on the stock, down previously from $32.00. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. Walter Investment Management Corp presently has an average rating of “Hold” and an average price target of $32.67.
The stock’s 50-day moving average is $28.20 and its 200-day moving average is $28.50. The company has a market cap of $904.6 million and a price-to-earnings ratio of 3.90.
Walter Investment Management Corp., together with its subsidiaries, is a fee-based business services provider to the residential mortgage industry.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.