Walter Investment Management Corp. (WAC) Bond Prices Rise 1.3%
An issue of Walter Investment Management Corp. (NYSE:WAC) debt rose 1.3% against its face value during trading on Wednesday. The debt issue has a 7.875% coupon and is set to mature on December 15, 2021. The debt is now trading at $72.25. Price changes in a company’s debt in credit markets sometimes predict parallel changes in its stock price.
A number of equities research analysts have recently issued reports on the stock. Wunderlich raised shares of Walter Investment Management Corp. from a “hold” rating to a “buy” rating in a research note on Friday, August 5th. Zacks Investment Research raised shares of Walter Investment Management Corp. from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 6th. Finally, Barclays PLC cut their price objective on shares of Walter Investment Management Corp. from $5.00 to $2.00 and set an “underweight” rating for the company in a research note on Wednesday, August 10th. Three 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. has a consensus rating of “Hold” and an average price target of $5.30.
Shares of Walter Investment Management Corp. (NYSE:WAC) opened at 4.60 on Thursday. The stock’s market cap is $166.26 million. The firm’s 50-day moving average is $3.64 and its 200 day moving average is $4.37. Walter Investment Management Corp. has a 12 month low of $2.24 and a 12 month high of $16.51.
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Walter Investment Management Corp. (NYSE:WAC) last announced its quarterly earnings results on Tuesday, August 9th. The company reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.04. Walter Investment Management Corp. had a negative net margin of 74.41% and a negative return on equity of 4.60%. The company had revenue of $187.50 million for the quarter, compared to analysts’ expectations of $284.14 million. During the same quarter in the previous year, the business posted $0.65 earnings per share. Walter Investment Management Corp.’s quarterly revenue was down 54.5% on a year-over-year basis. On average, equities analysts predict that Walter Investment Management Corp. will post ($0.46) EPS for the current year.
In other Walter Investment Management Corp. news, SVP Stuart Douglass Boyd sold 8,780 shares of Walter Investment Management Corp. stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $3.13, for a total transaction of $27,481.40. Following the completion of the transaction, the senior vice president now directly owns 30,569 shares of the company’s stock, valued at $95,680.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 50.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. A.R.T. Advisors LLC purchased a new position in Walter Investment Management Corp. during the second quarter valued at approximately $103,000. Alliancebernstein L.P. raised its position in Walter Investment Management Corp. by 13.0% in the second quarter. Alliancebernstein L.P. now owns 50,299 shares of the company’s stock valued at $139,000 after buying an additional 5,800 shares during the last quarter. Bank of Montreal Can purchased a new position in Walter Investment Management Corp. during the second quarter valued at approximately $214,000. Public Employees Retirement System of Ohio raised its position in Walter Investment Management Corp. by 1.2% in the second quarter. Public Employees Retirement System of Ohio now owns 196,062 shares of the company’s stock valued at $541,000 after buying an additional 2,393 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. purchased a new position in Walter Investment Management Corp. during the first quarter valued at approximately $908,000. 97.74% of the stock is owned by institutional investors.
About Walter Investment Management Corp.
Walter Investment Management Corp. is a diversified mortgage banking firm focused primarily on the servicing and origination of residential loans, including reverse loans. The Company operates through three segments: Servicing, Originations and Reverse Mortgage. The Servicing segment consists of operations that perform servicing for third-party credit owners of mortgage loans, as well as its own mortgage loan portfolio.
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