Walter Investment Management Corp. (WAC) Debt Trading 2.5% Higher
An issue of Walter Investment Management Corp. (NYSE:WAC) debt rose 2.5% against its face value during trading on Monday. The high-yield issue of debt has a 7.875% coupon and is set to mature on December 15, 2021. The debt is now trading at $80.00 and was trading at $68.75 one week ago. Price changes in a company’s debt in credit markets sometimes anticipate parallel changes in its stock price.
A number of equities analysts recently weighed in on the company. Barclays PLC reduced their price target on Walter Investment Management Corp. from $5.00 to $2.00 and set an “underweight” rating for the company in a report on Wednesday, August 10th. Zacks Investment Research raised Walter Investment Management Corp. from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 6th. Finally, Wunderlich raised Walter Investment Management Corp. from a “hold” rating to a “buy” rating in a report on Friday, August 5th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $5.30.
Walter Investment Management Corp. (NYSE:WAC) opened at 5.25 on Tuesday. The firm’s market cap is $189.75 million. The firm’s 50 day moving average price is $3.79 and its 200-day moving average price is $4.29. Walter Investment Management Corp. has a one year low of $2.24 and a one year high of $16.37.
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Walter Investment Management Corp. (NYSE:WAC) last released its quarterly earnings results on Tuesday, August 9th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.04. Walter Investment Management Corp. had a negative return on equity of 4.60% and a negative net margin of 74.41%. The firm had revenue of $187.50 million for the quarter, compared to analyst estimates of $284.14 million. During the same quarter last year, the company posted $0.65 earnings per share. The business’s revenue was down 54.5% on a year-over-year basis. Equities analysts predict that Walter Investment Management Corp. will post ($0.46) EPS for the current fiscal year.
In related news, SVP Stuart Douglass Boyd sold 8,780 shares of the firm’s stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $3.13, for a total transaction of $27,481.40. Following the transaction, the senior vice president now owns 30,569 shares of the company’s stock, valued at $95,680.97. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 50.10% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. 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 worth $541,000 after buying an additional 2,393 shares in the last quarter. A.R.T. Advisors LLC bought a new position in Walter Investment Management Corp. during the second quarter worth about $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 worth $139,000 after buying an additional 5,800 shares in the last quarter. California Public Employees Retirement System raised its position in Walter Investment Management Corp. by 4.1% in the second quarter. California Public Employees Retirement System now owns 421,700 shares of the company’s stock worth $1,164,000 after buying an additional 16,800 shares in the last quarter. Finally, Bank of Montreal Can bought a new position in Walter Investment Management Corp. during the second quarter worth about $214,000. 97.57% of the stock is currently owned by hedge funds and other institutional investors.
Walter Investment Management Corp. Company Profile
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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