Walter Investment Management Corp (WAC) Upgraded to “Buy” at Zacks Investment Research
Walter Investment Management Corp (NYSE:WAC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage presently has a $1.75 price target on the financial services provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 21.53% from the company’s current price.
According to Zacks, “Walter Investment Management Corp., headquartered in Tampa, FL, is a Mortgage portfolio owner and mortgage servicer specializing in subprime, non-conforming and other credit challenged mortgage assets. It is a residential mortgage servicing company with divisional offices located in Atlanta, Birmingham, Charlotte, Ft. Worth and Houston. The company holds licenses as a residential mortgage lender and/or servicer in over 30 states across the US, and presently has federal mortgage lending approval as a Title II Non-Supervised HUD Mortgagee. The portfolio primarily consists of mortgages on homes built by Jim Walter Homes, Inc. and its affiliated builders. The company is one of the few remaining organizations to provide portfolio servicing through a team of full-time field-based employees. It also operates mortgage advisory and insurance product lines of business. “
Several other analysts also recently weighed in on WAC. Wells Fargo & Co upgraded Walter Investment Management Corp from an “underperform” rating to a “market perform” rating and set a $1.25 price objective for the company in a report on Wednesday, May 10th. Keefe, Bruyette & Woods restated a “sell” rating and issued a $1.00 price objective on shares of Walter Investment Management Corp in a report on Wednesday, April 19th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $1.50.
Walter Investment Management Corp (NYSE:WAC) opened at 1.44 on Wednesday. The company’s market capitalization is $52.43 million. The firm has a 50-day moving average of $1.18 and a 200 day moving average of $3.46. Walter Investment Management Corp has a one year low of $0.64 and a one year high of $8.11.
Walter Investment Management Corp (NYSE:WAC) last released its earnings results on Wednesday, May 10th. The financial services provider reported ($0.70) earnings per share for the quarter, topping the consensus estimate of ($0.98) by $0.28. Walter Investment Management Corp had a negative return on equity of 9.79% and a negative net margin of 70.66%. The business had revenue of $245.29 million during the quarter, compared to the consensus estimate of $245.60 million. During the same period last year, the company earned ($0.50) earnings per share. The business’s revenue for the quarter was up 267.4% compared to the same quarter last year. Equities research analysts predict that Walter Investment Management Corp will post ($2.78) earnings per share for the current fiscal year.
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Several hedge funds have recently added to or reduced their stakes in WAC. Dimensional Fund Advisors LP raised its position in Walter Investment Management Corp by 33.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 27,045 shares of the financial services provider’s stock valued at $128,000 after buying an additional 6,731 shares during the period. Teachers Advisors LLC raised its position in Walter Investment Management Corp by 8.5% in the fourth quarter. Teachers Advisors LLC now owns 49,329 shares of the financial services provider’s stock valued at $234,000 after buying an additional 3,878 shares during the period. Bank of New York Mellon Corp raised its position in Walter Investment Management Corp by 6.1% in the first quarter. Bank of New York Mellon Corp now owns 142,001 shares of the financial services provider’s stock valued at $153,000 after buying an additional 8,112 shares during the period. Norges Bank bought a new position in Walter Investment Management Corp during the fourth quarter valued at about $1,144,000. Finally, Geode Capital Management LLC raised its position in Walter Investment Management Corp by 2.1% in the first quarter. Geode Capital Management LLC now owns 247,307 shares of the financial services provider’s stock valued at $267,000 after buying an additional 5,131 shares during the period. Hedge funds and other institutional investors own 94.02% of the company’s stock.
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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