Walter Investment Management Corp. (WAC) Downgraded by Zacks Investment Research to Hold
Walter Investment Management Corp. (NYSE:WAC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday.
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 brokerages have also recently commented on WAC. Keefe, Bruyette & Woods reissued a “sell” rating and set a $1.00 price target on shares of Walter Investment Management Corp. in a research report on Wednesday, April 19th. Wells Fargo & Company raised shares of Walter Investment Management Corp. from an “underperform” rating to a “market perform” rating and set a $1.25 price target on the stock in a research report on Wednesday, May 10th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $1.50.
Walter Investment Management Corp. (NYSE WAC) traded up 0.0778% during trading on Thursday, reaching $0.7722. 26,717 shares of the company’s stock traded hands. The firm has a 50 day moving average price of $1.17 and a 200-day moving average price of $2.46. Walter Investment Management Corp. has a 12 month low of $0.64 and a 12 month high of $8.11. The firm’s market cap is $28.22 million.
Walter Investment Management Corp. (NYSE:WAC) last issued its quarterly earnings results on Wednesday, May 10th. The financial services provider reported ($0.70) EPS for the quarter, topping the consensus estimate of ($0.98) by $0.28. Walter Investment Management Corp. had a negative net margin of 30.19% and a negative return on equity of 23.03%. The firm had revenue of $245.29 million for the quarter, compared to analysts’ expectations of $245.60 million. During the same period in the previous year, the firm posted ($0.50) EPS. The company’s revenue for the quarter was up 267.4% on a year-over-year basis. On average, analysts forecast that Walter Investment Management Corp. will post ($2.68) earnings per share for the current fiscal year.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in WAC. Arrowgrass Capital Partners US LP purchased a new position in Walter Investment Management Corp. during the third quarter valued at $3,190,000. Steadfast Capital Management LP purchased a new position in Walter Investment Management Corp. during the fourth quarter valued at $7,098,000. Southernsun Asset Management LLC raised its position in Walter Investment Management Corp. by 16.2% in the first quarter. Southernsun Asset Management LLC now owns 2,491,733 shares of the financial services provider’s stock valued at $19,037,000 after buying an additional 348,082 shares in the last quarter. Norges Bank purchased a new position in Walter Investment Management Corp. during the fourth quarter valued at $1,144,000. Finally, Telemus Capital LLC raised its position in Walter Investment Management Corp. by 100.7% in the second quarter. Telemus Capital LLC now owns 381,722 shares of the financial services provider’s stock valued at $1,054,000 after buying an additional 191,538 shares in the last quarter. Institutional investors own 63.67% 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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