Western Asset Mortgage Capital (NYSE:WMC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage currently has a $11.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 11.68% from the stock’s previous close.
According to Zacks, “Western Asset Mortgage Capital Corporation is focused on investing in, financing and managing primarily residential mortgage-backed securities for which the principal and interest payments are guaranteed by a U.S. Government agency or federally chartered corporation. Western Asset Mortgage Capital Corporation is headquartered in Pasadena, California. “
Shares of Western Asset Mortgage Capital (NYSE WMC) traded up $0.17 during mid-day trading on Wednesday, hitting $9.85. The stock had a trading volume of 200,768 shares, compared to its average volume of 296,298. The firm has a market cap of $405.78, a PE ratio of 8.54 and a beta of 0.59. The company has a current ratio of 128.12, a quick ratio of 128.12 and a debt-to-equity ratio of 7.34. Western Asset Mortgage Capital has a fifty-two week low of $8.54 and a fifty-two week high of $10.95.
Western Asset Mortgage Capital declared that its Board of Directors has initiated a stock buyback plan on Thursday, December 21st that authorizes the company to repurchase 2,100,000 shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
In related news, insider Jennifer Murphy acquired 10,000 shares of the firm’s stock in a transaction dated Wednesday, December 27th. The stock was acquired at an average price of $10.22 per share, with a total value of $102,200.00. Following the acquisition, the insider now directly owns 47,500 shares in the company, valued at approximately $485,450. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.36% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. MetLife Investment Advisors LLC acquired a new position in shares of Western Asset Mortgage Capital in the 4th quarter valued at about $208,000. Municipal Employees Retirement System of Michigan acquired a new position in shares of Western Asset Mortgage Capital in the 4th quarter valued at about $892,000. Millennium Management LLC acquired a new position in shares of Western Asset Mortgage Capital in the 4th quarter valued at about $297,000. Two Sigma Investments LP lifted its holdings in shares of Western Asset Mortgage Capital by 170.6% in the 4th quarter. Two Sigma Investments LP now owns 85,220 shares of the financial services provider’s stock valued at $848,000 after buying an additional 53,728 shares during the period. Finally, Guggenheim Capital LLC lifted its holdings in shares of Western Asset Mortgage Capital by 7.8% in the 4th quarter. Guggenheim Capital LLC now owns 84,328 shares of the financial services provider’s stock valued at $837,000 after buying an additional 6,104 shares during the period. 43.13% of the stock is owned by institutional investors and hedge funds.
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About Western Asset Mortgage Capital
Western Asset Mortgage Capital Corporation is a real estate investment trust. The Company is focused on investing in, financing and managing a diversified portfolio of real estate-related securities, whole-loans and other financial assets. The Company’s portfolio includes Agency residential mortgage-backed securities (RMBS), including Mortgage pass-through certificates, Agency derivatives, Agency Interest-Only Strips and Agency collateralized mortgage obligations (CMOs); Non-Agency RMBS, and Agency commercial mortgage-backed securities (CMBS), Non-Agency CMBS, Non United States CMBS and asset-backed securities (ABS), as well as Residential and Commercial Whole-Loans.
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