Walter Investment Management Corp. (WAC) Shares Up 6.5%
Walter Investment Management Corp. (NYSE:WAC) shares shot up 6.5% during trading on Tuesday . The stock traded as high as $2.99 and last traded at $2.97, with a volume of 151,644 shares. The stock had previously closed at $2.79.
Several research firms recently commented on WAC. Compass Point reduced their price target on shares of Walter Investment Management Corp. from $6.00 to $2.50 and set a “sell” rating on the stock in a research note on Wednesday, May 4th. Zacks Investment Research raised shares of Walter Investment Management Corp. from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 3rd. Finally, FBR & Co cut their target price on shares of Walter Investment Management Corp. from $7.00 to $3.00 and set an “underperform” rating on the stock in a research report on Wednesday, May 4th. Three research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $6.90.
The firm’s 50 day moving average price is $3.72 and its 200-day moving average price is $7.23. The stock’s market cap is $111.15 million.
Walter Investment Management Corp. (NYSE:WAC) last announced its quarterly earnings results on Tuesday, May 3rd. The company reported ($0.50) earnings per share for the quarter, missing the consensus estimate of $0.28 by $0.78. During the same quarter last year, the firm posted $1.02 earnings per share. The firm had revenue of $66.77 million for the quarter, compared to analysts’ expectations of $305.95 million. The company’s revenue was down 78.5% on a year-over-year basis. On average, equities analysts predict that Walter Investment Management Corp. will post ($0.45) earnings per share for the current fiscal year.
In other news, Director Alvaro G. Demolina purchased 25,000 shares of the stock in a transaction dated Thursday, May 5th. The shares were purchased at an average price of $4.65 per share, with a total value of $116,250.00. Following the transaction, the director now owns 40,392 shares in the company, valued at approximately $187,822.80. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO David C. Schneider purchased 21,505 shares of the stock in a transaction dated Friday, May 6th. The shares were purchased at an average cost of $4.63 per share, for a total transaction of $99,568.15. Following the transaction, the chief operating officer now owns 26,339 shares in the company, valued at approximately $121,949.57. The disclosure for this purchase can be found here.
A hedge fund recently raised its stake in Walter Investment Management Corp. stock. California Public Employees Retirement System increased its position in shares of Walter Investment Management Corp. (NYSE:WAC) by 10.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 334,000 shares of the company’s stock after buying an additional 32,600 shares during the period. California Public Employees Retirement System owned approximately 0.88% of Walter Investment Management Corp. worth $4,749,000 as of its most recent SEC filing.
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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