Walter Investment Management Corp. (WAC) Trading 6.5% Higher
Walter Investment Management Corp. (NYSE:WAC) traded up 6.5% during mid-day trading on Tuesday . The company 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.
A number of equities research analysts have issued reports on the stock. Compass Point reduced their target price on shares of Walter Investment Management Corp. from $6.00 to $2.50 and set a “sell” rating on the stock in a report on Wednesday, May 4th. Zacks Investment Research upgraded shares of Walter Investment Management Corp. from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 3rd. Finally, FBR & Co reduced their price objective on shares of Walter Investment Management Corp. from $7.00 to $3.00 and set an “underperform” rating on the stock in a report on Wednesday, May 4th. Three investment analysts have rated the stock with a sell rating and three have given a hold rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $6.90.
The company’s market cap is $109.37 million. The company’s 50-day moving average price is $3.64 and its 200-day moving average price is $7.17.
Walter Investment Management Corp. (NYSE:WAC) last posted its earnings results on Tuesday, May 3rd. The company reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of $0.28 by $0.78. The firm had revenue of $66.77 million for the quarter, compared to analyst estimates of $305.95 million. During the same quarter in the prior year, the firm posted $1.02 earnings per share. The company’s quarterly revenue was down 78.5% on a year-over-year basis. On average, 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 bought 25,000 shares of Walter Investment Management Corp. stock in a transaction dated Thursday, May 5th. The shares were acquired at an average cost of $4.65 per share, with a total value of $116,250.00. Following the completion of the transaction, the director now owns 40,392 shares in the company, valued at approximately $187,822.80. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO David C. Schneider bought 21,505 shares of Walter Investment Management Corp. 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 completion of the transaction, the chief operating officer now owns 26,339 shares of the company’s stock, 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 boosted its position in 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 about 0.88% of Walter Investment Management Corp. worth $4,749,000 at the end of the most recent reporting period.
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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