Walter Investment Management Corp. (WAC) Trading 6.9% Higher
Walter Investment Management Corp. (NYSE:WAC) shares traded up 6.9% during trading on Wednesday . The company traded as high as $2.70 and last traded at $2.64, with a volume of 147,899 shares. The stock had previously closed at $2.47.
A number of research analysts recently commented on the company. Zacks Investment Research raised Walter Investment Management Corp. from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 6th. Compass Point lowered their price target on 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. Finally, FBR & Co decreased their price objective on 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 assigned a hold rating to the company. Walter Investment Management Corp. presently has a consensus rating of “Hold” and a consensus target price of $6.90.
The firm’s 50-day moving average is $3.00 and its 200-day moving average is $5.99. The company’s market cap is $90.07 million.
Walter Investment Management Corp. (NYSE:WAC) last issued its quarterly earnings data on Tuesday, May 3rd. The company reported ($0.50) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.28 by $0.78. During the same period in the previous year, the firm earned $1.02 earnings per share. The firm earned $66.77 million during the quarter, compared to analyst estimates of $305.95 million. The company’s quarterly revenue was down 78.5% on a year-over-year basis. On average, analysts forecast that Walter Investment Management Corp. will post ($0.47) earnings per share for the current year.
In other news, COO David C. Schneider acquired 21,505 shares of the company’s stock in a transaction dated Friday, May 6th. The stock was acquired at an average cost of $4.63 per share, with a total value of $99,568.15. Following the completion of the purchase, the chief operating officer now owns 26,339 shares of the company’s stock, valued at approximately $121,949.57. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Alvaro G. Demolina acquired 25,000 shares of the company’s stock in a transaction dated Thursday, May 5th. The stock was purchased at an average cost of $4.65 per share, with a total value of $116,250.00. Following the completion of the purchase, the director now directly owns 40,392 shares of the company’s stock, valued at approximately $187,822.80. 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 shares of Walter Investment Management Corp. (NYSE:WAC) by 10.8% during the fourth quarter, according to its most recent disclosure with the SEC. The fund 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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