Zacks Investment Research upgraded shares of Western Asset Mortgage Capital (NYSE:WMC) from a hold rating to a buy rating in a research note published on Thursday morning. Zacks Investment Research currently has $11.00 price objective on the financial services provider’s stock.
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. “
Western Asset Mortgage Capital (WMC) opened at $9.58 on Thursday. Western Asset Mortgage Capital has a 12 month low of $8.54 and a 12 month high of $10.95. The company has a current ratio of 128.12, a quick ratio of 128.12 and a debt-to-equity ratio of 7.34. The company has a market cap of $401.59, a P/E ratio of 8.33 and a beta of 0.59.
Western Asset Mortgage Capital declared that its board has approved a share buyback plan on Thursday, December 21st that authorizes the company to buyback 2,100,000 outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
In related news, insider Jennifer Murphy acquired 10,000 shares of the stock in a transaction that occurred on Wednesday, December 27th. The shares were acquired at an average price of $10.22 per share, for a total transaction of $102,200.00. Following the completion of the purchase, the insider now directly owns 47,500 shares of the company’s stock, valued at $485,450. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.36% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Raymond James Financial Services Advisors Inc. boosted its holdings in Western Asset Mortgage Capital by 4.6% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 11,073 shares of the financial services provider’s stock worth $114,000 after buying an additional 490 shares in the last quarter. Teacher Retirement System of Texas bought a new stake in Western Asset Mortgage Capital during the fourth quarter worth approximately $145,000. MetLife Investment Advisors LLC bought a new stake in Western Asset Mortgage Capital during the fourth quarter worth approximately $208,000. Voya Investment Management LLC boosted its holdings in Western Asset Mortgage Capital by 15.4% during the second quarter. Voya Investment Management LLC now owns 22,605 shares of the financial services provider’s stock worth $233,000 after buying an additional 3,017 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. boosted its holdings in Western Asset Mortgage Capital by 63.3% during the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 23,740 shares of the financial services provider’s stock worth $249,000 after buying an additional 9,200 shares in the last quarter. Institutional investors and hedge funds own 43.13% of the company’s stock.
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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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