B. Riley Financial Cuts Fannie Mae (OTCMKTS:FNMA) Price Target to $7.00

Fannie Mae (OTCMKTS:FNMA) had its price objective cut by B. Riley Financial from $8.00 to $7.00 in a report published on Thursday,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

A number of other research analysts also recently weighed in on FNMA. Keefe, Bruyette & Woods cut their price target on Fannie Mae from $10.00 to $8.50 and set an “underperform” rating on the stock in a research note on Monday, April 20th. Mizuho began coverage on Fannie Mae in a research note on Monday, May 4th. They set an “outperform” rating and a $10.00 price objective for the company. Zacks Research upgraded Fannie Mae from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 21st. Wedbush reissued a “neutral” rating and issued a $8.00 target price on shares of Fannie Mae in a research note on Thursday. Finally, BTIG Research cut Fannie Mae from a “buy” rating to a “neutral” rating in a report on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $12.25.

Fannie Mae Price Performance

Shares of OTCMKTS FNMA opened at $5.79 on Thursday. The company’s 50 day simple moving average is $6.44 and its 200 day simple moving average is $7.13. Fannie Mae has a fifty-two week low of $3.60 and a fifty-two week high of $15.99. The firm has a market capitalization of $6.71 billion, a P/E ratio of 144.79 and a beta of 1.62.

Fannie Mae (OTCMKTS:FNMA) last announced its quarterly earnings data on Wednesday, July 29th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.05. Fannie Mae had a net margin of 4.59% and a negative return on equity of 76.66%. The firm had revenue of $7.57 billion for the quarter, compared to analysts’ expectations of $7.32 billion. Sell-side analysts expect that Fannie Mae will post 2.59 EPS for the current fiscal year.

About Fannie Mae

The Federal National Mortgage Association, commonly known as Fannie Mae (OTCMKTS:FNMA), is a government-sponsored enterprise established by Congress in 1938 as part of the New Deal to support the U.S. housing market. Headquartered in Washington, DC, Fannie Mae’s mission is to promote liquidity, stability and affordability in the mortgage market. The company operates by purchasing residential mortgage loans from financial institutions, pooling them into mortgage-backed securities (MBS), and providing guarantees to investors against borrower default.

In its core business, Fannie Mae works with mortgage lenders across the United States—including banks, credit unions and mortgage finance companies—to ensure a steady flow of capital for homebuyers and homeowners seeking refinancing.