Western Asset Mortgage Capital (WMC) Stock Rating Upgraded by Zacks Investment Research

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Western Asset Mortgage Capital (NYSE:WMC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Friday, Zacks.com reports.

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. “

Separately, Keefe, Bruyette & Woods initiated coverage on shares of Western Asset Mortgage Capital in a research report on Sunday, March 17th. They set a “market perform” rating and a $10.50 price target on the stock.

WMC traded down $0.08 on Friday, reaching $9.95. The company had a trading volume of 18,523 shares, compared to its average volume of 331,557. The company has a market capitalization of $482.24 million, a P/E ratio of 7.32 and a beta of 0.74. The company has a debt-to-equity ratio of 7.51, a current ratio of 700.59 and a quick ratio of 700.59. Western Asset Mortgage Capital has a 52-week low of $8.26 and a 52-week high of $11.38.

Western Asset Mortgage Capital (NYSE:WMC) last announced its earnings results on Tuesday, May 7th. The financial services provider reported $0.32 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.32. The business had revenue of $15.63 million for the quarter, compared to the consensus estimate of $20.90 million. Western Asset Mortgage Capital had a net margin of 13.99% and a return on equity of 11.99%. Western Asset Mortgage Capital’s quarterly revenue was down 8.7% on a year-over-year basis. During the same period last year, the firm posted $0.34 earnings per share. On average, equities analysts anticipate that Western Asset Mortgage Capital will post 1.28 earnings per share for the current year.

In other Western Asset Mortgage Capital news, insider Dennis Joseph Mcnamara purchased 3,446 shares of Western Asset Mortgage Capital stock in a transaction on Friday, March 15th. The shares were acquired at an average cost of $10.34 per share, for a total transaction of $35,631.64. Following the completion of the transaction, the insider now directly owns 5,204 shares of the company’s stock, valued at $53,809.36. The purchase was disclosed in a filing with the SEC, which is available at this link. 0.51% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of WMC. Catalyst Capital Advisors LLC bought a new position in shares of Western Asset Mortgage Capital in the first quarter worth approximately $26,000. Advisor Group Inc. grew its holdings in shares of Western Asset Mortgage Capital by 70.1% in the first quarter. Advisor Group Inc. now owns 4,835 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 1,993 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Western Asset Mortgage Capital by 21.5% in the third quarter. Legal & General Group Plc now owns 6,845 shares of the financial services provider’s stock worth $69,000 after purchasing an additional 1,212 shares during the last quarter. Fox Run Management L.L.C. bought a new position in shares of Western Asset Mortgage Capital in the fourth quarter worth approximately $92,000. Finally, BNP Paribas Arbitrage SA grew its holdings in shares of Western Asset Mortgage Capital by 139.4% in the first quarter. BNP Paribas Arbitrage SA now owns 9,737 shares of the financial services provider’s stock worth $100,000 after purchasing an additional 5,669 shares during the last quarter. Institutional investors and hedge funds own 47.28% of the company’s stock.

Western Asset Mortgage Capital Company Profile

Western Asset Mortgage Capital Corporation operates as a real estate investment trust in the United States. It focuses on investing in, financing, and managing a portfolio of agency and non-agency residential mortgage-backed securities and commercial mortgage-backed securities, residential whole-loans, residential bridge loans, securitized commercial loans, and other financial assets.

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