Zacks Investment Research Downgrades Western Asset Mortgage Capital (WMC) to Sell

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Zacks Investment Research lowered shares of Western Asset Mortgage Capital (NYSE:WMC) from a hold rating to a sell rating in a report issued on Thursday, 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 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.

Western Asset Mortgage Capital stock opened at $10.09 on Thursday. The company has a market cap of $529.58 million, a P/E ratio of 7.42 and a beta of 0.74. The company has a current ratio of 700.59, a quick ratio of 700.59 and a debt-to-equity ratio of 7.51. Western Asset Mortgage Capital has a one year low of $8.26 and a one year high of $11.38.

Western Asset Mortgage Capital (NYSE:WMC) last released its quarterly earnings results on Tuesday, May 7th. The financial services provider reported $0.32 EPS for the quarter, hitting the consensus estimate of $0.32. The firm had revenue of $15.63 million for the quarter, compared to analyst estimates of $20.90 million. Western Asset Mortgage Capital had a return on equity of 11.99% and a net margin of 13.99%. Western Asset Mortgage Capital’s revenue for the quarter was down 8.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.34 EPS. Sell-side analysts expect that Western Asset Mortgage Capital will post 1.28 EPS for the current year.

In other Western Asset Mortgage Capital news, Director Jennifer Murphy bought 10,000 shares of the business’s stock in a transaction on Tuesday, May 21st. The shares were bought at an average cost of $9.98 per share, with a total value of $99,800.00. Following the transaction, the director now directly owns 85,000 shares in the company, valued at approximately $848,300. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CIO Harris Trifon bought 3,500 shares of the business’s stock in a transaction on Thursday, May 23rd. The stock was acquired at an average cost of $10.05 per share, for a total transaction of $35,175.00. Following the completion of the transaction, the executive now owns 6,003 shares in the company, valued at $60,330.15. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 16,946 shares of company stock worth $170,607. 0.51% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the business. First Trust Advisors LP raised its position in shares of Western Asset Mortgage Capital by 1.1% in the 1st quarter. First Trust Advisors LP now owns 87,710 shares of the financial services provider’s stock valued at $897,000 after purchasing an additional 977 shares in the last quarter. Legal & General Group Plc raised its position in shares of Western Asset Mortgage Capital by 21.5% in the 3rd quarter. Legal & General Group Plc now owns 6,845 shares of the financial services provider’s stock valued at $69,000 after purchasing an additional 1,212 shares in the last quarter. IndexIQ Advisors LLC raised its position in shares of Western Asset Mortgage Capital by 4.0% in the 4th quarter. IndexIQ Advisors LLC now owns 37,204 shares of the financial services provider’s stock valued at $310,000 after purchasing an additional 1,440 shares in the last quarter. Strs Ohio raised its position in shares of Western Asset Mortgage Capital by 15.6% in the 4th quarter. Strs Ohio now owns 12,600 shares of the financial services provider’s stock valued at $105,000 after purchasing an additional 1,700 shares in the last quarter. Finally, Citigroup Inc. raised its position in shares of Western Asset Mortgage Capital by 12.7% in the 1st quarter. Citigroup Inc. now owns 16,274 shares of the financial services provider’s stock valued at $166,000 after purchasing an additional 1,831 shares in the last quarter. 48.65% of the stock is currently owned by institutional investors.

About Western Asset Mortgage Capital

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.

Further Reading: Municipal Bonds

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