Western Asset Mortgage Capit (NYSE:WMC) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Western Asset Mortgage Capit (NYSE:WMC) from a hold rating to a buy rating in a report published on Wednesday, March 14th. Zacks Investment Research currently has $11.00 target price 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. “

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Shares of NYSE:WMC traded down $0.08 during trading on Wednesday, reaching $9.82. The stock had a trading volume of 261,683 shares, compared to its average volume of 343,714. Western Asset Mortgage Capit has a 52 week low of $8.54 and a 52 week 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 stock has a market capitalization of $411.65, a P/E ratio of 6.96 and a beta of 0.39.

Western Asset Mortgage Capit (NYSE:WMC) last issued its quarterly earnings results on Monday, March 5th. The financial services provider reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.01. Western Asset Mortgage Capit had a net margin of 54.99% and a return on equity of 13.24%. The business had revenue of $18.01 million during the quarter, compared to analyst estimates of $18.85 million. During the same quarter last year, the business posted $0.42 earnings per share. Western Asset Mortgage Capit’s revenue for the quarter was down 3.0% compared to the same quarter last year. analysts forecast that Western Asset Mortgage Capit will post 1.43 EPS for the current fiscal year.

Western Asset Mortgage Capit declared that its Board of Directors has initiated a stock repurchase plan on Thursday, December 21st that permits the company to repurchase 2,100,000 shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 26th. Stockholders of record on Monday, April 2nd will be issued a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 12.63%. The ex-dividend date of this dividend is Thursday, March 29th. Western Asset Mortgage Capit’s dividend payout ratio (DPR) is 107.83%.

Hedge funds have recently made changes to their positions in the company. Wells Fargo & Company MN lifted its position in Western Asset Mortgage Capit by 42.8% in the 3rd quarter. Wells Fargo & Company MN now owns 51,970 shares of the financial services provider’s stock valued at $544,000 after acquiring an additional 15,570 shares in the last quarter. California Public Employees Retirement System lifted its position in Western Asset Mortgage Capit by 11.2% during the 4th quarter. California Public Employees Retirement System now owns 222,326 shares of the financial services provider’s stock worth $2,212,000 after buying an additional 22,461 shares in the last quarter. Vanguard Group Inc. lifted its position in Western Asset Mortgage Capit by 2.5% during the 2nd quarter. Vanguard Group Inc. now owns 1,831,017 shares of the financial services provider’s stock worth $18,860,000 after buying an additional 45,238 shares in the last quarter. OxFORD Asset Management LLP lifted its position in Western Asset Mortgage Capit by 159.5% during the 3rd quarter. OxFORD Asset Management LLP now owns 67,878 shares of the financial services provider’s stock worth $716,000 after buying an additional 41,725 shares in the last quarter. Finally, Wolverine Asset Management LLC bought a new stake in shares of Western Asset Mortgage Capit in the 4th quarter valued at about $4,615,000. 43.07% of the stock is owned by institutional investors.

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Western Asset Mortgage Capit Company Profile

Western Asset Mortgage Capital Corporation operates as a real estate investment trust in the United States. It primarily 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, and other financial assets.

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