Zacks Investment Research upgraded shares of Altisource Portfolio Solutions (NASDAQ:ASPS) from a hold rating to a buy rating in a report released on Wednesday morning, Zacks.com reports. They currently have $24.00 price objective on the business services provider’s stock.
According to Zacks, “Altisource Portfolio Solutions S.A., together with its subsidiaries, is engaged in provision of real estate mortgage portfolio management and related technology products, as well as asset recovery and customer relationship management services. The Company has three segments: Mortgage Services, Financial Services and Technology Products. Mortgage Services provides valuation, real estate sales, default processing services, property inspection and preservation services, homeowner outreach, closing and title services and knowledge process outsourcing services. Financial Services comprises the Company’s asset recovery management and customer relationship management offerings to the financial services, consumer products, telecommunications and utilities industries. Technology Products is engaged in the design, development and delivery of technology products and services to the mortgage industry. “
ASPS has been the subject of several other research reports. BidaskClub raised Altisource Portfolio Solutions from a sell rating to a hold rating in a report on Tuesday, July 2nd. Northland Securities reissued a hold rating and issued a $30.00 price objective on shares of Altisource Portfolio Solutions in a report on Thursday, April 25th. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Altisource Portfolio Solutions presently has an average rating of Buy and a consensus target price of $27.00.
Shares of ASPS stock traded down $0.31 on Wednesday, hitting $20.48. The company had a trading volume of 50,557 shares, compared to its average volume of 44,736. The stock has a market capitalization of $327.68 million, a price-to-earnings ratio of -64.00 and a beta of 1.01. The company’s 50-day simple moving average is $20.44. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 1.12. Altisource Portfolio Solutions has a twelve month low of $18.31 and a twelve month high of $37.86.
Altisource Portfolio Solutions (NASDAQ:ASPS) last issued its quarterly earnings data on Thursday, July 25th. The business services provider reported ($0.36) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.56 by ($0.92). The company had revenue of $196.54 million during the quarter, compared to analyst estimates of $169.90 million. Altisource Portfolio Solutions had a negative net margin of 1.52% and a negative return on equity of 3.95%. The business’s quarterly revenue was down 10.1% compared to the same quarter last year. During the same period last year, the firm earned $0.60 EPS. As a group, sell-side analysts predict that Altisource Portfolio Solutions will post 0.04 earnings per share for the current fiscal year.
In related news, Director W Michael Linn sold 5,000 shares of Altisource Portfolio Solutions stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $25.00, for a total value of $125,000.00. Following the completion of the transaction, the director now owns 19,147 shares in the company, valued at approximately $478,675. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 26.44% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp lifted its holdings in shares of Altisource Portfolio Solutions by 2.4% during the fourth quarter. Bank of New York Mellon Corp now owns 46,987 shares of the business services provider’s stock valued at $1,056,000 after purchasing an additional 1,090 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Altisource Portfolio Solutions by 6.5% during the fourth quarter. Geode Capital Management LLC now owns 130,913 shares of the business services provider’s stock valued at $2,944,000 after purchasing an additional 7,964 shares in the last quarter. Two Sigma Advisers LP lifted its holdings in shares of Altisource Portfolio Solutions by 19.1% during the fourth quarter. Two Sigma Advisers LP now owns 20,600 shares of the business services provider’s stock valued at $463,000 after purchasing an additional 3,298 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Altisource Portfolio Solutions by 115.6% during the fourth quarter. Bank of America Corp DE now owns 10,874 shares of the business services provider’s stock valued at $244,000 after purchasing an additional 5,831 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan bought a new position in shares of Altisource Portfolio Solutions during the fourth quarter valued at $612,000. Hedge funds and other institutional investors own 58.79% of the company’s stock.
About Altisource Portfolio Solutions
Altisource Portfolio Solutions SA operates as an integrated service provider and marketplace for the real estate and mortgage industries in the United States and internationally. It operates in two segments, Mortgage Market and Real Estate Market. The company offers property preservation and inspection, real estate brokerage and auction, title insurance and settlement, appraisal management, broker and non-broker valuation, foreclosure trustee, mortgage charge-off collection, residential and commercial loan disbursement processing, and residential and commercial construction inspection and risk mitigation services, as well as valuation data; residential and commercial loan servicing, vendor management, marketplace transaction and payment management, and default services technologies; and document management platform.
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