Walter Investment Management Corp. (NYSE:WAC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.

According to Zacks, “Walter Investment Management Corp., headquartered in Tampa, FL, is a Mortgage portfolio owner and mortgage servicer specializing in subprime, non-conforming and other credit challenged mortgage assets. It is a residential mortgage servicing company with divisional offices located in Atlanta, Birmingham, Charlotte, Ft. Worth and Houston. The company holds licenses as a residential mortgage lender and/or servicer in over 30 states across the US, and presently has federal mortgage lending approval as a Title II Non-Supervised HUD Mortgagee. The portfolio primarily consists of mortgages on homes built by Jim Walter Homes, Inc. and its affiliated builders. The company is one of the few remaining organizations to provide portfolio servicing through a team of full-time field-based employees. It also operates mortgage advisory and insurance product lines of business. “

Other equities research analysts have also issued research reports about the company. Wells Fargo & Company upgraded Walter Investment Management Corp. from an “underperform” rating to a “market perform” rating and set a $1.25 price target for the company in a research note on Wednesday, May 10th. Keefe, Bruyette & Woods reiterated a “sell” rating and issued a $1.00 price target on shares of Walter Investment Management Corp. in a research note on Thursday, March 16th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. Walter Investment Management Corp. has an average rating of “Hold” and a consensus price target of $1.50.

Walter Investment Management Corp. (WAC) traded down 1.6493% during trading on Thursday, reaching $0.7573. The company had a trading volume of 114,609 shares. The firm’s 50-day moving average price is $1.17 and its 200 day moving average price is $2.46. The firm’s market capitalization is $27.67 million. Walter Investment Management Corp. has a one year low of $0.64 and a one year high of $8.11.

Walter Investment Management Corp. (NYSE:WAC) last issued its quarterly earnings results on Wednesday, May 10th. The financial services provider reported ($0.70) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.98) by $0.28. Walter Investment Management Corp. had a negative return on equity of 23.03% and a negative net margin of 30.19%. The business had revenue of $245.29 million during the quarter, compared to analyst estimates of $245.60 million. During the same quarter in the prior year, the business posted ($0.50) EPS. Walter Investment Management Corp.’s revenue for the quarter was up 267.4% compared to the same quarter last year. Equities analysts forecast that Walter Investment Management Corp. will post ($2.68) earnings per share for the current fiscal year.

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Several hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank purchased a new position in shares of Walter Investment Management Corp. during the fourth quarter worth $1,144,000. Teachers Advisors LLC raised its position in shares of Walter Investment Management Corp. by 8.5% in the fourth quarter. Teachers Advisors LLC now owns 49,329 shares of the financial services provider’s stock worth $234,000 after buying an additional 3,878 shares during the last quarter. Schwab Charles Investment Management Inc. raised its position in shares of Walter Investment Management Corp. by 3.6% in the first quarter. Schwab Charles Investment Management Inc. now owns 438,585 shares of the financial services provider’s stock worth $474,000 after buying an additional 15,156 shares during the last quarter. California Public Employees Retirement System raised its position in shares of Walter Investment Management Corp. by 1.8% in the first quarter. California Public Employees Retirement System now owns 613,800 shares of the financial services provider’s stock worth $663,000 after buying an additional 10,800 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Walter Investment Management Corp. by 6.1% in the first quarter. Bank of New York Mellon Corp now owns 142,001 shares of the financial services provider’s stock worth $153,000 after buying an additional 8,112 shares during the last quarter. Hedge funds and other institutional investors own 63.67% of the company’s stock.

About Walter Investment Management Corp.

Walter Investment Management Corp. is a diversified mortgage banking firm focused primarily on the servicing and origination of residential loans, including reverse loans. The Company operates through three segments: Servicing, Originations and Reverse Mortgage. The Servicing segment consists of operations that perform servicing for third-party credit owners of mortgage loans, as well as its own mortgage loan portfolio.

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