Zacks Research Upgrades UWM (NYSE:UWMC) to Hold

UWM (NYSE:UWMC) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Tuesday, Zacks reports.

Several other research firms also recently issued reports on UWMC. Weiss Ratings downgraded shares of UWM from a “sell (d+)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. Stephens reduced their target price on UWM from $3.00 to $2.00 and set an “equal weight” rating for the company in a research note on Friday, August 7th. Keefe, Bruyette & Woods lowered UWM from an “outperform” rating to a “market perform” rating and set a $1.50 target price for the company. in a research note on Wednesday, October 7th. Wall Street Zen cut UWM from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Finally, Citigroup raised UWM to an “outperform” rating in a report on Wednesday, July 29th. Four research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, UWM currently has an average rating of “Hold” and an average target price of $3.76.

UWM Trading Up 1.4%

Shares of UWMC opened at $1.11 on Tuesday. The firm has a market cap of $1.79 billion, a P/E ratio of -13.94 and a beta of 1.82. The company has a 50 day simple moving average of $1.30 and a two-hundred day simple moving average of $2.19. The company has a debt-to-equity ratio of 6.05, a current ratio of 1.64 and a quick ratio of 1.64. UWM has a 1 year low of $0.93 and a 1 year high of $6.15.

UWM (NYSE:UWMC) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.30). The business had revenue of $888.00 million during the quarter, compared to the consensus estimate of $727.46 million. UWM had a negative net margin of 1.04% and a negative return on equity of 6.20%. On average, equities analysts expect that UWM will post -0.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On UWM

Several institutional investors have recently made changes to their positions in the company. Bank of America Corp DE grew its holdings in UWM by 127.4% during the 1st quarter. Bank of America Corp DE now owns 6,969,809 shares of the company’s stock worth $25,231,000 after acquiring an additional 3,905,286 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of UWM during the 2nd quarter worth about $4,593,000. Squarepoint Ops LLC increased its stake in UWM by 179.6% in the second quarter. Squarepoint Ops LLC now owns 1,774,823 shares of the company’s stock valued at $4,064,000 after purchasing an additional 1,140,136 shares during the last quarter. Engineers Gate Manager LP purchased a new stake in shares of UWM during the 2nd quarter worth approximately $1,473,000. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of UWM in the 1st quarter valued at $1,147,000. 53.59% of the stock is owned by hedge funds and other institutional investors.

UWM Company Profile

UWM Holdings Corporation, through its principal subsidiary United Wholesale Mortgage (UWM), operates as a wholesale mortgage lender in the United States. The company provides residential mortgage loans through a network of independent mortgage brokers, who work directly with borrowers and submit applications to UWM for underwriting and funding.

UWM offers a range of home loan products, including conventional, government-backed, jumbo and other residential mortgage programs. Its platform also provides brokers with technology, loan processing, underwriting and closing services designed to support the origination of mortgages for home purchases and refinancings.

United Wholesale Mortgage traces its history to 1986 and is headquartered in Pontiac, Michigan.