UWM (NYSE:UWMC) Stock Lifted to “Hold” by Zacks Research

Zacks Research upgraded shares of UWM (NYSE:UWMC) from a strong sell rating to a hold rating in a research note issued to investors on Tuesday,Zacks reports.

A number of other research analysts have also recently commented on UWMC. Citigroup raised shares of UWM to an “outperform” rating in a research report on Wednesday, July 29th. BTIG Research cut shares of UWM from a “buy” rating to a “neutral” rating in a research report on Monday, October 12th. Keefe, Bruyette & Woods downgraded shares of UWM from an “outperform” rating to a “market perform” rating and set a $1.50 price target on the stock. in a research note on Wednesday, October 7th. Weiss Ratings downgraded shares of UWM from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday, August 11th. Finally, Stephens decreased their price objective on shares of UWM from $3.00 to $2.00 and set an “equal weight” rating on the stock in a report on Friday, August 7th. Four equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $3.76.

UWM Stock Performance

Shares of UWM stock opened at $1.11 on Tuesday. UWM has a 52 week low of $0.93 and a 52 week high of $6.15. The business’s fifty day simple moving average is $1.30 and its 200-day simple moving average is $2.19. The firm has a market cap of $1.79 billion, a PE ratio of -13.94 and a beta of 1.82. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 6.05.

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

Institutional Inflows and Outflows

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

About UWM

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.