Western Asset Mortgage Capital (NYSE:WMC) Upgraded by Zacks Investment Research to Hold

Zacks Investment Research upgraded shares of Western Asset Mortgage Capital (NYSE:WMC) from a sell rating to a hold rating in a research note published on Saturday, Zacks.com reports.

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. “

A number of other research firms have also weighed in on WMC. Bank of America reduced their price objective on Western Asset Mortgage Capital from $10.75 to $10.50 and set a buy rating for the company in a research report on Monday, September 23rd. ValuEngine upgraded shares of Western Asset Mortgage Capital from a sell rating to a hold rating in a research note on Thursday, October 10th.

WMC stock opened at $10.46 on Friday. The firm has a market cap of $553.53 million, a P/E ratio of 7.69 and a beta of 0.75. The firm’s fifty day moving average is $10.12 and its 200 day moving average is $9.92. Western Asset Mortgage Capital has a 52 week low of $8.26 and a 52 week high of $10.66. The company has a debt-to-equity ratio of 8.05, a quick ratio of 709.60 and a current ratio of 709.60.

Western Asset Mortgage Capital (NYSE:WMC) last released its quarterly earnings data on Tuesday, November 5th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.03). Western Asset Mortgage Capital had a net margin of 18.47% and a return on equity of 11.66%. The firm had revenue of $16.57 million during the quarter, compared to analysts’ expectations of $20.95 million. During the same quarter in the previous year, the firm posted $0.33 EPS. As a group, analysts forecast that Western Asset Mortgage Capital will post 1.21 EPS for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Steward Partners Investment Advisory LLC bought a new position in shares of Western Asset Mortgage Capital in the second quarter worth approximately $76,000. Creative Planning grew its holdings in shares of Western Asset Mortgage Capital by 1.3% during the 2nd quarter. Creative Planning now owns 80,458 shares of the financial services provider’s stock valued at $803,000 after purchasing an additional 995 shares during the last quarter. Systematic Financial Management LP purchased a new position in shares of Western Asset Mortgage Capital in the second quarter worth $935,000. First Trust Advisors LP increased its position in Western Asset Mortgage Capital by 9.9% during the 2nd quarter. First Trust Advisors LP now owns 96,373 shares of the financial services provider’s stock valued at $962,000 after purchasing an additional 8,663 shares during the period. Finally, Municipal Employees Retirement System of Michigan bought a new position in shares of Western Asset Mortgage Capital in the 2nd quarter worth approximately $408,000. Institutional investors and hedge funds own 46.41% of the company’s stock.

Western Asset Mortgage Capital Company Profile

Western Asset Mortgage Capital Corporation operates as a real estate investment trust in the United States. It 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, residential bridge loans, securitized commercial loans, and other financial assets.

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