Zacks Investment Research Downgrades Western Asset Mortgage Capital Corporation (WMC) to Sell

Zacks Investment Research downgraded shares of Western Asset Mortgage Capital Corporation (NYSE:WMC) from a hold rating to a sell rating in a research note published on Saturday morning.

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. “

Several other research firms have also commented on WMC. BidaskClub lowered Western Asset Mortgage Capital Corporation from a strong-buy rating to a buy rating in a research report on Sunday, July 16th. JMP Securities assumed coverage on Western Asset Mortgage Capital Corporation in a research report on Tuesday, July 25th. They set a market perform rating on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $11.00.

Western Asset Mortgage Capital Corporation (NYSE WMC) opened at $9.76 on Friday. The firm has a market capitalization of $407.04, a PE ratio of 53.56 and a beta of 0.73. Western Asset Mortgage Capital Corporation has a 52 week low of $9.43 and a 52 week high of $11.18. The company has a quick ratio of 128.12, a current ratio of 128.12 and a debt-to-equity ratio of 7.34.

Western Asset Mortgage Capital Corporation (NYSE:WMC) last released its quarterly earnings data on Tuesday, November 7th. The financial services provider reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.02). The firm had revenue of $18.57 million during the quarter, compared to analyst estimates of $17.10 million. Western Asset Mortgage Capital Corporation had a net margin of 18.57% and a return on equity of 1.81%. The business’s revenue for the quarter was down 5.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.35 earnings per share. sell-side analysts anticipate that Western Asset Mortgage Capital Corporation will post 1.18 earnings per share for the current fiscal year.

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The firm also recently announced a quarterly dividend, which was paid on Thursday, October 26th. Shareholders of record on Monday, October 2nd were given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 12.70%. The ex-dividend date was Friday, September 29th. Western Asset Mortgage Capital Corporation’s payout ratio is 206.67%.

Several institutional investors and hedge funds have recently made changes to their positions in WMC. Prudential Financial Inc. raised its position in shares of Western Asset Mortgage Capital Corporation by 127.7% in the 2nd quarter. Prudential Financial Inc. now owns 566,775 shares of the financial services provider’s stock valued at $5,838,000 after purchasing an additional 317,900 shares in the last quarter. Timbercreek Asset Management Ltd. increased its holdings in shares of Western Asset Mortgage Capital Corporation by 141.2% in the 2nd quarter. Timbercreek Asset Management Ltd. now owns 461,247 shares of the financial services provider’s stock valued at $4,751,000 after acquiring an additional 270,027 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Western Asset Mortgage Capital Corporation by 12.4% in the 1st quarter. Vanguard Group Inc. now owns 1,785,779 shares of the financial services provider’s stock valued at $17,447,000 after acquiring an additional 197,181 shares during the last quarter. State Street Corp increased its holdings in shares of Western Asset Mortgage Capital Corporation by 10.1% in the 2nd quarter. State Street Corp now owns 807,710 shares of the financial services provider’s stock valued at $8,319,000 after acquiring an additional 74,407 shares during the last quarter. Finally, Renaissance Technologies LLC increased its holdings in shares of Western Asset Mortgage Capital Corporation by 14.2% in the 1st quarter. Renaissance Technologies LLC now owns 581,910 shares of the financial services provider’s stock valued at $5,685,000 after acquiring an additional 72,210 shares during the last quarter. 40.73% of the stock is currently owned by institutional investors.

Western Asset Mortgage Capital Corporation Company Profile

Western Asset Mortgage Capital Corporation is a real estate investment trust. The Company is focused on investing in, financing and managing a diversified portfolio of real estate-related securities, whole-loans and other financial assets. The Company’s portfolio includes Agency residential mortgage-backed securities (RMBS), including Mortgage pass-through certificates, Agency derivatives, Agency Interest-Only Strips and Agency collateralized mortgage obligations (CMOs); Non-Agency RMBS, and Agency commercial mortgage-backed securities (CMBS), Non-Agency CMBS, Non United States CMBS and asset-backed securities (ABS), as well as Residential and Commercial Whole-Loans.

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