Western Asset Mortgage Capital (WMC) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Western Asset Mortgage Capital (NYSE:WMC) from a sell rating to a hold rating in a research note released on Tuesday.

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. “

Western Asset Mortgage Capital (NYSE:WMC) opened at $10.17 on Tuesday. The company has a quick ratio of 128.12, a current ratio of 128.12 and a debt-to-equity ratio of 7.34. The firm has a market cap of $426.74, a PE ratio of 56.56 and a beta of 0.68. Western Asset Mortgage Capital has a fifty-two week low of $9.43 and a fifty-two week high of $11.18.

Western Asset Mortgage Capital (NYSE:WMC) last issued its quarterly earnings results on Tuesday, November 7th. The financial services provider reported $0.32 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.34 by ($0.02). The company had revenue of $18.57 million during the quarter, compared to analysts’ expectations of $17.10 million. Western Asset Mortgage Capital had a return on equity of 1.81% and a net margin of 18.57%. Western Asset Mortgage Capital’s quarterly revenue was down 5.5% compared to the same quarter last year. During the same period last year, the firm posted $0.35 earnings per share. analysts predict that Western Asset Mortgage Capital will post 1.18 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company lifted its holdings in Western Asset Mortgage Capital by 0.6% during the second quarter. The Manufacturers Life Insurance Company now owns 33,211 shares of the financial services provider’s stock valued at $343,000 after purchasing an additional 208 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its position in shares of Western Asset Mortgage Capital by 4.6% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 11,073 shares of the financial services provider’s stock valued at $114,000 after buying an additional 490 shares during the period. Metropolitan Life Insurance Co. NY increased its position in shares of Western Asset Mortgage Capital by 8.9% during the first quarter. Metropolitan Life Insurance Co. NY now owns 29,798 shares of the financial services provider’s stock valued at $291,000 after buying an additional 2,429 shares during the period. Voya Investment Management LLC increased its position in shares of Western Asset Mortgage Capital by 15.4% during the second quarter. Voya Investment Management LLC now owns 22,605 shares of the financial services provider’s stock valued at $233,000 after buying an additional 3,017 shares during the period. Finally, Credit Suisse AG increased its position in shares of Western Asset Mortgage Capital by 3.8% during the first quarter. Credit Suisse AG now owns 98,631 shares of the financial services provider’s stock valued at $964,000 after buying an additional 3,632 shares during the period. 42.98% of the stock is currently owned by institutional investors and hedge funds.

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About Western Asset Mortgage Capital

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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