Wedbush Equities Analysts Cut Earnings Estimates for UWM Holdings Co. (NYSE:UWMC)

UWM Holdings Co. (NYSE:UWMC) – Wedbush reduced their FY2023 earnings estimates for UWM in a note issued to investors on Thursday, November 9th. Wedbush analyst J. Mccanless now anticipates that the company will post earnings of $0.14 per share for the year, down from their prior forecast of $0.17. Wedbush has a “Neutral” rating and a $6.50 price target on the stock. The consensus estimate for UWM’s current full-year earnings is $0.18 per share.

Several other analysts have also recently weighed in on the stock. The Goldman Sachs Group decreased their price objective on shares of UWM from $6.50 to $5.50 and set a “neutral” rating on the stock in a research note on Tuesday, October 3rd. Keefe, Bruyette & Woods decreased their price objective on shares of UWM from $6.75 to $5.50 in a research note on Monday, October 2nd. Morgan Stanley upped their price objective on shares of UWM from $5.00 to $6.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 10th. UBS Group increased their price target on shares of UWM from $4.50 to $6.00 and gave the company a “neutral” rating in a research note on Wednesday, August 30th. Finally, BTIG Research raised shares of UWM from a “neutral” rating to a “buy” rating and set a $6.00 price target on the stock in a research note on Thursday, October 5th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $5.70.

UWM Price Performance

Shares of UWM stock opened at $5.42 on Friday. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $504.66 million, a price-to-earnings ratio of 77.43 and a beta of 1.55. UWM has a 1-year low of $3.23 and a 1-year high of $6.98. The firm’s 50-day moving average price is $5.11 and its two-hundred day moving average price is $5.50.

UWM (NYSE:UWMC) last posted its earnings results on Wednesday, August 9th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.06. The business had revenue of $587.52 million for the quarter, compared to analysts’ expectations of $509.01 million. UWM had a net margin of 0.79% and a return on equity of 14.66%.

Institutional Investors Weigh In On UWM

Hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its holdings in UWM by 1,688.7% in the second quarter. Allspring Global Investments Holdings LLC now owns 736,465 shares of the company’s stock worth $4,124,000 after purchasing an additional 695,292 shares during the period. Islay Capital Management LLC acquired a new stake in shares of UWM during the first quarter worth $664,000. Integrated Investment Consultants LLC acquired a new stake in shares of UWM during the second quarter worth $911,000. Taylor & Morgan Wealth Management LLC raised its holdings in shares of UWM by 9.8% during the second quarter. Taylor & Morgan Wealth Management LLC now owns 29,048 shares of the company’s stock worth $163,000 after acquiring an additional 2,595 shares during the period. Finally, Private Advisor Group LLC acquired a new stake in shares of UWM during the first quarter worth $269,000. 44.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at UWM

In other UWM news, Director Robert Verdun acquired 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 13th. The shares were acquired at an average cost of $5.20 per share, for a total transaction of $208,000.00. Following the completion of the acquisition, the director now directly owns 204,725 shares of the company’s stock, valued at approximately $1,064,570. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 94.20% of the stock is currently owned by company insiders.

UWM Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 11th. Investors of record on Wednesday, December 20th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, December 19th. This represents a $0.40 annualized dividend and a yield of 7.38%. UWM’s dividend payout ratio is currently 571.43%.

UWM Company Profile

UWM Holdings Corporation engages in the residential mortgage lending business in the United States. The company originates mortgage loans through wholesale channel. It originates primarily conforming and government loans. UWM Holdings Corporation was founded in 1986 and is headquartered in Pontiac, Michigan.