Morgan Stanley Cuts UWM (NYSE:UWMC) Price Target to $6.50

UWM (NYSE:UWMC) had its price target trimmed by Morgan Stanley from $7.50 to $6.50 in a research report report published on Thursday,Benzinga reports. The firm currently has an equal weight rating on the stock.

Several other equities research analysts have also recently weighed in on the stock. Keefe, Bruyette & Woods dropped their price target on UWM from $9.00 to $7.00 and set a “market perform” rating on the stock in a research note on Tuesday, December 10th. The Goldman Sachs Group lowered their target price on shares of UWM from $8.50 to $7.50 and set a “neutral” rating on the stock in a report on Thursday, November 14th. Barclays raised UWM from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $6.00 to $8.00 in a report on Tuesday, October 8th. Finally, UBS Group raised their price objective on UWM from $4.50 to $4.75 and gave the company a “sell” rating in a research note on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, UWM currently has a consensus rating of “Hold” and an average price target of $7.28.

UWM Stock Up 4.1 %

Shares of NYSE UWMC opened at $5.88 on Thursday. The business has a 50-day moving average of $6.40 and a two-hundred day moving average of $7.51. UWM has a 1 year low of $5.44 and a 1 year high of $9.74. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.40 and a quick ratio of 1.40. The company has a market capitalization of $9.40 billion, a price-to-earnings ratio of -25.57 and a beta of 1.65.

UWM Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 9th. Shareholders of record on Thursday, December 19th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 6.80%. The ex-dividend date is Thursday, December 19th. UWM’s dividend payout ratio is -173.91%.

Institutional Trading of UWM

Institutional investors and hedge funds have recently bought and sold shares of the company. Philadelphia Financial Management of San Francisco LLC purchased a new position in UWM during the 3rd quarter valued at about $21,797,000. FMR LLC boosted its holdings in UWM by 24.5% in the third quarter. FMR LLC now owns 10,218,728 shares of the company’s stock valued at $87,064,000 after acquiring an additional 2,010,985 shares in the last quarter. Tidal Investments LLC purchased a new position in UWM during the 3rd quarter valued at $3,833,000. Carrera Capital Advisors bought a new position in UWM in the 3rd quarter worth $1,727,000. Finally, Renaissance Technologies LLC lifted its position in shares of UWM by 13.2% in the 2nd quarter. Renaissance Technologies LLC now owns 1,712,900 shares of the company’s stock worth $11,870,000 after purchasing an additional 199,900 shares during the period. 53.59% of the stock is currently owned by hedge funds and other institutional investors.

About UWM

UWM Holdings Corporation engages in the residential mortgage lending business in the United States. The company offers 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.