Mr. Cooper Group (NASDAQ:COOP) Sets New 12-Month High on Better-Than-Expected Earnings

Shares of Mr. Cooper Group Inc. (NASDAQ:COOP) hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $108.56 and last traded at $106.71, with a volume of 873322 shares changing hands. The stock had previously closed at $107.32.

The company reported $2.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.65 by $0.08. Mr. Cooper Group had a net margin of 25.87% and a return on equity of 13.77%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on COOP. Compass Point upped their price objective on shares of Mr. Cooper Group from $97.00 to $110.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Citizens Jmp raised shares of Mr. Cooper Group to a “strong-buy” rating in a report on Tuesday, January 14th. Wedbush reaffirmed an “outperform” rating and issued a $115.00 target price on shares of Mr. Cooper Group in a research report on Thursday, October 24th. Piper Sandler upped their target price on shares of Mr. Cooper Group from $113.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Finally, JMP Securities began coverage on shares of Mr. Cooper Group in a research report on Tuesday, January 14th. They issued an “outperform” rating and a $115.00 target price on the stock. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $104.13.

Insider Transactions at Mr. Cooper Group

In other news, CEO Jesse K. Bray sold 30,000 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $94.49, for a total transaction of $2,834,700.00. Following the sale, the chief executive officer now owns 758,821 shares of the company’s stock, valued at approximately $71,700,996.29. This represents a 3.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.33% of the company’s stock.

Institutional Trading of Mr. Cooper Group

Several hedge funds have recently made changes to their positions in COOP. Norges Bank acquired a new stake in Mr. Cooper Group in the fourth quarter valued at approximately $72,984,000. Veridan Wealth LLC acquired a new stake in Mr. Cooper Group in the fourth quarter valued at approximately $56,244,000. Wellington Management Group LLP raised its holdings in Mr. Cooper Group by 43.1% in the fourth quarter. Wellington Management Group LLP now owns 1,138,904 shares of the company’s stock valued at $109,346,000 after acquiring an additional 343,243 shares in the last quarter. FMR LLC raised its holdings in Mr. Cooper Group by 42.9% in the third quarter. FMR LLC now owns 485,907 shares of the company’s stock valued at $44,791,000 after acquiring an additional 145,767 shares in the last quarter. Finally, Basswood Capital Management L.L.C. raised its holdings in Mr. Cooper Group by 36.6% in the third quarter. Basswood Capital Management L.L.C. now owns 496,243 shares of the company’s stock valued at $45,744,000 after acquiring an additional 132,970 shares in the last quarter. Institutional investors and hedge funds own 89.82% of the company’s stock.

Mr. Cooper Group Stock Down 0.6 %

The company’s fifty day moving average is $99.01 and its two-hundred day moving average is $94.78. The stock has a market cap of $6.83 billion, a price-to-earnings ratio of 13.79, a PEG ratio of 0.31 and a beta of 1.43.

About Mr. Cooper Group

Mr. Cooper Group Inc, together with its subsidiaries, operates as a non-bank servicer of residential mortgage loans in the United States. The company operates through Servicing and Originations segments. The Servicing segment performs activities on behalf of investors or owners of the underlying mortgages and mortgage servicing rights, including collecting and disbursing borrower payments, investor reporting, customer service, modifying loans, performing collections, foreclosures, and the sale of real estate owned.