Walter Investment Management (WAC) Posts Surprise Q1 Loss
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FBR Capital Cuts Price Target on Nationstar Mortgage Holdngs (NSM) as Walter Investment Management (WAC) Writes Down MSR
May 3, 2016 3:31 PM EDTFBR Capital maintained a Market Perform rating on Nationstar Mortgage Holdngs (NYSE: NSM), and cut the price target to $10.00 (from $15.00), following Walter Investment Management's (NYSE: WAC) earnings this morning. In it's report WAC wrote down its MSR asset negative 13 bps, driving a significant book value decline. The two companies have historically had similar (although not always equal) movements in the value of their servicing assets. The $10 price target represents 55% of... More
