UWM (NYSE:UWMC) Shares Gap Down - Here's What Happened

UWM Holdings Co. (NYSE:UWMC - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $6.58, but opened at $5.92. UWM shares last traded at $5.90, with a volume of 1,005,110 shares changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on UWMC shares. Morgan Stanley reduced their target price on UWM from $7.50 to $6.50 and set an "equal weight" rating for the company in a report on Thursday, December 19th. Keefe, Bruyette & Woods dropped their price target on shares of UWM from $7.00 to $6.50 and set a "market perform" rating on the stock in a research report on Friday, January 3rd. Finally, The Goldman Sachs Group decreased their price objective on shares of UWM from $8.50 to $7.50 and set a "neutral" rating for the company in a report on Thursday, November 14th. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $7.39.

UWM Trading Up 3.3 %

The company has a market capitalization of $10.04 billion, a P/E ratio of -27.30 and a beta of 1.66. The company has a 50-day simple moving average of $6.07 and a 200 day simple moving average of $6.97. The company has a debt-to-equity ratio of 1.06, a quick ratio of 1.40 and a current ratio of 1.40.

UWM (NYSE:UWMC - Get Free Report) last announced its earnings results on Wednesday, February 26th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.06). The company had revenue of $560.21 million for the quarter, compared to analyst estimates of $645.75 million. Sell-side analysts expect that UWM Holdings Co. will post 0.2 earnings per share for the current year.

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UWM Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Thursday, March 20th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 6.37%. The ex-dividend date of this dividend is Thursday, March 20th. UWM's payout ratio is presently 500.00%.

Institutional Investors Weigh In On UWM

Institutional investors have recently added to or reduced their stakes in the company. Orion Portfolio Solutions LLC bought a new stake in shares of UWM in the 3rd quarter worth approximately $85,000. Sanctuary Advisors LLC acquired a new position in shares of UWM in the fourth quarter valued at $77,000. Townsquare Capital LLC bought a new position in UWM in the fourth quarter worth $72,000. Quantinno Capital Management LP acquired a new stake in UWM during the third quarter worth $106,000. Finally, Sei Investments Co. bought a new stake in UWM in the 4th quarter valued at $82,000. 53.59% of the stock is owned by institutional investors and hedge funds.

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.