UWM (NYSE:UWMC) Shares Down 4.3% - Here's What Happened

Shares of UWM Holdings Co. (NYSE:UWMC - Get Free Report) dropped 4.3% on Thursday . The company traded as low as $5.61 and last traded at $5.62. Approximately 538,821 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 2,084,594 shares. The stock had previously closed at $5.87.

Analysts Set New Price Targets

A number of brokerages recently commented on UWMC. Morgan Stanley dropped their price target on UWM from $7.50 to $6.50 and set an "equal weight" rating for the company in a research note on Thursday, December 19th. The Goldman Sachs Group decreased their price target on shares of UWM from $8.50 to $7.50 and set a "neutral" rating for the company in a research note on Thursday, November 14th. UBS Group upped their target price on UWM from $4.50 to $4.75 and gave the stock a "sell" rating in a report on Thursday, September 5th. Barclays upgraded UWM from an "underweight" rating to an "equal weight" rating and raised their target price for the company from $6.00 to $8.00 in a research note on Tuesday, October 8th. Finally, Keefe, Bruyette & Woods decreased their price objective on UWM from $9.00 to $7.00 and set a "market perform" rating for the company in a report on Tuesday, December 10th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $7.28.

UWM Stock Performance

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 business has a 50 day moving average price of $6.18 and a 200 day moving average price of $7.42. The stock has a market capitalization of $9.01 billion, a PE ratio of -24.52 and a beta of 1.65.

UWM Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 9th. Shareholders of record on Thursday, December 19th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $0.40 annualized dividend and a yield of 7.09%. UWM's dividend payout ratio (DPR) is presently -173.91%.

Institutional Trading of UWM

Several institutional investors have recently added to or reduced their stakes in UWMC. Tidal Investments LLC bought a new position in shares of UWM during the third quarter valued at $3,833,000. Wilmington Savings Fund Society FSB bought a new position in UWM during the 3rd quarter valued at about $239,000. Barclays PLC boosted its holdings in shares of UWM by 485.7% during the 3rd quarter. Barclays PLC now owns 26,022 shares of the company's stock valued at $221,000 after acquiring an additional 21,579 shares during the last quarter. Neo Ivy Capital Management bought a new stake in shares of UWM in the third quarter worth approximately $680,000. Finally, Geode Capital Management LLC raised its holdings in shares of UWM by 2.7% during the third quarter. Geode Capital Management LLC now owns 1,546,818 shares of the company's stock valued at $13,183,000 after purchasing an additional 41,206 shares during the last quarter. 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.