Verition Fund Management LLC Acquires 130,439 Shares of UWM Holdings Co. (NYSE:UWMC)

Verition Fund Management LLC grew its position in UWM Holdings Co. (NYSE:UWMC - Free Report) by 446.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 159,666 shares of the company's stock after purchasing an additional 130,439 shares during the period. Verition Fund Management LLC owned about 0.17% of UWM worth $1,360,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in UWMC. FMR LLC boosted its holdings in shares of UWM by 24.5% in the 3rd quarter. FMR LLC now owns 10,218,728 shares of the company's stock worth $87,064,000 after buying an additional 2,010,985 shares during the last quarter. Renaissance Technologies LLC boosted its stake in UWM by 13.2% in the second quarter. Renaissance Technologies LLC now owns 1,712,900 shares of the company's stock valued at $11,870,000 after acquiring an additional 199,900 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of UWM by 4.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 908,159 shares of the company's stock valued at $6,294,000 after acquiring an additional 37,190 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of UWM by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 574,290 shares of the company's stock worth $4,893,000 after purchasing an additional 7,846 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of UWM by 56.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 415,656 shares of the company's stock worth $3,541,000 after purchasing an additional 149,216 shares during the period. 53.59% of the stock is owned by institutional investors.

Analysts Set New Price Targets

UWMC has been the subject of a number of recent research reports. The Goldman Sachs Group decreased their target price on UWM from $8.50 to $7.50 and set a "neutral" rating for the company in a research report on Thursday, November 14th. UBS Group raised their price objective on shares of UWM from $4.50 to $4.75 and gave the stock a "sell" rating in a report on Thursday, September 5th. Barclays raised shares of UWM from an "underweight" rating to an "equal weight" rating and boosted their target price for the company from $6.00 to $8.00 in a report on Tuesday, October 8th. Finally, Morgan Stanley initiated coverage on UWM in a report on Tuesday, November 5th. They issued an "equal weight" rating and a $7.50 price target for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat, UWM presently has a consensus rating of "Hold" and a consensus target price of $7.53.

UWM Price Performance

Shares of UWMC stock traded up $0.20 on Friday, reaching $6.47. The company's stock had a trading volume of 2,634,078 shares, compared to its average volume of 3,128,417. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 1.06. UWM Holdings Co. has a 12-month low of $5.61 and a 12-month high of $9.74. The company has a market capitalization of $10.34 billion, a P/E ratio of -28.13 and a beta of 1.65. The stock's 50 day simple moving average is $6.73 and its 200-day simple moving average is $7.60.

UWM Dividend Announcement

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 given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 6.18%. The ex-dividend date is Thursday, December 19th. UWM's dividend payout ratio is currently -173.91%.

Insider Transactions at UWM

In related news, CEO Ishbia Mat sold 1,200,000 shares of the company's stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $8.45, for a total value of $10,140,000.00. Following the transaction, the chief executive officer now owns 171,520 shares in the company, valued at $1,449,344. The trade was a 87.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 94.11% of the company's stock.

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.