Walter Investment Management Corp (NYSEAMEX:WAC) reported that it has made a definitive deal to purchase almost $93 billion of unpaid principal balance of Fannie Mae backed residential servicing assets, comprising related advance receivables of around $1 billion, from Bank of America Corp (NYSE:BAC).
The acquisition price for the mortgage servicing rights of $519 million shows a multiple of around 2.05x the 27 basis point base contractual servicing charge of the portfolio.
The portfolio of assets purchased consists of more than 650,000 loans that are anticipated to be around 80% current at transfer.
Its competitors include FirstCity Financial Corporation (NASDAQ:FCFC) that moved up 0.31% to $9.82 with the total traded volume of 25,000 shares and Nationstar Mortgage Holdings Inc (NYSE:NSM) that surged 11.41% to $37.02 with the total traded volume of 4.57 million shares.
Other financial stocks with bullish trend include Barclays PLC (ADR) (NYSE:BCS) up 3.03% to $18.38, Genworth Financial Inc (NYSE:GNW) up 0.24% to $8.30 and Knight Capital Group Inc. (NYSE:KCG) up 0.14% to $3.67, whereas with bearish trend include Huntington Bancshares Incorporated (NASDAQ:HBAN) down -0.45% to $6.66, Charles Schwab Corp (NYSE:SCHW) down -2.07% to $15.14 and U.S. Bancorp (NYSE:USB) down -0.94% to $32.91.
Walter Investment Management Corp (NYSEAMEX:WAC)stock’s trade at beginning with a price of $47.99 and the current trading session climbed at a high of $48.49other than the stock finally advanced 6.96% to $46.94.
Shares price of WAC moved up from its 20 days moving average with 7.72% and remote positively from 50 days moving average with 10.64%. WAC current year earnings per share experienced a decline with -282.15% while its current quarter performance remained 7.41%.
WAChas a trade volume of 1.13 million shares ishigheras compared to average trading capacity of 494,149 shares.
WAC last month stock price volatility remained 4.35%. In its share capital WAC has 35.76 million outstanding shares among them 28.07million shares have been floated in market exchange. WAC stock institutional ownership remained 69.66% while insider ownership included 0.16%.
The stock is ahead its 52 week low with 161.98% and lagging behind from its 52 week high price with -3.17%. Company’s beta coefficient included 1.22. Beta factors measures the amount of market risk associated with market trade.
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