UWM (NYSE:UWMC) Shares Up 7% – Here’s What Happened

UWM Holdings Co. (NYSE:UWMC) shot up 7% on Tuesday . The stock traded as high as $5.85 and last traded at $5.81. Approximately 2,390,487 shares were traded during trading, a decline of 49% from the average session volume of 4,723,378 shares. The stock had previously closed at $5.43.

Wall Street Analysts Forecast Growth

UWMC has been the subject of a number of analyst reports. Barclays upgraded UWM from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $6.00 to $8.00 in a research report on Tuesday, October 8th. The Goldman Sachs Group decreased their price objective on shares of UWM from $8.50 to $7.50 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Keefe, Bruyette & Woods lowered their price objective on 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, Morgan Stanley cut their price objective on shares of UWM from $7.50 to $6.50 and set an “equal weight” rating for the company in a report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $7.39.

UWM Stock Performance

The stock has a market capitalization of $9.89 billion, a P/E ratio of -26.89 and a beta of 1.66. The company has a debt-to-equity ratio of 1.06, a quick ratio of 1.40 and a current ratio of 1.40. The business’s fifty day moving average price is $6.01 and its two-hundred day moving average price is $7.32.

UWM Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 9th. Stockholders of record on Thursday, December 19th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 6.47%. The ex-dividend date of this dividend was Thursday, December 19th. UWM’s dividend payout ratio is currently -173.91%.

Institutional Trading of UWM

Several institutional investors have recently added to or reduced their stakes in UWMC. Squarepoint Ops LLC lifted its stake in shares of UWM by 24.5% during the 2nd quarter. Squarepoint Ops LLC now owns 342,322 shares of the company’s stock worth $2,372,000 after acquiring an additional 67,383 shares during the last quarter. Renaissance Technologies LLC increased 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 worth $11,870,000 after purchasing an additional 199,900 shares during the period. Inspire Investing LLC lifted its position in shares of UWM by 366.1% during the third quarter. Inspire Investing LLC now owns 179,298 shares of the company’s stock worth $1,528,000 after purchasing an additional 140,830 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of UWM by 56.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 415,656 shares of the company’s stock valued at $3,541,000 after purchasing an additional 149,216 shares during the period. Finally, Carrera Capital Advisors purchased a new position in UWM in the 3rd quarter worth about $1,727,000. Institutional investors own 53.59% 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.