Western Asset Mortgage Capital (WMC) Initiates Share Buyback Plan

Western Asset Mortgage Capital (NYSE:WMC) declared that its Board of Directors has approved a share repurchase program, which allows the company to repurchase 2,100,000 shares on Thursday, December 21st, EventVestor reports. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Separately, Zacks Investment Research downgraded shares of Western Asset Mortgage Capital from a “hold” rating to a “sell” rating in a research note on Saturday, November 11th. Three analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $11.00.

Western Asset Mortgage Capital (NYSE WMC) opened at $10.19 on Monday. The stock has a market capitalization of $427.16, a price-to-earnings ratio of 16.98 and a beta of 0.71. The company has a current ratio of 128.12, a quick ratio of 128.12 and a debt-to-equity ratio of 7.34. Western Asset Mortgage Capital has a 12-month low of $9.43 and a 12-month high of $10.95.

Western Asset Mortgage Capital (NYSE:WMC) last issued its quarterly earnings results on Tuesday, November 7th. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.02). The business had revenue of $18.57 million for the quarter, compared to analyst estimates of $17.10 million. Western Asset Mortgage Capital had a return on equity of 1.81% and a net margin of 18.57%. The business’s revenue for the quarter was down 5.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.35 earnings per share. equities research analysts anticipate that Western Asset Mortgage Capital will post 1.18 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 26th. Stockholders of record on Tuesday, January 2nd will be given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 12.17%. The ex-dividend date of this dividend is Friday, December 29th. Western Asset Mortgage Capital’s payout ratio is presently 206.67%.

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Western Asset Mortgage Capital Company Profile

Western Asset Mortgage Capital Corporation is a real estate investment trust. The Company is focused on investing in, financing and managing a diversified portfolio of real estate-related securities, whole-loans and other financial assets. The Company’s portfolio includes Agency residential mortgage-backed securities (RMBS), including Mortgage pass-through certificates, Agency derivatives, Agency Interest-Only Strips and Agency collateralized mortgage obligations (CMOs); Non-Agency RMBS, and Agency commercial mortgage-backed securities (CMBS), Non-Agency CMBS, Non United States CMBS and asset-backed securities (ABS), as well as Residential and Commercial Whole-Loans.

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