Zacks Investment Research Upgrades Stonegate Mortgage Corp. (SGM) to Buy
Stonegate Mortgage Corp. (NYSE:SGM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The brokerage presently has a $4.75 price target on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 14.18% from the stock’s current price.
According to Zacks, “Stonegate Mortgage Corporation operates as a non-bank integrated mortgage company focused on originating, financing and servicing Agency and Non-Agency residential mortgage loans. Stonegate Mortgage Corporation is headquartered in the United States. “
Separately, Credit Suisse Group AG downgraded Stonegate Mortgage Corp. from an “outperform” rating to a “neutral” rating in a research report on Wednesday, June 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. Stonegate Mortgage Corp. has an average rating of “Hold” and an average target price of $6.35.
Shares of Stonegate Mortgage Corp. (NYSE:SGM) opened at 4.16 on Wednesday. Stonegate Mortgage Corp. has a 52 week low of $3.16 and a 52 week high of $7.64. The company has a 50-day moving average price of $3.98 and a 200 day moving average price of $4.30. The stock’s market capitalization is $107.41 million.
Stonegate Mortgage Corp. (NYSE:SGM) last released its earnings results on Thursday, August 4th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.03. Stonegate Mortgage Corp. had a negative return on equity of 1.05% and a negative net margin of 67.99%. The business had revenue of $26.50 million for the quarter, compared to analyst estimates of $43.10 million. During the same quarter in the prior year, the company posted $0.09 earnings per share. Stonegate Mortgage Corp.’s revenue was down 64.9% on a year-over-year basis. Analysts forecast that Stonegate Mortgage Corp. will post $0.15 earnings per share for the current fiscal year.
Several institutional investors have recently bought and sold shares of the stock. Mackenzie Financial Corp purchased a new position in Stonegate Mortgage Corp. during the second quarter valued at approximately $154,000. Paloma Partners Management Co purchased a new position in Stonegate Mortgage Corp. during the second quarter valued at approximately $175,000. I.G. Investment Management LTD. increased its position in Stonegate Mortgage Corp. by 3.0% in the second quarter. I.G. Investment Management LTD. now owns 76,261 shares of the company’s stock valued at $256,000 after buying an additional 2,186 shares during the last quarter. Bridgeway Capital Management Inc. increased its position in Stonegate Mortgage Corp. by 228.6% in the second quarter. Bridgeway Capital Management Inc. now owns 115,000 shares of the company’s stock valued at $386,000 after buying an additional 80,000 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Stonegate Mortgage Corp. by 1.3% in the first quarter. Geode Capital Management LLC now owns 105,371 shares of the company’s stock valued at $604,000 after buying an additional 1,307 shares during the last quarter. 45.22% of the stock is currently owned by institutional investors.
About Stonegate Mortgage Corp.
Stonegate Mortgage Corporation is a non-bank mortgage company. The Company is focused on originating, financing and servicing the United States residential mortgage loans. The Company’s segments include Originations, Servicing, Financing and Other. The Originations segment primarily originates and sells residential mortgage loans, which conform to the underwriting guidelines of the government sponsored enterprises and government agencies, and non-agency whole loan investors.
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