Angel Oak Mortgage (NYSE:AOMR) Rating Lowered to Hold at Zacks Investment Research

Angel Oak Mortgage (NYSE:AOMRGet Rating) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Wednesday, Zacks.com reports.

According to Zacks, “ANGEL OAK MTGE is a vertically integrated asset manager delivering mortgage and consumer credit solutions. Through its integrated credit and investment platform, companies provide unique solutions across asset management and lending. ANGEL OAK MTGE is based in DUBLIN. “

Several other equities analysts have also commented on the company. UBS Group lowered Angel Oak Mortgage from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $19.50 to $14.50 in a research report on Wednesday. Wells Fargo & Company reduced their price target on Angel Oak Mortgage from $23.00 to $21.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 16th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Angel Oak Mortgage currently has a consensus rating of “Hold” and an average target price of $18.29.

AOMR traded down $1.16 during midday trading on Wednesday, hitting $14.14. The company’s stock had a trading volume of 2,382 shares, compared to its average volume of 86,260. The company has a current ratio of 2.43, a quick ratio of 2.43 and a debt-to-equity ratio of 2.45. The firm has a market cap of $352.51 million and a P/E ratio of -11.13. The firm has a 50-day moving average price of $15.63 and a two-hundred day moving average price of $16.28. Angel Oak Mortgage has a 52-week low of $12.60 and a 52-week high of $19.00.

Angel Oak Mortgage (NYSE:AOMRGet Rating) last released its quarterly earnings data on Tuesday, March 15th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.51. The business had revenue of $22.79 million for the quarter, compared to analyst estimates of $22.52 million. Angel Oak Mortgage had a positive return on equity of 15.43% and a negative net margin of 41.11%. On average, equities analysts expect that Angel Oak Mortgage will post 2.7 EPS for the current year.

In related news, CFO Brandon Filson acquired 1,900 shares of the stock in a transaction that occurred on Wednesday, May 18th. The stock was purchased at an average cost of $13.37 per share, for a total transaction of $25,403.00. Following the purchase, the chief financial officer now directly owns 107,877 shares in the company, valued at $1,442,315.49. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Davidson Kempner Capital Manag acquired 30,410 shares of the stock in a transaction that occurred on Friday, May 20th. The shares were bought at an average price of $12.99 per share, with a total value of $395,025.90. Following the completion of the purchase, the insider now owns 7,344,770 shares in the company, valued at $95,408,562.30. The disclosure for this purchase can be found here. Insiders bought a total of 50,270 shares of company stock valued at $687,042 over the last quarter.

Several institutional investors have recently made changes to their positions in AOMR. Royal Bank of Canada acquired a new stake in shares of Angel Oak Mortgage in the second quarter valued at $45,000. Bank of America Corp DE purchased a new stake in shares of Angel Oak Mortgage during the second quarter valued at $63,000. Deutsche Bank AG purchased a new stake in shares of Angel Oak Mortgage during the third quarter valued at $71,000. BlackRock Inc. purchased a new stake in shares of Angel Oak Mortgage during the third quarter valued at $5,691,000. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Angel Oak Mortgage by 25.4% during the third quarter. Goldman Sachs Group Inc. now owns 267,639 shares of the company’s stock valued at $4,531,000 after purchasing an additional 54,189 shares during the last quarter. Institutional investors and hedge funds own 73.17% of the company’s stock.

About Angel Oak Mortgage (Get Rating)

Angel Oak Mortgage, Inc, a real estate finance company, focuses on acquiring and investing in first lien non- qualified mortgage loans and other mortgage-related assets in the United States mortgage market. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders.

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