Home Point Capital (NASDAQ:HMPT) Upgraded to Hold by Zacks Investment Research

Home Point Capital (NASDAQ:HMPT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday, Zacks.com reports.

According to Zacks, “Home Point Capital Inc. is involved in homebuying and home ownership experience. The company’s primary business entity, Home Point Financial Corporation, is a mortgage originator and servicer. Through additional wholly owned subsidiaries Home Point Mortgage Acceptance Corporation and Home Point Asset Management, the company supports sustainable homeownership. Home Point Capital Inc. is based in ANN ARBOR, Mich. “

A number of other research firms also recently weighed in on HMPT. UBS Group downgraded shares of Home Point Capital from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $9.00 to $7.00 in a research note on Wednesday, June 9th. Morgan Stanley decreased their price objective on shares of Home Point Capital from $12.00 to $6.00 and set an “equal weight” rating for the company in a report on Friday, May 28th. Finally, JMP Securities decreased their price objective on shares of Home Point Capital from $10.00 to $7.00 and set a “market outperform” rating for the company in a report on Thursday, August 26th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Home Point Capital presently has a consensus rating of “Hold” and an average target price of $12.00.

Shares of NASDAQ HMPT traded down $0.04 during mid-day trading on Tuesday, reaching $3.78. The company had a trading volume of 100,669 shares, compared to its average volume of 194,487. Home Point Capital has a twelve month low of $3.75 and a twelve month high of $13.15. The company has a debt-to-equity ratio of 8.77, a quick ratio of 2.94 and a current ratio of 2.94. The stock has a market capitalization of $527.28 million and a PE ratio of 0.78. The stock’s 50 day moving average is $4.54 and its 200-day moving average is $6.82.

Home Point Capital (NASDAQ:HMPT) last posted its quarterly earnings results on Monday, August 9th. The company reported ($0.52) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.03 by ($0.55). The firm had revenue of $84.40 million for the quarter, compared to analyst estimates of $199.65 million. On average, sell-side analysts anticipate that Home Point Capital will post 0.28 EPS for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada raised its position in shares of Home Point Capital by 406.0% during the second quarter. Royal Bank of Canada now owns 4,235 shares of the company’s stock valued at $25,000 after buying an additional 3,398 shares during the last quarter. Morgan Stanley acquired a new position in shares of Home Point Capital during the first quarter valued at about $27,000. Cubist Systematic Strategies LLC acquired a new position in shares of Home Point Capital during the first quarter valued at about $38,000. American International Group Inc. acquired a new position in shares of Home Point Capital during the first quarter valued at about $40,000. Finally, New York State Common Retirement Fund acquired a new position in shares of Home Point Capital during the first quarter valued at about $58,000. 95.76% of the stock is owned by institutional investors and hedge funds.

Home Point Capital Company Profile

Home Point Capital Inc, together with its subsidiaries, operates as a residential mortgage originator and service provider. It operates through two segments, Origination and Servicing. The Origination segment sources loans through direct, wholesale, and correspondent channels. The Servicing segment offers collecting loan payments; remitting principal and interest payments to investors; managing escrow funds for the payment of mortgage-related expenses, such as taxes and insurance; and performing loss mitigation activities on behalf of investors and administering mortgage loans.

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