Verition Fund Management LLC Raises Stock Position in UWM Holdings Co. (NYSE:UWMC)

Verition Fund Management LLC boosted its holdings in UWM Holdings Co. (NYSE:UWMC) by 446.3% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 159,666 shares of the company’s stock after buying an additional 130,439 shares during the period. Verition Fund Management LLC owned 0.17% of UWM worth $1,360,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of UWMC. FMR LLC grew its position in shares of UWM by 24.5% during the third quarter. FMR LLC now owns 10,218,728 shares of the company’s stock valued at $87,064,000 after purchasing an additional 2,010,985 shares in the last quarter. SG Americas Securities LLC grew its position in shares of UWM by 1,743.3% during the second quarter. SG Americas Securities LLC now owns 239,830 shares of the company’s stock valued at $1,662,000 after purchasing an additional 226,819 shares in the last quarter. Carrera Capital Advisors purchased a new position in shares of UWM during the third quarter valued at about $1,727,000. Renaissance Technologies LLC grew its position in shares of UWM by 13.2% during the second quarter. Renaissance Technologies LLC now owns 1,712,900 shares of the company’s stock valued at $11,870,000 after purchasing an additional 199,900 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in shares of UWM by 203.7% during the second quarter. AQR Capital Management LLC now owns 258,883 shares of the company’s stock valued at $1,784,000 after purchasing an additional 173,652 shares in the last quarter. Hedge funds and other institutional investors own 53.59% of the company’s stock.

UWM Stock Up 3.2 %

Shares of NYSE UWMC opened at $6.47 on Friday. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.40 and a quick ratio of 1.40. The company has a market cap of $10.34 billion, a P/E ratio of -28.13 and a beta of 1.65. UWM Holdings Co. has a 1 year low of $5.61 and a 1 year high of $9.74. The firm has a 50-day simple moving average of $6.73 and a two-hundred day simple moving average of $7.59.

UWM Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 9th. Shareholders of record on Thursday, December 19th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 6.18%. The ex-dividend date of this dividend is Thursday, December 19th. UWM’s payout ratio is currently -173.91%.

Insiders Place Their Bets

In other news, CEO Ishbia Mat sold 1,200,000 shares of UWM stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $8.45, for a total transaction of $10,140,000.00. Following the completion of the sale, the chief executive officer now owns 171,520 shares of the company’s stock, valued at approximately $1,449,344. The trade was a 87.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 94.11% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Morgan Stanley assumed coverage on UWM in a research report on Tuesday, November 5th. They set an “equal weight” rating and a $7.50 price objective for the company. UBS Group raised their price objective on UWM from $4.50 to $4.75 and gave the company a “sell” rating in a research report on Thursday, September 5th. Barclays raised shares of UWM from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $6.00 to $8.00 in a report on Tuesday, October 8th. Finally, The Goldman Sachs Group lowered their price target on shares of UWM from $8.50 to $7.50 and set a “neutral” rating for the company in a report on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $7.53.

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.