Mr. Cooper Group (NASDAQ:COOP) Hits New 12-Month High After Strong Earnings

Mr. Cooper Group Inc. (NASDAQ:COOP) shares reached a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $108.56 and last traded at $106.71, with a volume of 873322 shares traded. The stock had previously closed at $107.32.

The company reported $2.73 earnings per share for the quarter, beating analysts’ consensus estimates of $2.65 by $0.08. Mr. Cooper Group had a return on equity of 13.77% and a net margin of 25.87%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on COOP. Wedbush restated an “outperform” rating and set a $115.00 target price on shares of Mr. Cooper Group in a research report on Thursday, October 24th. Keefe, Bruyette & Woods boosted their price objective on Mr. Cooper Group from $105.00 to $115.00 and gave the company a “market perform” rating in a report on Thursday. Piper Sandler raised their target price on Mr. Cooper Group from $113.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. JMP Securities reissued a “market outperform” rating and issued a $115.00 price target on shares of Mr. Cooper Group in a report on Thursday. Finally, Compass Point upped their price objective on Mr. Cooper Group from $97.00 to $110.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Mr. Cooper Group has a consensus rating of “Moderate Buy” and an average target price of $109.38.

Insiders Place Their Bets

In related news, CEO Jesse K. Bray sold 30,000 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $97.58, for a total transaction of $2,927,400.00. Following the completion of the transaction, the chief executive officer now owns 788,821 shares in the company, valued at $76,973,153.18. This represents a 3.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.33% of the stock is currently owned by company insiders.

Institutional Trading of Mr. Cooper Group

Institutional investors have recently made changes to their positions in the company. Picton Mahoney Asset Management lifted its stake in shares of Mr. Cooper Group by 41.3% in the fourth quarter. Picton Mahoney Asset Management now owns 325 shares of the company’s stock worth $31,000 after buying an additional 95 shares in the last quarter. Financial Management Professionals Inc. acquired a new position in shares of Mr. Cooper Group during the 3rd quarter worth approximately $30,000. Harvest Fund Management Co. Ltd grew its position in shares of Mr. Cooper Group by 152.5% in the third quarter. Harvest Fund Management Co. Ltd now owns 447 shares of the company’s stock valued at $41,000 after purchasing an additional 270 shares in the last quarter. Asset Planning Inc purchased a new stake in shares of Mr. Cooper Group in the fourth quarter valued at approximately $48,000. Finally, ORG Partners LLC acquired a new stake in shares of Mr. Cooper Group in the fourth quarter valued at approximately $51,000. 89.82% of the stock is owned by institutional investors and hedge funds.

Mr. Cooper Group Price Performance

The stock has a market cap of $6.90 billion, a price-to-earnings ratio of 13.94, a PEG ratio of 0.31 and a beta of 1.43. The firm has a fifty day moving average of $99.48 and a 200 day moving average of $94.99.

Mr. Cooper Group Company Profile

Mr. Cooper Group Inc, together with its subsidiaries, operates as a non-bank servicer of residential mortgage loans in the United States. The company operates through Servicing and Originations segments. The Servicing segment performs activities on behalf of investors or owners of the underlying mortgages and mortgage servicing rights, including collecting and disbursing borrower payments, investor reporting, customer service, modifying loans, performing collections, foreclosures, and the sale of real estate owned.