Angel Oak Mortgage REIT (NYSE:AOMR) Stock Price Target Cut by Wells Fargo & Company

Key Points

• Wells Fargo cut its price target on Angel Oak Mortgage REIT to $8 from $10 but maintained an “overweight” rating; the new target implies 24.28% upside from the share price cited in the report.
• Analyst sentiment remains mixed but leans positive: the consensus rating is “Moderate Buy,” with an average price target of $9.25.
• The company reported quarterly EPS of $0.28, below the $0.32 consensus estimate, and revenue of negative $10.63 million versus analysts’ forecast of $11.39 million.

Angel Oak Mortgage REIT (NYSE:AOMR - Get Free Report) had its target price dropped by Wells Fargo & Company from $10.00 to $8.00 in a research report issued on Thursday, Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's price target would indicate a potential upside of 24.28% from the company's current price.

AOMR has been the subject of a number of other reports. Wall Street Zen raised Angel Oak Mortgage REIT from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Weiss Ratings cut Angel Oak Mortgage REIT from a "sell (d+)" rating to a "sell (d)" rating in a research report on Tuesday. BTIG Research decreased their price objective on Angel Oak Mortgage REIT from $10.00 to $9.00 and set a "buy" rating on the stock in a research note on Tuesday, October 6th. JonesTrading dropped their price objective on Angel Oak Mortgage REIT from $10.50 to $9.50 and set a "buy" rating on the stock in a report on Tuesday. Finally, B. Riley Financial decreased their price target on Angel Oak Mortgage REIT from $13.00 to $10.00 and set a "buy" rating on the stock in a research report on Wednesday. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $9.25.

Angel Oak Mortgage REIT Price Performance

NYSE AOMR opened at $6.44 on Thursday. The company has a market cap of $149.47 million, a PE ratio of -15.17 and a beta of 1.30. Angel Oak Mortgage REIT has a 52 week low of $6.14 and a 52 week high of $9.48. The company has a quick ratio of 7.16, a current ratio of 7.16 and a debt-to-equity ratio of 8.76. The firm's 50-day simple moving average is $7.58 and its two-hundred day simple moving average is $8.42.

Angel Oak Mortgage REIT (NYSE:AOMR - Get Free Report) last posted its earnings results on Tuesday, November 3rd. The company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.04). The business had revenue of ($10.63) million during the quarter, compared to analysts' expectations of $11.39 million. Angel Oak Mortgage REIT had a positive return on equity of 10.12% and a negative net margin of 5.74%. Research analysts predict that Angel Oak Mortgage REIT will post 1.14 earnings per share for the current year.

Insider Transactions at Angel Oak Mortgage REIT

In other Angel Oak Mortgage REIT news, CFO Brandon Filson sold 65,000 shares of the company's stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $7.93, for a total transaction of $515,450.00. Following the completion of the sale, the chief financial officer directly owned 107,815 shares in the company, valued at $854,972.95. This represents a 37.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Michael Fierman acquired 38,726 shares of Angel Oak Mortgage REIT stock in a transaction dated Friday, September 25th. The shares were bought at an average cost of $7.50 per share, for a total transaction of $290,445.00. Following the completion of the purchase, the director directly owned 105,247 shares of the company's stock, valued at approximately $789,352.50. The trade was a 58.22% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 2.90% of the company's stock.

Institutional Trading of Angel Oak Mortgage REIT

A number of institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC raised its holdings in Angel Oak Mortgage REIT by 6.6% in the 1st quarter. Renaissance Technologies LLC now owns 31,223 shares of the company's stock worth $257,000 after purchasing an additional 1,923 shares in the last quarter. Royal Bank of Canada raised its position in Angel Oak Mortgage REIT by 94.0% in the 1st quarter. Royal Bank of Canada now owns 4,062 shares of the company's stock worth $33,000 after buying an additional 1,968 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Angel Oak Mortgage REIT by 23.1% in the 1st quarter. Bank of America Corp DE now owns 11,490 shares of the company's stock worth $94,000 after buying an additional 2,155 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Angel Oak Mortgage REIT in the second quarter worth approximately $58,000. Finally, Deutsche Bank AG bought a new stake in shares of Angel Oak Mortgage REIT during the 2nd quarter valued at $141,000. Hedge funds and other institutional investors own 80.15% of the company's stock.

Angel Oak Mortgage REIT Company Profile

Angel Oak Mortgage REIT, Inc is a real estate investment trust focused on investing in residential mortgage assets. The company primarily targets non-qualified mortgage loans, or non-QM loans, which are residential mortgages made to creditworthy borrowers whose financial profiles may not fit traditional agency underwriting standards.

Its investment portfolio may also include residential mortgage-backed securities and other mortgage-related assets. Angel Oak Mortgage REIT seeks to generate income through interest payments and other returns from these investments, with an emphasis on loans secured by residential properties in the United States.

Angel Oak Mortgage REIT is externally managed by Angel Oak Capital Advisors, an investment management firm specializing in mortgage credit and related strategies.

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