Bank of Nova Scotia Acquires 209,903 Shares of UWM Holdings Co. (NYSE:UWMC)

Bank of Nova Scotia boosted its position in UWM Holdings Co. (NYSE:UWMC - Free Report) by 51.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 621,392 shares of the company's stock after acquiring an additional 209,903 shares during the quarter. Bank of Nova Scotia's holdings in UWM were worth $3,648,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of UWM by 37.6% in the 4th quarter. Vanguard Group Inc. now owns 11,764,910 shares of the company's stock valued at $69,060,000 after purchasing an additional 3,212,081 shares in the last quarter. Geode Capital Management LLC boosted its stake in UWM by 2.7% in the third quarter. Geode Capital Management LLC now owns 1,546,818 shares of the company's stock valued at $13,183,000 after buying an additional 41,206 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in UWM in the fourth quarter valued at about $121,000. Tidal Investments LLC bought a new position in UWM in the third quarter valued at about $3,833,000. Finally, Sanctuary Advisors LLC acquired a new position in UWM during the fourth quarter worth about $77,000. 53.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on UWMC. Morgan Stanley reduced their price target on shares of UWM from $7.50 to $6.50 and set an "equal weight" rating on the stock in a research note on Thursday, December 19th. UBS Group upgraded shares of UWM from a "sell" rating to a "neutral" rating and cut their target price for the company from $4.75 to $4.50 in a research report on Wednesday. Keefe, Bruyette & Woods upgraded shares of UWM from a "market perform" rating to an "outperform" rating and upped their price target for the stock from $6.50 to $7.50 in a report on Monday, March 3rd. Finally, Wedbush reissued a "neutral" rating and set a $6.50 price objective on shares of UWM in a report on Monday, March 3rd. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $7.21.

UWM Trading Down 0.5 %

NYSE UWMC traded down $0.03 on Friday, hitting $4.53. The company's stock had a trading volume of 3,537,634 shares, compared to its average volume of 2,871,637. The company's 50-day moving average is $5.75 and its 200 day moving average is $6.14. The firm has a market cap of $7.23 billion, a PE ratio of -19.67 and a beta of 1.64. UWM Holdings Co. has a 1-year low of $4.15 and a 1-year high of $9.74. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 1.06.

UWM (NYSE:UWMC - Get Free Report) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $0.01 earnings per share for the quarter, missing analysts' consensus estimates of $0.07 by ($0.06). The company had revenue of $560.21 million during the quarter, compared to analyst estimates of $645.75 million. As a group, analysts predict that UWM Holdings Co. will post 0.2 earnings per share for the current fiscal year.

UWM Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, April 10th. Stockholders of record on Thursday, March 20th were given a $0.10 dividend. The ex-dividend date was Thursday, March 20th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 8.84%. UWM's dividend payout ratio (DPR) is currently 500.00%.

UWM Company Profile

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.