UWM (NYSE:UWMC) Posts Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Key Points

• UWM reported quarterly EPS of $0.10, beating analysts’ $0.04 estimate by $0.06; revenue of $811.09 million also topped the $690.29 million consensus.
• Despite the earnings beat, the company posted a negative 6.20% return on equity and a negative 1.04% net margin.
• Analysts maintain a consensus Hold rating with a $2.45 average price target; shares rose to $1.75 in Wednesday midday trading.

UWM (NYSE:UWMC - Get Free Report) released its quarterly earnings data on Wednesday. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.04 by $0.06, FiscalAI reports. The business had revenue of $811.09 million during the quarter, compared to analyst estimates of $690.29 million. UWM had a negative return on equity of 6.20% and a negative net margin of 1.04%.

UWM Price Performance

Shares of UWMC stock traded up $0.15 during midday trading on Wednesday, reaching $1.75. 13,142,268 shares of the company were exchanged, compared to its average volume of 18,132,172. The company's 50 day moving average price is $1.30 and its two-hundred day moving average price is $2.77. The company has a market cap of $2.80 billion, a P/E ratio of -21.94 and a beta of 1.82. UWM has a 12 month low of $0.93 and a 12 month high of $6.15. The company has a debt-to-equity ratio of 6.05, a quick ratio of 1.64 and a current ratio of 1.64.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on UWMC shares. UBS Group restated a "market outperform" rating and set a $2.00 price target on shares of UWM in a research report on Monday, October 26th. The Goldman Sachs Group reiterated a "neutral" rating and issued a $1.50 price objective on shares of UWM in a research report on Wednesday. Citizens Jmp raised shares of UWM from a "market perform" rating to an "outperform" rating and set a $3.00 target price for the company in a research note on Wednesday, July 29th. Keefe, Bruyette & Woods cut shares of UWM from an "outperform" rating to a "market perform" rating and set a $1.50 target price for the company. in a research report on Wednesday, October 7th. Finally, Stephens dropped their price target on shares of UWM from $3.00 to $2.00 and set an "equal weight" rating on the stock in a research note on Friday, August 7th. Four equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $2.45.

UWM Company Profile

UWM Holdings Corporation, through its principal subsidiary United Wholesale Mortgage (UWM), operates as a wholesale mortgage lender in the United States. The company provides residential mortgage loans through a network of independent mortgage brokers, who work directly with borrowers and submit applications to UWM for underwriting and funding.

UWM offers a range of home loan products, including conventional, government-backed, jumbo and other residential mortgage programs. Its platform also provides brokers with technology, loan processing, underwriting and closing services designed to support the origination of mortgages for home purchases and refinancings.

United Wholesale Mortgage traces its history to 1986 and is headquartered in Pontiac, Michigan.

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