Mr. Cooper Group (NASDAQ:COOP) Hits New 52-Week High on Analyst Upgrade

Mr. Cooper Group Inc (NASDAQ:COOP) hit a new 52-week high during mid-day trading on Wednesday after Piper Sandler raised their price target on the stock from $143.00 to $158.00. Piper Sandler currently has a neutral rating on the stock. Mr. Cooper Group traded as high as $156.87 and last traded at $154.80, with a volume of 427873 shares trading hands. The stock had previously closed at $152.18.

COOP has been the topic of a number of other research reports. Barclays increased their price target on shares of Mr. Cooper Group from $130.00 to $147.00 and gave the company an “overweight” rating in a report on Tuesday, April 8th. Citizens Jmp cut shares of Mr. Cooper Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 1st. Keefe, Bruyette & Woods increased their price target on shares of Mr. Cooper Group from $115.00 to $143.00 and gave the company a “market perform” rating in a report on Tuesday, April 8th. Finally, UBS Group increased their price target on shares of Mr. Cooper Group from $135.00 to $145.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $133.29.

Insiders Place Their Bets

In related news, CEO Jesse K. Bray sold 30,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $152.14, for a total transaction of $4,564,200.00. Following the transaction, the chief executive officer owned 693,187 shares in the company, valued at $105,461,470.18. This represents a 4.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.73% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Invesco Ltd. lifted its position in Mr. Cooper Group by 11.8% during the first quarter. Invesco Ltd. now owns 2,013,536 shares of the company’s stock valued at $240,819,000 after purchasing an additional 213,167 shares during the period. Wellington Management Group LLP raised its position in Mr. Cooper Group by 43.1% in the fourth quarter. Wellington Management Group LLP now owns 1,138,904 shares of the company’s stock worth $109,346,000 after acquiring an additional 343,243 shares during the period. Assenagon Asset Management S.A. raised its position in Mr. Cooper Group by 13.9% in the first quarter. Assenagon Asset Management S.A. now owns 1,057,176 shares of the company’s stock worth $126,438,000 after acquiring an additional 129,414 shares during the period. Price T Rowe Associates Inc. MD raised its position in Mr. Cooper Group by 16.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 871,902 shares of the company’s stock worth $83,712,000 after acquiring an additional 125,897 shares during the period. Finally, Northern Trust Corp raised its position in Mr. Cooper Group by 6.8% in the fourth quarter. Northern Trust Corp now owns 835,369 shares of the company’s stock worth $80,204,000 after acquiring an additional 53,534 shares during the period. Institutional investors own 89.82% of the company’s stock.

Mr. Cooper Group Price Performance

The firm has a market capitalization of $9.66 billion, a P/E ratio of 17.15, a P/E/G ratio of 0.45 and a beta of 1.05. The company’s 50-day simple moving average is $133.50 and its two-hundred day simple moving average is $115.40.

Mr. Cooper Group (NASDAQ:COOP) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $2.97 earnings per share for the quarter, topping the consensus estimate of $2.81 by $0.16. Mr. Cooper Group had a net margin of 25.93% and a return on equity of 15.27%. The business had revenue of $560.00 million for the quarter, compared to the consensus estimate of $620.57 million. During the same period last year, the firm earned $2.73 earnings per share. The company’s quarterly revenue was down .7% on a year-over-year basis. Analysts predict that Mr. Cooper Group Inc will post 13.17 earnings per share for the current year.

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.