UWM Holdings initiated with a Hold at Jefferies » 06:5206/2306/23/21
Jefferies analyst Ryan…
Jefferies analyst Ryan Carr initiated coverage of UWM Holdings with a Hold rating and $9.50 price target. United Wholesale Mortgage is the largest wholesale lender with 26% share and 4.8% share of the total mortgage market in 2020, said Carr, who thinks the company's business model and proprietary technology uniquely position it to benefit from wholesale channel expansion. However, wholesale competition remains "fierce" and "uncertain" and he doesn't anticipate a full recovery to normalized margins by next year, said Carr.
Largest borrow rate increases among liquid names » 08:4506/2206/22/21
KBE, MVIS, UWMC, NNOX, EH, PRTS, XL, DNN, SOLO, WPRT
Latest data shows the…
Latest data shows the largest indicative borrow rate increases among liquid option names include: SPDR S&P Bank (KBE) 2.39% +2.10, Microvision (MVIS) 8.62% +1.36, UWM Holdings Corp (UWMC) 22.80% +1.06, Nano X Imaging (NNOX) 11.61% +0.76, EHang Holdings Ltd (EH) 14.70% +0.62, US Auto Parts Network (PRTS) 0.82% +0.57, XL Fleet (XL) 7.15% +0.43, Denison Mines (DNN) 2.38% +0.40, Electrameccanica Vehicles Corp (SOLO) 12.67% +0.39, and Westport (WPRT) 3.89% +0.38.
LGI Homes price target raised to $175 from $140 at JMP Securities » 07:3706/1806/18/21
JMP Securities analyst…
JMP Securities analyst Aaron Hecht raised the firm's price target on LGI Homes to $175 from $140 and keeps an Outperform rating on the shares. The analyst updated his model after the company's Q1 earnings beat reported last month, with outperformance being driven by strong home price appreciation and higher than expected orders - the quarter's "biggest surprise". Hecht adds that the homebuilding industry experienced a short timeframe of incrementally lower demand since reporting those results, but that trend has mostly reversed in recent weeks after existing home prices rose again.
Ocwen to acquire RMS reverse mortgage servicing platform for $12.4M » 06:4806/1806/18/21
Ocwen Financial announced…
Ocwen Financial announced that its wholly-owned subsidiary, PHH Mortgage Corporation, has entered into an agreement with Reverse Mortgage Solutions and its parent, Mortgage Assets Management, to acquire substantially all of the operations, assets and employees of the RMS reverse mortgage servicing platform. MAM is a subsidiary of investment funds managed by Waterfall Asset Management. The company will also acquire all of the outstanding equity interests in the RMS Real Estate Owned business, REO Management Solutions. Under the terms of the agreement, subservicing contracts for the reverse residential mortgages currently subserviced by RMS would be assigned to PHH. As of March 31, 2021, RMS serviced approximately 35,000 reverse mortgages, or approximately $7.8B in unpaid principal balance. As part of the transaction, PHH expects to assume the vast majority of the RMS reverse servicing and REO employees and PHH will become the subservicer under a five-year subservicing agreement for reverse mortgages owned by RMS and MAM. The aggregate purchase price is estimated to be approximately $12.4M and will be subject to certain post-closing adjustments. The transaction is expected to close in the third quarter, subject to appropriate regulatory approvals and other customary closing conditions.
Citi opens 'Catalyst Watch' on Forestar Group ahead of earnings » 05:5906/1806/18/21
Citi analyst Anthony…
Citi analyst Anthony Pettinari opens a "Catalyst Watch" on Forestar Group into the company's fiscal Q3 earnings he expects to be released in late July. The analyst sees some conservatism remaining in fiscal 2021 guidance and models 2021 net sales slightly above consensus. Pettinari keeps a Buy rating on the shares with a $32 price target.
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Unusually active option classes on open June 17th » 09:4006/1706/17/21
HDSN, LU, PHM, NNOX, SBSW, RLX, MUX, IYR, BFLY
Unusual total active…
Unusual total active option classes on open include: Hudson Technologies (HDSN), Lufax Holdings (LU), ProShares UltraPro Short Russell 2000 (SRTY), PulteGroup (PHM), Nano X Imaging (NNOX), Sibanye Stillwater (SBSW), RLX Technology (RLX), McEwen Mining (MUX), iShares DJ US Real Estate Index Fund (IYR), and Butterfly Network (BFLY).
Ellington Financial estimates book value per share of $18.23 as of May 31 » 16:1006/1606/16/21
Ellington Financial Inc.…
Ellington Financial Inc. announced its estimated book value per common share of $18.23 as of May 31, 2021. This estimate includes the effect of the previously announced monthly dividend of 15c per common share, payable on June 25, 2021 to holders of record on May 28, 2021, with an ex-dividend date of May 27, 2021.
D R Horton put volume heavy and directionally bearish » 10:1506/1606/16/21
Bearish flow noted in D R…
Bearish flow noted in D R Horton with 2,741 puts trading, or 3x expected. Most active are Jun-21 80 puts and Jun-21 90 puts, with total volume in those strikes near 2,000 contracts. The Put/Call Ratio is 7.03, while ATM IV is up over 1 point on the day. Earnings are expected on July 27th.
Ellington Financial management to meet virtually with Piper Sandler » 08:1706/1506/15/21
Virtual Meeting to be…
Virtual Meeting to be held on June 15 hosted by Piper Sandler.
Ocwen partners with HomeFree-USA to expand hiring opportunities » 07:0806/1506/15/21
Ocwen Financial announced…
Ocwen Financial announced that the company has partnered with HomeFree-USA to create a direct hiring pipeline for graduates of HomeFree-USA's Center for Financial Advancement program at historically black colleges and universities. The new program will create full-time employment opportunities for HBCU students who have successfully completed the CFA program. The two organizations are still planning the official recruitment process for eligible CFA scholars, and it is expected to launch later this year.