Bank of America cut shares of Angel Oak Mortgage (NYSE:AOMR – Get Rating) from a buy rating to an underperform rating in a report issued on Monday, The Fly reports. Bank of America currently has $6.50 price objective on the stock, down from their prior price objective of $15.50.
AOMR has been the subject of several other reports. Wells Fargo & Company decreased their price target on shares of Angel Oak Mortgage from $15.00 to $10.00 and set an overweight rating for the company in a report on Wednesday, November 9th. B. Riley cut shares of Angel Oak Mortgage from a buy rating to a neutral rating and lifted their target price for the company from $10.00 to $15.00 in a research note on Monday, November 21st.
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Angel Oak Mortgage Stock Performance
AOMR stock opened at $5.62 on Monday. The company has a debt-to-equity ratio of 3.96, a quick ratio of 2.43 and a current ratio of 2.43. The stock has a market cap of $140.15 million, a P/E ratio of -0.78, a P/E/G ratio of 0.22 and a beta of 0.27. The firm has a 50 day simple moving average of $9.29 and a 200 day simple moving average of $12.35. Angel Oak Mortgage has a 52 week low of $5.60 and a 52 week high of $17.93.
Angel Oak Mortgage Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 30th. Stockholders of record on Tuesday, November 22nd were paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 22.78%. The ex-dividend date was Monday, November 21st. Angel Oak Mortgage's payout ratio is -17.83%.
Insider Transactions at Angel Oak Mortgage
In other news, Director Jonathan Morgan acquired 4,000 shares of Angel Oak Mortgage stock in a transaction dated Wednesday, November 30th. The stock was acquired at an average cost of $7.34 per share, for a total transaction of $29,360.00. Following the completion of the purchase, the director now owns 22,226 shares of the company's stock, valued at $163,138.84. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Jonathan Morgan acquired 4,000 shares of Angel Oak Mortgage stock in a transaction dated Wednesday, November 30th. The stock was acquired at an average cost of $7.34 per share, for a total transaction of $29,360.00. Following the completion of the purchase, the director now owns 22,226 shares of the company's stock, valued at $163,138.84. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Brandon Filson sold 20,000 shares of the business's stock in a transaction on Wednesday, November 30th. The stock was sold at an average price of $6.90, for a total transaction of $138,000.00. Following the completion of the sale, the chief financial officer now owns 98,814 shares of the company's stock, valued at $681,816.60. The disclosure for this sale can be found here. 23.70% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Angel Oak Mortgage
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Davidson Kempner Capital Management LP increased its position in Angel Oak Mortgage by 1.2% during the second quarter. Davidson Kempner Capital Management LP now owns 7,389,791 shares of the company's stock worth $95,772,000 after acquiring an additional 85,431 shares during the period. BlackRock Inc. increased its position in Angel Oak Mortgage by 25.2% during the third quarter. BlackRock Inc. now owns 882,814 shares of the company's stock worth $10,576,000 after acquiring an additional 177,490 shares during the period. Goldman Sachs Group Inc. increased its position in Angel Oak Mortgage by 79.0% during the first quarter. Goldman Sachs Group Inc. now owns 855,022 shares of the company's stock worth $14,031,000 after acquiring an additional 377,299 shares during the period. Amundi increased its position in Angel Oak Mortgage by 3.8% during the second quarter. Amundi now owns 582,875 shares of the company's stock worth $8,294,000 after acquiring an additional 21,150 shares during the period. Finally, Vanguard Group Inc. increased its position in Angel Oak Mortgage by 59.3% during the third quarter. Vanguard Group Inc. now owns 567,864 shares of the company's stock worth $6,804,000 after acquiring an additional 211,480 shares during the period. Institutional investors own 84.30% of the company's stock.
About Angel Oak Mortgage
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Angel Oak Mortgage, Inc, a real estate finance company, focuses on acquiring and investing in first lien non- qualified mortgage loans and other mortgage-related assets in the United States mortgage market. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders.
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