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In a remarkable display of market confidence, COOP stock has soared to an all-time high, with shares trading at a staggering $96.15. This milestone underscores the company's robust performance and investor optimism. Over the past year, COOP's upward trajectory has been nothing short of impressive, as reflected in the 1-year change data for WMI Holdings, which shows a substantial increase of 76.31%. This significant growth indicates strong business fundamentals and a positive outlook among shareholders, as the company continues to outperform expectations and solidify its position in the market.
In other recent news, Mr. Cooper Group Inc. has announced the closure of a $750 million senior notes offering through its subsidiary, Nationstar Mortgage Holdings Inc. The proceeds from this offering are set to repay a portion of the outstanding amounts under the company's mortgage servicing rights (MSR) facilities. Meanwhile, the company has also revealed plans for a strategic acquisition of Flagstar's mortgage operations for $1.4 billion, a move that is expected to add 1 to 1.5 points to the company's return on equity. These developments have led Piper Sandler to maintain an Overweight rating on the stock and increase its price target to $106.
In addition, Mr. Cooper Group plans to continue its stock repurchase program, buying back approximately $50 million of stock per quarter. The company also reported a significant increase in pre-tax operating income, which rose 46% year-over-year to $219 million. This performance has allowed the company's operating return on tangible common equity (ROTCE) to exceed its 2025 target, reaching 15.3%. These recent developments underscore Mr. Cooper Group's strategic efforts to bolster its portfolio and enhance shareholder value.
InvestingPro Insights
COOP's recent surge to an all-time high is further supported by real-time data from InvestingPro. The company's stock is currently trading near its 52-week high, with a price that is 99.16% of its peak value. This aligns with the article's mention of COOP reaching $96.15, reflecting strong market confidence.
InvestingPro data reveals that COOP has demonstrated impressive financial performance, with a revenue growth of 30.45% over the last twelve months as of Q2 2024. This growth is complemented by a robust EBITDA growth of 195.89% over the same period, indicating significant improvement in the company's operational efficiency and profitability.
Two key InvestingPro Tips highlight COOP's strong market position. Firstly, the company has shown a high return over the last year, corroborating the article's mention of the 76.31% increase. Secondly, COOP has maintained a strong return over the last five years, suggesting consistent long-term performance that has culminated in the current all-time high.
For investors seeking more comprehensive insights, InvestingPro offers 7 additional tips that could provide valuable context to COOP's market performance and future prospects.
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