Stonegate Mortgage Corporation (SGM) - NYSE
  • Tue, Jan. 19, 11:43 AM
    • The best thing that can be said about the market reaction today, is that New Residential (NRZ -0.6%) isn't down as much as the other mortgage-related names (REM -1.8%) which continue to be mercilessly pounded.
    • PennyMac (PMT -4.5%), Ocwen (OCN -3.7%), Walter Investment (WAC -4.8%), Stonegate (SGM -3.4%), Armour (ARR -3.5%), Invesco (IVR -2.4%), New York Mortgage (NYMT -4.1%), Apollo Residential (AMTG -3.1%), AG Mortgage (MITT -3.4%), Five Oaks (OAKS -6.7%), American Capital (MTGE -2%), Two Harbors (TWO -2.2%), Chimera (CIM -3.4%).
    • Citi's Michael Kaye - who rates NRZ a Buy - says the repurchase plan makes sense given the stock trades at just 0.84x book and yields 18%. Depending on how the buyback is funded, it could add up to a couple of hundred basis points of accretion. It also sends a signal to the markets about management's belief in the stock's value. Management gave little detail on a timetable.
    • Previously: New Residential steps in with $200M repurchase plan (Jan. 19)
    | Tue, Jan. 19, 11:43 AM | 49 Comments
  • Wed, Jan. 6, 10:02 AM
    • The rough run for Stonegate Mortgage (SGM -4.7%) continues after Credit Suisse throws in the towel on its Outperform recommendation with a downgrade to Neutral.
    • The mortgage operator picked a bad time to go public, and has now lost nearly 75% of its value since its late-2013 IPO.
    | Wed, Jan. 6, 10:02 AM
  • Aug. 11, 2015, 10:58 AM
    • Stonegate Mortgage (SGM -3.5%) continues to slide following its particularly ill-timed (for mortgage servicers) IPO late in 2013, with Bank of America downgrading to Neutral from Buy.
    • Yesterday, Barclays downgraded to Underweight from Neutral.
    • One week ago, the company's Q2 results disappointed.
    | Aug. 11, 2015, 10:58 AM
  • Feb. 11, 2015, 9:43 AM
    • Calling the troubled stock a compelling risk-reward play, Compass Point's Kevin Barker upgrades Stonegate Mortgage (SGM +6.4%) from Neutral to Buy with $12.50 price target.
    • Stonegate is in the currently toxic nonbank mortgage servicing business, as well as the currently sluggish mortgage origination business, and the stock is lower by about 50% since its IPO in late 2013.
    | Feb. 11, 2015, 9:43 AM
  • Nov. 6, 2014, 12:31 PM
    • Amid an earnings miss and lowered guidance, Walter Investment (WAC -20.2%) discloses inquiries from a number of state agencies into its Green Tree Servicing unit.
    • Previously: Walter Investment reports sizable decline in earnings
    • Earnings fell at Nationstar Mortgage (NSM -20.6%), but in a bit of good news, the company did say it entered into commitments for $43B in new MSR acquisitions.
    • Finally, there's lesser-followed Stonegate Mortgage (SGM -15.9%), which went public just more than a year ago, missing estimates by a wide margin with CEO Jim Cutillo noting "industry headwinds and interest rate volatility." The company's servicing portfolio ended Q3 with $17.7B UPB, up 48% this year and up 82% Y/Y.
    • New Residential (NYSE:NRZ) - a specialty servicer, but with a somewhat different business model than the other three - reported solid results today and is flat on the session.
    | Nov. 6, 2014, 12:31 PM
Company Description
Stonegate Mortgage Corp. is a specialty finance company which focuses on originating, acquiring, selling, financing, and servicing agency and non-agency residential mortgages. It operates through the following business segments: Origination, Servicing, and Financing. The Origination segment... More
Sector: Financial
Industry: Mortgage Investment
Country: United States