| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
Shares of home mortgage lender UWM Holdings Corp (NASDAQ:UWMC) are trading higher Wednesday on the heels of the company's third-quarter financial results. Here's a look at the key metrics from the quarter.
Q3 Earnings: UWM Holdings reported third-quarter revenue of $677.116 million, which beat the consensus estimate of $517.069 million, according to Benzinga Pro. The United Wholesale Mortgage parent company reported quarterly earnings of 15 cents per share, which beat estimates of 6 cents per share.
Total loan origination volume was $29.7 billion in the third quarter. Purchase originations totaled $25.9 billion. Total equity was $3.1 billion as of Sept. 30.
UWM Holdings ended the quarter with approximately $900 million in cash and self-warehouse and approximately $2.9 billion of liquidity.
"The strength of UWM and the broker channel is on full display. While others choose to dwell on high mortgage rates and low housing inventory, at UWM we remain focused on growing our market share and the broker channel," said Mat Ishbia, chairman and CEO of UWM Holdings.
"We are investing in new technology and hiring new team members to ensure that we are prepared for the eventual turn in rates. In the meantime, we expect to continue to generate significant purchase volume and remain highly profitable."
UWM Holdings expects fourth-quarter production to be in the range of $19 billion to $26 billion. Full-year production is expected to be between $103 billion and $110 billion.
UWM's board also declared a cash dividend of 10 cents per share, payable on Jan. 11 to shareholders of record as of Dec. 20.
On the conference call following the company's quarterly results, Ishbia said UWM Holdings sees "much more opportunity" when rates fall, but noted that its business is so strong right now, it's significantly outpacing competitors even in the current rates environment.
The UWM CEO added that the company is uniquely positioned to thrive in all markets and is working to be well prepared for whatever lies ahead.
Check This Out: Worried About Renewed Recession Fears? Here Are A Few Large-Cap Stocks That Could Protect Your Portfolio
UWMC Price Action: UWM Holdings shares were up 10.7% at $5.63 at the time of publication, according to Benzinga Pro.
Photo: courtesy of UWM Holdings.
Posted In: UWMC
