NEW YORK (TheStreet) -- Shares of Walter Investment Management (WAC) plunged more than 20% to a 52-week low of $15.94 on Thursday after the company reported third-quarter earnings and issued full-year guidance that came up short of analysts' expectations.
The company reported adjusted earnings of 96 cents a share for the quarter. Revenue dropped 21.1% year-over-year to $386 million.
The consensus estimate had called for adjusted earnings of $1.03 a share on revenue of $390.84 million.
Walter Investment Management also issued full-year earnings guidance below analysts' expectations. The company now anticipates adjusted earnings of $5 a share, while the consensus estimate calls for $5.37 a share.
Separately, TheStreet Ratings team rates WALTER INVESTMENT MGMT CORP as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate WALTER INVESTMENT MGMT CORP (WAC) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, poor profit margins, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."
- You can view the full analysis from the report here: WAC Ratings Report