UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Home Loan Servicing Solutions Ltd.
In a report published Wednesday, Deutsche Bank reiterated its Buy rating on Home Loan Servicing Solutions Ltd. (NASDAQ: HLSS), and raised its price target from $19.25 to $20.50.
Deutsche Bank noted, “The Jan dividend was unchanged from Dec and in line with our estimate. The dividend is payable on Feb 11 to shareholders of record as of Jan 31. On Dec 24, HLSS closed a secondary offering of 25.3 million shares, raising roughly $462 million in net proceeds. On Dec 26, HLSS acquired MSRs and servicing advances related to $34.6 billion of unpaid principal balance from Ocwen. The price was roughly $1.9 billion, which consisted of $1.7 billion in servicing advances and $134 million in MSRs.”
Home Loan Servicing Solutions Ltd. closed on Tuesday at $20.03.
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