Walter Investment downgraded to Market Perform from Outperform at FBR Capital FBR Capital downgraded Walter Investment to Market Perform citing uncertain future earnings power due to increased regulatory uncertainty. FBR lowered its price target for shares to $28 from $32 following the company's Q2 results.
Walter Investment shares jump after reaching consensus with Birch hedge fund Shares of Walter Investment Management (WAC) jumped 11.94% to $11.16 on Tuesday after the company announced the appointment of Daniel Beltzman, co-founder of hedge fund Birch Run Capital, to its board of directors. Walter Chief Executive Officer Denmar Dixon commented that the company is "firmly committed" to enhancing shareholder value and has maintained a "longstanding and constructive dialogue with Birch Run." In connection with the appointment, the company also said Birch entered into an agreement permitting it to acquire up to 25% of Walter's common stock while also agreeing to vote its shares in support of the company's current directors. Additionally, Walter Investment said it plans to appoint a new non-management director "as soon as practicable."