IMPAC Mortgage Holdings, Inc (IMH) Sees Significant Decline in Short Interest

IMPAC Mortgage Holdings, Inc (NYSEMKT:IMH) saw a large decrease in short interest in the month of October. As of October 31st, there was short interest totalling 684,043 shares, a decrease of 1.2% from the October 13th total of 692,436 shares. Approximately 5.3% of the company’s stock are sold short. Based on an average daily volume of 21,699 shares, the days-to-cover ratio is currently 31.5 days.

In other news, major shareholder Richard H/ Pickup purchased 494,004 shares of the company’s stock in a transaction that occurred on Monday, October 16th. The shares were purchased at an average price of $12.25 per share, for a total transaction of $6,051,549.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN lifted its stake in IMPAC Mortgage Holdings by 27.0% during the third quarter. Wells Fargo & Company MN now owns 22,385 shares of the financial services provider’s stock worth $292,000 after purchasing an additional 4,764 shares during the period. Nwam LLC bought a new position in IMPAC Mortgage Holdings during the third quarter worth about $115,000. State Street Corp lifted its stake in IMPAC Mortgage Holdings by 15.5% during the second quarter. State Street Corp now owns 136,890 shares of the financial services provider’s stock worth $2,071,000 after purchasing an additional 18,349 shares during the period. CQS Cayman LP bought a new position in IMPAC Mortgage Holdings during the second quarter worth about $563,000. Finally, Dimensional Fund Advisors LP lifted its stake in IMPAC Mortgage Holdings by 4.3% during the second quarter. Dimensional Fund Advisors LP now owns 42,253 shares of the financial services provider’s stock worth $639,000 after purchasing an additional 1,753 shares during the period.

Shares of IMPAC Mortgage Holdings (IMH) opened at $10.94 on Tuesday. IMPAC Mortgage Holdings has a 52-week low of $10.85 and a 52-week high of $17.40.

IMPAC Mortgage Holdings (NYSEMKT:IMH) last posted its quarterly earnings results on Wednesday, November 8th. The financial services provider reported $0.01 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.08 by ($0.07). The company had revenue of $42.08 million during the quarter. IMPAC Mortgage Holdings had a return on equity of 9.53% and a net margin of 16.25%.

A number of brokerages have commented on IMH. BidaskClub upgraded IMPAC Mortgage Holdings from a “strong sell” rating to a “sell” rating in a research note on Wednesday, August 9th. JMP Securities cut their price target on IMPAC Mortgage Holdings from $20.00 to $18.00 and set an “outperform” rating on the stock in a research note on Friday, August 25th.

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About IMPAC Mortgage Holdings

Impac Mortgage Holdings, Inc is an independent residential mortgage lender. The Company operates through three segments: Mortgage Lending, Real Estate Services and Long-Term Mortgage Portfolio. It originates, sells and services conventional, conforming agency and Government insured residential mortgage loans.

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