New York, September 20 (FinanceEnquiry.com) – Analysts at Deutsche Bank Securities reiterate their HOLD rating on the shares of Home Loan Servicing Solutions, Ltd (NASDAQ: HLSS). The 12-month target price has been raised from $14.00 to $16.50 per share.
In a research note published on September 19, the analysts mention that increasing net proceeds of $236 million, which were utilized to buy servicing assets related to $21.2 billion in UPB from Ocwen Financial Corp (NYSE: OCN), a secondary offering of 16.4 million shares has lately been closed by Home Loan Servicing Solutions. Furthermore, under a facility of servicing advance financing, the buy price of $793 million was financed by $202 million in cash and $591 million in borrowings.
In addition to this, target price of Home Loan Servicing Solutions has been raised due to an augmentation to the multiple and the deal being accretive to BV. Moreover, earnings and dividend per share estimates have also been raised from $1.31 and $1.20 to $1.39 and $1.32, respectively, for coming year, the analysts add further.
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