Zacks Investment Research Upgrades Altisource Portfolio Solutions (NASDAQ:ASPS) to Hold

Zacks Investment Research upgraded shares of Altisource Portfolio Solutions (NASDAQ:ASPS) from a sell rating to a hold rating in a report issued on Monday, Zacks.com reports.

According to Zacks, “Altisource Portfolio Solutions S.A., together with its subsidiaries, is engaged in provision of real estate mortgage portfolio management and related technology products, as well as asset recovery and customer relationship management services. The Company has three segments: Mortgage Services, Financial Services and Technology Products. Mortgage Services provides valuation, real estate sales, default processing services, property inspection and preservation services, homeowner outreach, closing and title services and knowledge process outsourcing services. Financial Services comprises the Company’s asset recovery management and customer relationship management offerings to the financial services, consumer products, telecommunications and utilities industries. Technology Products is engaged in the design, development and delivery of technology products and services to the mortgage industry. “

A number of other brokerages also recently weighed in on ASPS. BidaskClub raised shares of Altisource Portfolio Solutions from a sell rating to a hold rating in a report on Friday, February 15th. Northland Securities reiterated a hold rating and set a $30.00 price objective on shares of Altisource Portfolio Solutions in a research report on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $29.50.

Shares of Altisource Portfolio Solutions stock opened at $19.56 on Monday. Altisource Portfolio Solutions has a 1-year low of $18.40 and a 1-year high of $37.86. The company has a quick ratio of 1.94, a current ratio of 1.94 and a debt-to-equity ratio of 1.09. The company has a market cap of $303.92 million, a PE ratio of -61.13 and a beta of 1.09.

Altisource Portfolio Solutions (NASDAQ:ASPS) last issued its quarterly earnings results on Thursday, April 25th. The business services provider reported ($0.20) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.20). Altisource Portfolio Solutions had a negative net margin of 0.55% and a negative return on equity of 1.44%. The company had revenue of $169.90 million during the quarter, compared to the consensus estimate of $167.20 million. During the same quarter in the prior year, the firm posted ($0.24) EPS. The firm’s quarterly revenue was down 13.9% on a year-over-year basis. On average, research analysts forecast that Altisource Portfolio Solutions will post -0.2 earnings per share for the current year.

In related news, Director W Michael Linn sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $25.00, for a total transaction of $125,000.00. Following the completion of the transaction, the director now directly owns 19,147 shares in the company, valued at approximately $478,675. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 26.44% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in ASPS. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Altisource Portfolio Solutions by 467.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,888 shares of the business services provider’s stock worth $65,000 after purchasing an additional 2,379 shares in the last quarter. Rhumbline Advisers increased its position in Altisource Portfolio Solutions by 43.1% during the 4th quarter. Rhumbline Advisers now owns 14,422 shares of the business services provider’s stock worth $324,000 after purchasing an additional 4,341 shares in the last quarter. Prudential Financial Inc. acquired a new position in Altisource Portfolio Solutions during the 4th quarter worth approximately $394,000. Bank of New York Mellon Corp increased its position in Altisource Portfolio Solutions by 2.4% during the 4th quarter. Bank of New York Mellon Corp now owns 46,987 shares of the business services provider’s stock worth $1,056,000 after purchasing an additional 1,090 shares in the last quarter. Finally, United Services Automobile Association increased its position in Altisource Portfolio Solutions by 40.8% during the 4th quarter. United Services Automobile Association now owns 46,727 shares of the business services provider’s stock worth $1,051,000 after purchasing an additional 13,541 shares in the last quarter. Institutional investors and hedge funds own 63.71% of the company’s stock.

About Altisource Portfolio Solutions

Altisource Portfolio Solutions SA operates as an integrated service provider and marketplace for the real estate and mortgage industries in the United States and internationally. It operates in two segments, Mortgage Market and Real Estate Market. The company offers property preservation and inspection, real estate brokerage and auction, title insurance and settlement, appraisal management, broker and non-broker valuation, foreclosure trustee, mortgage charge-off collection, residential and commercial loan disbursement processing, and residential and commercial construction inspection and risk mitigation services, as well as valuation data; residential and commercial loan servicing, vendor management, marketplace transaction and payment management, and default services technologies; and document management platform.

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