Mr. Cooper Group Inc. (NASDAQ:COOP) Chief Executive Officer, Jesse K. Bray, has sold a portion of his company shares, according to a recent filing with the Securities and Exchange Commission. The CEO offloaded 25,000 shares of common stock at an average price of $81.42, netting a total of $2,035,500 from the sale.
The transactions were executed on May 29, 2024, and were part of a prearranged trading plan under Rule 10b5-1, which Bray had adopted through the Jesse K. Bray Living Trust on June 14, 2023. The sales occurred at prices ranging from $81.03 to $81.67 per share, as detailed in the filing's footnotes. This range indicates that Bray's transactions were planned and not based on the current market conditions or insider knowledge.
Following the sale, Bray still retains a significant stake in the company, directly owning 926,001 shares of Mr. Cooper Group's common stock. Additionally, the Jesse K. Bray Living Trust holds 284,631 shares indirectly after the reported transactions.
The filing did not indicate any purchases of stock by Bray or other executives at Mr. Cooper Group, focusing solely on the sale of existing shares.
Investors often monitor insider sales for insights into executive confidence in the company's future performance, although such transactions can also reflect personal financial management decisions unrelated to the issuer's prospects.
InvestingPro Insights
As Mr. Cooper Group Inc. (NASDAQ:COOP) navigates through its corporate developments, it's noteworthy to consider the company's financial health and market performance. According to InvestingPro, the firm boasts a robust market capitalization of $5.36 billion USD, reflecting its substantial presence in the industry.
InvestingPro data shows an impressive Price/Earnings (P/E) ratio of 8.49, which has adjusted to an even more attractive 7.9 when considering the last twelve months as of Q1 2024. This metric suggests that the company is potentially undervalued compared to its earnings, which could be a point of interest for value investors. Moreover, the company has experienced a notable revenue growth of 16.42% over the last twelve months, and an extraordinary quarterly revenue increase of 70.91% in Q1 2024, indicating a robust upward trajectory in its financial performance.
In line with these financial metrics, InvestingPro Tips highlight that analysts have recently revised their earnings expectations upwards for the upcoming period. This consensus could signal a positive outlook on the company's future profitability. Furthermore, Mr. Cooper Group has demonstrated a high return over the last year, with a one-year price total return of 73.34%, underscoring its strong market performance.
For investors seeking additional insights and guidance, InvestingPro offers more tips on Mr. Cooper Group, which can be accessed through the dedicated page at https://www.investing.com/pro/COOP. There are 8 more InvestingPro Tips available, which can be invaluable for making informed investment decisions. To enhance your investing toolkit, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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