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 transaction, which took place on March 28, involved the sale of 25,000 shares of common stock at an average price of $78.09, totaling approximately $1.95 million.
The shares were sold under a Rule 10b5-1 trading plan previously established by the Jesse K. Bray Living Trust. Such trading plans allow insiders to sell shares over a predetermined period of time, providing a defense against potential accusations of trading on nonpublic information.
Investors might note that the sale was executed in multiple transactions, with share prices ranging from $77.75 to $78.50. The SEC filing indicated that Bray, or the Trust, is willing to provide full information regarding the number of shares sold at each separate price within the given range upon request.
Following the sale, Bray's indirect ownership through the Jesse K. Bray Living Trust stands at 334,631 shares of Mr. Cooper Group common stock. The executive also holds a direct ownership stake of 926,001 shares, according to the filing.
The sale represents a notable transaction from the company's CEO, and investors often monitor insider sales as a potential signal of the executive's confidence in the company's future prospects. Mr. Cooper Group, based in Coppell, Texas, operates in the finance services sector and has undergone several name changes in its history, with its most recent transition from WMIH Corp. in 2018.
The company has not provided any official statement regarding this latest stock sale by its CEO.
InvestingPro Insights
Amidst the news of Mr. Cooper Group Inc. (NASDAQ:COOP) CEO Jesse K. Bray's stock sale, a look at the company's financial health and stock performance through InvestingPro data and tips may offer investors additional context. Mr. Cooper Group's market capitalization stands at a solid $5.04 billion, with a Price/Earnings (P/E) ratio of 9.51 when adjusted for the last twelve months as of Q4 2023. This suggests that the stock is trading at a relatively reasonable valuation compared to its earnings.
Investors looking for growth metrics will note the company's quarterly revenue growth of 33.33% in Q4 2023, indicating a strong uptick in the company's earnings potential. Additionally, the company's operating income margin for the same period was 36.85%, showcasing its ability to translate sales into profit efficiently.
Turning to stock performance, InvestingPro Tips highlight that Mr. Cooper Group has seen a high return over the last year with a price total return of 96.4%. The company's shares are also trading near their 52-week high, at 99.27% of the peak value. This performance is coupled with a strong return over the last three months, at 19.7%, and an even more impressive six-month price total return of 45.54%.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips, such as the company's aggressive share buyback strategy and its liquidity position where liquid assets exceed short-term obligations. The platform also notes that analysts predict the company will be profitable this year, which is supported by the company's profitability over the last twelve months. In total, there are 10 InvestingPro Tips available for Mr. Cooper Group, which can be accessed at https://www.investing.com/pro/COOP for those looking to dive deeper into the company's financials and stock performance.
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