Zacks has extended a helping hand to Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) by upgrading from a “hold” rating” to a “buy” rating. The details about the upgrade were recorded in a research report from MarketBeat Reports posted on Wednesday.
The Federal National Mortgage Assctn Fnni Me currently has a target stock price of $2.50 set by Zacks. If the firm achieves the target price, the stock will have gone up by more than 9.65% from the previous stock value. Zacks described the firm as the biggest Non-banking organization in the world. Its operations are under a natural charter and happen to be one of the most reliable sources of mortgage finance.
Fannie Mae has been fully committed to bridging the Home ownership gap as part of the American Dream Commitment. The company plans to raise the home ownership rates and reach more American families by 2020. The new objectives to introduce more incentives for the housing sector were announced in August in line with the government’s goal of more affordable housing.
Federal National Mortgage Assctn Fnni Me dropped in share value by 0.22% on Wednesday to settle at $2.28. Its trading volume amounted to 1,422,496 shares with a 50 day moving average price is $2.35. The company’s market value amounted to $13.08 billion. Its average stock value for the year averaged between $0.01 and $3.66.
The recent goals are part of the company’s support for stability and liquidity in the secondary mortgage market. It will also enhance market liquidity by providing more security measures on mortgage loans. The company’s operations will be handled in three market segments, namely capital markets, single family, and multifamily.
Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) experienced a comparatively quiet day as it finished the last trading session with a nominal loss of 1.75%. The serenity of the day was better reflected in the volume of the day at 1.5 million, almost half the daily average of 3.2 million. This decline took roughly 39% lower from the 52 week high of $3.66 and increased the chance of retesting the long term support area around $2.00, as shown on the chart attached. The price action near $2.00 is going to determine the long term trend of the instrument.