Mr. Cooper Group (COOP) Rose After Fed’s November Meeting

Diamond Hill Capital, an investment management company, released its “Select Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In Q4, the portfolio rose strongly outperforming the Russell 3000 Index and adding to calendar-year outperformance. The strategy returned 18.06% (net) in Q4 compared to a 12.07% return for the index. For the calendar year, the strategy returned 30.60% compared to a 25.96% return for the index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Diamond Hill Select Strategy featured stocks like Mr. Cooper Group Inc. (NASDAQ:COOP) in the fourth quarter 2023 investor letter. Headquartered in Coppell, Texas, Mr. Cooper Group Inc. (NASDAQ:COOP) provides residential loan services. On March 11, 2024, Mr. Cooper Group Inc. (NASDAQ:COOP) stock closed at $72.64 per share. One-month return of Mr. Cooper Group Inc. (NASDAQ:COOP) was 2.69%, and its shares gained 77.30% of their value over the last 52 weeks. Mr. Cooper Group Inc. (NASDAQ:COOP) has a market capitalization of $4.693 billion.

Diamond Hill Select Strategy stated the following regarding Mr. Cooper Group Inc. (NASDAQ:COOP) in its fourth quarter 2023 investor letter:

“Other top contributors included Mr. Cooper Group Inc. (NASDAQ:COOP), SunOpta and Allstate. Mortgage-servicing company Mr. Cooper Group rose alongside financials in the wake of the Fed’s November meeting, which investors broadly interpreted to signal an end to rate hikes and a potential pivot to cuts sometime in 2024. Further, lower rates could help give a boost to a relatively stagnant mortgage-originating business.”

A direct-to-consumer channel customer checking their mortgage account online.

Mr. Cooper Group Inc. (NASDAQ:COOP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Mr. Cooper Group Inc. (NASDAQ:COOP) was held by 34 hedge fund portfolios, compared to 34 in the previous quarter, according to our database.

We discussed Mr. Cooper Group Inc. (NASDAQ:COOP) in another article and shared the list of biggest mortgage companies in the US. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.