COOP - Mr. Cooper stock rises after taking stake in fintech Sagent; Q4 results beat consensus
Mr. Cooper (NASDAQ:COOP) shares gain as much as 6% in premarket trading after the company agreed to receive a stake in fintech Sagent in exchange for certain intellectual property rights. COOP also posted a robust fourth-quarter that topped consensus estimates. Terms of the transaction were not disclosed. Following its purchase of specific IP related to Mr. Cooper's (COOP) cloud-based mortgage servicing platform, Warburg Pincus-backed Sagent will integrate Mr. Cooper's platform into a cloud-native core, and license the resulting servicing platform to Mr. Cooper and other servicers, the company said. With respect to its fourth-quarter results, Mr. Cooper's (COOP) balance sheet was helped by record levels of capital and liquidity, said Vice Chairman, President and CFO Chris Marshall. Additionally, the company's board of directors authorized an additional $200 million stock repurchase in the Q4, bringing total authorization to $252 million. Q4 revenues of $625M topped the $550.78M consensus and fell from $860M in the previous quarter.
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Mr. Cooper stock rises after taking stake in fintech Sagent; Q4 results beat consensus