FBR Capital lowered their target for Nationstar Mortgage (NSM) from $30 to $25 following the company’s stock offering to raise capital and several MSR acquisitions.

Nationstar stock has dropped this week after the share offering.

On Tuesday, Ocwen Financial (OCN) announced Tuesday that it will sell off another massive agency mortgage servicing rights portfolio. The company is set to sell a $25 billion MSR portfolio to Nationstar, just over a month after agreeing to sell another $9.8 billion portfolio of agency servicing to Nationstar.

FBR says the lower multiple is justified as these recent moves put Nationstar closer towards becoming a more traditional mortgage bank, which they note historically trade at six to seven times the earnings per share. 

That said, FBR says that Nationstar remains the best positioned of its peers to make further acquisitions and analysts expect it to continue acquiring MSRs from Ocwen and other counterparties.

FBR is keeping its FY15 and FY16 earnings per share estimates of $3.00 and $3.50.