UPDATE: Ladenburg Thalmann Downgrades Two Harbors Investment; Removes PT

According to a research report published this morning, Ladenburg Thalmann has downgraded Two Harbors Investment

from Buy to Neutral, and removes its $11 PT. In the report, Ladenburg Thalmann commented, "While results seem to have come up below expectations, we view the quarter as largely in-line. The company raised capital twice during the quarter and the increased share count was a drag on earnings as the fresh capital was being deployed. On its conference call, management noted that the proceeds have now been fully invested. The proceeds from the January raise were primarily deployed in non-Agency, while the proceeds from the February raise were deployed in multiple asset classes." Two Harbors Investment is currently trading at $10.23.