UPDATE: National Securities Initiates Western Asset Mortgage at Buy on ROE Visibility
National Securities initiated its coverage on Western Asset Mortgage (NYSE: WMC) with a Buy rating based on return on equity outlook and book value stability.
National Securities noted, "We are initiating coverage of agency mortgage real estate investment trust (mREIT) Western Asset Mortgage Capital Corp (WMC) with a “BUY” rating as we expect that 1) WMC may generate an annualized return on equity (ROE) of 15% in 2013; 2) WMC's $20.17 Q2'12 book value should stay stable due to its interest rate hedging strategy; and 3) WMC stock price should trade in line with book value."
Western Asset Mortgage closed at $21.06 on Monday.
Latest Ratings for wmc
|Aug 2015||Stifel Nicolaus||Maintains||Market Perform|
|May 2015||Deutsche Bank||Maintains||Hold|
|May 2015||Keefe Bruyette & Woods||Maintains||Market Perform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.