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UPDATE: National Securities Initiates Western Asset Mortgage at Buy on ROE Visibility

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UPDATE: Wunderlich Securities Reiterates On Western Asset Mortgage Capital On Lowering Estimates on Flatter Yield Curve
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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

DateFirmActionFromTo
Nov 2014WunderlichMaintainsHold
Oct 2014Wells FargoInitiates Coverage onMarket Perform
Aug 2014CitigroupMaintainsNeutral

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