National Securities Reiterates Buy Rating, ARMOUR Residential REIT on Reported 4Q12 Taxable EPS

In a report published Monday, National Securities reiterated its Buy rating on ARMOUR Residential REIT

. National Securities noted, “ARR reported Q4'12 Taxable EPS of $0.29 vs. our $0.29 estimate due to $0.07 in realized gains on security sale. Net interest margin fell to 1.55% from 1.82% in Q2'12 due to higher prepayments Leverage ratio declined. Book value per share fell to $7.29 from $7.77 in Q3'12. We expect that ARR may generate $1.00 in taxable EPS in 2013 and pay out a $0.96 dividend per share in 2013 (14% dividend yield at current price).” ARMOUR Residential REIT closed on Friday at $6.65.