Deutsche Bank Reiterates Buy Rating, $13.25 PT on CYS Investments on 1Q Dividend
In a report published Monday, Deutsche Bank reiterated its Buy rating and $13.25 price target on CYS Investments (NYSE: CYS).
Deutsche Bank noted, “The 1Q dividend was 1c below our estimate and decreased sequentially from 40c. The dividend is payable on April 17 to stockholders of record as of March 25. Given the 1Q dividend, we are trimming our 1Q core EPS estimate to 32c from 35c. We expect earnings to benefit as we move through the year from slower prepayment speeds and slightly higher reinvestment spreads. We are adjusting our 2013 core EPS and dividend estimates to $1.35 and $1.33, respectively, from $1.42 and $1.36, respectively. We are trimming our 2014 core EPS estimate slightly to $1.44 from $1.47, and we are maintaining our 2014 dividend estimate of $1.40 per share.”
CYS Investments closed on Friday at $12.00.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.