UPDATE: JP Morgan Raises PT on Western Asset Mortgage on Solid 4Q Performance
JP Morgan analyst Steven Kent published a report on Western Asset Mortgage (NYSE: WMC) that maintained its Overweight rating and raised the price target from $21.50 to $22.
JP Morgan reported that, “Last week, (3/6/2013), WMC reported 4Q results. Performance was solid, and the company beat our estimates on core EPS ($1.05 vs JPMe $0.96) and NII ($26.6M vs, JPMe $25.3M). Higher leverage (9.24x D/E) and a low CPR print (3.6%) contributed to the strong results. Quarterly results served to underscore WMC as our top pick in the residential mortgage REIT space.”
Shares of Western Asset Mortgage closed at $22.66 on Thursday.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.