UPDATE: Deutsche Bank Lowers PT on American Capital Agency Following 2Q Dividend Cut
In a report published Wednesday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on American Capital Agency (NASDAQ: AGNC), but lowered the price target from $29.00 to $26.50.
In the report, Deutsche Bank noted, “AGNC cuts 2Q dividend 20c to $1.05 per share - The 2Q dividend of $1.05 per share decreased sequentially from $1.25 per share and was below our $1.25 per share estimate. While our 2Q estimates are below the dividend, we had expected AGNC to use undistributed taxable income (UTI), which totaled $1.08 per share at 3/31, to maintain the dividend level. The dividend is payable on July 26 to shareholders of record on June 28. The ex-dividend date is June 26.”
American Capital Agency closed on Tuesday at $25.34.
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