UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT on American Capital Agency Corp. Following 2Q Dividend Cut

In a report published Wednesday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on

, 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 Corp. closed on Tuesday at $25.34.