UPDATE: Deutsche Bank Lowers PT on Western Asset Mortgage Capital Following 2Q Dividend Announcement

In a report published Friday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on Western Asset Mortgage Capital WMC, but lowered the price target from $21.50 to $21.00.

In the report, Deutsche Bank noted, “Declares 2Q dividend of 90c per share; Estimates 5/31 BVPS of $19.25. WMC's 2Q dividend of 90c per share was in line with our estimate and down 5c sequentially. The dividend is payable on July 19 to shareholders of record on July 1. The ex-dividend date is June 27. In addition to declaring the 2Q dividend, WMC reported estimated 5/31 book value of $19.25 per share, which is down roughly 1% from $19.42 at 3/31.”

Western Asset Mortgage Capital closed on Thursday at $17.28.