Deutsche Bank Reduces 1Q Dividend For Western Asset Mortgage Capital

In a report published Friday, Deutsche Bank analyst Stephen Laws reiterated a Hold rating and $15.00 price target on

. In the report, Deutsche Bank noted, "On 3/26, WMC declared 1Q dividend of 67c, which is 3c below our estimate of 70c and down 3c sequentially. The dividend is payable on April 28 to shareholders of record as of April 6. The ex-dividend date is April 1. In addition to the dividend announcement, WMC reported estimated book value at 2/28 of $15.13 per share, up 19c from $14.94 per share at 12/31. While the 1Q dividend was 3c below our estimate, we remain comfortable with our 1Q adjusted core EPS estimate of 68c per share, which is down 19c sequentially. Our estimate includes dollar roll income of 10c, down 12c sequentially." Western Asset Mortgage Capital closed on Thursday at $14.98.