National Securities Maintains Buy On Two Harbors Investment, Adjust Estimates

National Securities reiterates its Buy rating on Two Harbors Investment

as it adjusts fourth quarter estimates for the company. National Securities says, "We are adjusting our Q4'11 and 2012 Core EPS estimates from $0.54 to $0.41 for Q4'11 and from $2.20 to $1.76 for 2012. We take into account 1) lower spreads on Agency Mortgage-Backed Securities (

) and 2) a less aggressive allocation to high-yielding non-Agency MBS. We maintain our BUY rating as we expect that TWO may generate a $1.75 dividend in 2012 (or a 19% dividend yield)." TWO closed at $9.40 per share on Thursday.