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On March 20, Wunderlich Securities released an update on mREIT American Capital Mortgage Investment Crp (NASDAQ: MTGE), titled: "Downgrading to Hold on Unexpected Dividend Cut."
American Capital Mortgage is a real estate investment trust that invests in and manages a leveraged portfolio of agency mortgage investments, non-agency mortgage investments and other mortgage-related investments.
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Prior Year - Metrics & Dividends
Source: Company February 2015 presentation
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The 2014 annual dividend of $2.60 per share, equates to a $0.65 quarterly dividend TTM.
On March 19, after the bell, American Capital Mortgage declared a cash dividend of $0.50 per share for Q1 2015.
Wunderlich - MTGE: Downgrade Buy to Hold, Lowers PT
On March 20, Wunderlich downgraded American Capital Mortgage to Hold, and reduced its 2015 price target sharply from $21.50 to $18.50.
The new Wunderlich price target of $18.50, represents a 15 percent discount to forward book value per share (BVPS).
Noting that based "on the company's allocation of equity to agency and non-agency MBS of relatively short duration and based on our expectation that its drop in income would remain fulsome, we had believed that the dividend was sustainable."
Wunderlich now feels that "there were attributes to the business strategy that we did not understand."
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.