Seeking Alpha

Mortgage REITs on the move as Summers pulls out of Fed running

  • Compass Point upgrades Western Asset Mortgage (WMC) to Buy with $17.50 price target.
  • Shares +2.5% premarket, but it's likely more about Summers withdrawing from the Fed chairman's race. NLY, AGNC, ARR, IVR, and TWO are all up more than 2% in early action.
  • Earlier: Compass point initiates coverage on several non-agency mREIT names, starting them all at Buy.
  • Related ETFs: REM, MORT, MORL.
Comments (4)
  • Cavalaw
    , contributor
    Comments (126) | Send Message
    Waiting for ARR declaration of dividends for 4th Q
    16 Sep 2013, 09:41 AM Reply Like
  • Javimanic
    , contributor
    Comments (241) | Send Message
    I'm trying to be patient and wait for the WMC numbers...getting harder to do so when it keeps going up 3% a week. I was so close to losing CYS--I'll be darned if they aren't becoming the underdog come from behind mreit--they maintained the dividend and are snapping back it seems.
    16 Sep 2013, 09:47 AM Reply Like
  • Aikman
    , contributor
    Comments (140) | Send Message
    Glad I didn't panic sell my WMC, with rates calming down the book value story should be better.
    16 Sep 2013, 11:01 AM Reply Like
  • AU1981
    , contributor
    Comments (55) | Send Message
    This is a temporary rise. I am, however, glad that he pulled out. An anencephalic monkey would have been a better choice than Summers.
    16 Sep 2013, 11:22 AM Reply Like
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