Javelin Buy rating removed at Oppenheimer

|About: Javelin Mortgage Investment (JMI)|By:, SA News Editor

Javelin Mortgage (JMI) is quietly 27% higher since late November amid agreeing with dissident investor Phillip Goldstein's Bulldog Investors to speed up its share repurchase program.

The stock was at a 20% discount to book just before Thanksgiving when Bulldog raised its stake and threatened to try and shake up the board. The company has since boosted its buybacks and Bulldog has pulled its slate of board nominees. At $14.86 at the close on Friday, the stock now trades at a slight premium to September 30 book value - premiums to book are rare in the mREIT sector today.