Seeking Alpha

American Capital Mortgage downgraded at JMP Securities

  • It sounds like it could be a valuation call by JMP's Steven Delaney as the rise in book value in Q1 didn't match the quick gain in the stock price. Shares still trade at a discount to book (last night's $19.92 close is an 8.3% discount to March 31 book of $21.78), but the no-brainer part of the trade may be over.
  • It's may also be notable that management - an aggressive buyer of company stock late last year - brought share repurchases to a near-halt in Q1.
  • MTGE no trades premarket
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