CYS Investments (NYSE:CYS) - led by Kevin Grant - has been the mREIT poster-child for riding the trend of falling interest rates in 2014. The stock is ahead 27% YTD while continuing to pay a fat dividend. A bull on the stock for some time, Maxim - worried about CYS's exposure what's looking like higher interest rates on the way - rings the register, downgrading to Hold from Buy.
Capstead Mortgage (NYSE:CMO) - up 9% YTD - holds a portfolio of short-duration ARMs, meaning less exposure to rising rates and less money needed to buy hedges to protect against rising rates, Maxim upgrades to Buy from Hold.
CYS is lower by 0.4% in premarket action.