- A bit more than a year ago, MFA Mortgage (NYSE:MFA) was a rare mortgage REIT not selling at a gaping discount to book value. Since, book value has declined a bit, but the price investors are willing to pay for that book value has fallen way further.
- At yesterday's close of $5.79, MFA was trading at about a 25% discount to the most recently (Sept. 30) disclosed book value - amazingly that 25% discount is still among the lowest in the mREIT sector.
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JPMorgan upgrades to Overweight with $7 price target.