A 2012 IPO success story, Western Asset Management (WMC) is started a Buy at National Securities, which believes the company's rate hedging strategy should allow book value (currently $20.17 vs. price of $20.50) to stay stable. WMC's niche in the mREIT area is its focus on non-agency MBS. Shares +9.2% since the May IPO (along with annualized dividend of 14.83%).
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