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Tue, Jan. 26, 7:50 AM
- Tumbling badly of late along with all the other mortgage-related names, Starwood Property Trust (NYSE:STWD) expects Q4 core earnings of $0.53-$0.55 per share, and full-year of $2.17-$2.19 vs. guidance of $2.13-$2.17.
- Book value per share at year-end is expected at $17.29 vs. $17.43 three months earlier. The stock closed last night at $17.73.
- The board authorizes another $50M in buyback capacity and extends the program by a year. The company now has about $300M left to repurchase stock and convertible notes over the next year.
- Full results will be announced on Feb. 25.
- Source: Press Release
Wed, Jan. 13, 10:33 AM| Wed, Jan. 13, 10:33 AM | 10 Comments
Fri, Jan. 8, 9:46 AM
- These income favorites are known for having had a tough time of it in 2015, in part thanks to worries about rising interest rates. MKM's Jonathan Krinsky, however, notes REITs have been relatively outperforming the S&P 500 for months and have just broken out to nine-month highs versus the broader market.
- Krinsky's a technician, so he's staying with the trend and recommending going long REITs (NYSEARCA:IYR) versus the S&P 500.
- Turning to individual REIT sectors and names, he's overweight apartments (AIV, AVB, ESS, EQR, MAA), UDR), storage (CUBE, EXR, PSA, SSS), and shopping malls (KIM, MAC, FRT, REG, IRM).
- He's equal weight data centers (buys: CONE, DCT, QTS, sells: EGP), diversified (buys: AMT, CCI, DLR, DRE, PSB, sells: EQIX, LPT, STAG, VNO, WY, WPC).
- He's underweight office property (buys: EQC, sells: HPP, FSP, GOV, KRC, OFC, PKY, SLG), hotels (sells: AHT, FCH, HPT, HST), mREITs (sells: ARR, STWD, RSO, buy: ABR), healthcare (sells: HCP, MPW, OHI, VTR, buys: DOC, HR, HTA)
Wed, Jan. 6, 9:49 AM
- Douglas Harter and team's top picks are those companies with operating businesses that can create their own investments: New Residential (NYSE:NRZ), PennyMac Mortgage (NYSE:PMT), Starwood Property (NYSE:STWD), and Two Harbors (NYSE:TWO).
- As for the names best-insulated from what's likely to be a series of rate hikes, Harter likes Starwood and Ares Commercial Real Estate (NYSE:ACRE).
- Looking more generally at the sector, Harter notes stocks on average are trading at a 25% discount to book value, meaning the risks from higher rates may already be baked in. While not seeing any catalyst to drive valuations higher, the average 14.7% dividend yield should provide a nice return.
- ETFs: MORL, REM, MORT, LMBS
Nov. 5, 2015, 6:48 AM
- Starwood Property Trust (NYSE:STWD): Q3 EPS of $0.56
- Revenue of $192.15M
Nov. 4, 2015, 5:30 PM
- AAWW, ACIW, ACRE, ACTA, AES, AGIO, AGU, AINV, ALSK, AMCX, AMED, AMRC, ANSS, APA, ATHM, AZN, BBEP, BCE, BCRX, BDBD, BEE, BR, CCC, CCOI, CECE, CELG, CLDT, CNK, CNP, CNQ, CNSL, CONE, COTY, CROX, CSTM, CWEI, DNR, DUK, EGL, ENB, ENDP, ENOC, ESI, FUN, GEO, GLOG, GLP, GOGO, HFC, HGG, HII, HRC, INSY, IRC, IT, ITC, ITG, KATE, KOP, LAMR, LBY, LINE, LPI, LXP, MEG, MGA, MITL, MPEL, MPW, MSG, MSO, MVIS, MZOR, NDLS, NGS, NHI, NILE, NRP, OGE, OMED, PBH, PDCE, PRFT, PRIM, PWE, PWR, RDUS, RGEN, RGLD, RICE, RL, RLGY, RRD, RVLT, RWLK, SCOR, SEAS, SFM, SFY, SJI, SNSS, SPAR, SRC, SRPT, SSTK, STN, STWD, SYMC, TAP, TDC, TE, THS, TIME, TK, TLP, TNK, TRXC, TU, USAC, VC, VER, VIVO, WAC, WIN, WPP, ZEUS
Oct. 13, 2015, 8:16 AM
- Ahead of Q3 earnings, analyst Fred Small estimates the par value of loan sales by the company's conduit loan business was just $400M vs. previous estimates of $425M.
- Reiterating his Neutral rating on STWD, Small cuts the price target by $1 to $22.50, representing an 8.5% yield on the current annualized dividend of $1.92 per share. Adding the dividend yield to the upside to the price target (last night's close was $21.29) makes for an expected 12-month return of 14.7% - not too shabby for a Neutral rating.
Aug. 6, 2015, 12:27 PM
- The 10-year Treasury yield is down five basis points to 2.22% today, but investors continue to bail out of their income favorites.
- The IYR is lower by 1.2%, slightly worse than the market averages.
- National Retail Properties (NNN -1.5%), Omega Healthcare (OHI -2.2%), Starwood Property (STWD -1.4%), Equity Residential (EQR -1.1%), Government Properties (GOV -2%), Hospitality Properties (HPT -3%), Ashford Hospitality (AHT -4.7%), Liberty Property (LPT -2.2%).
- ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, IARAX
Aug. 4, 2015, 7:32 AM
- Starwood Property Trust (NYSE:STWD): Q2 EPS of $0.53 in-line.
- Revenue of $178.66M
Jun. 23, 2015, 1:15 PM
- Blackstone Mortgage Trust (BXMT -1.2%) had a big move higher following the announcement of its big GE Capital acquisition, but the stock has pulled back in the two months since, says analyst Kenneth Bruce, thus giving investors another chance to get into the name at a reasonable valuation. He upgrades to Buy with $32 price target.
- Another commercial mortgage REIT - Starwood Property Trust (NYSE:STWD) - also rated a Buy at Bank of America - has slipped in similar fashion over the same time period.
- Bruce notes BXMT's portfolio of floating rate senior mortgages won't lose value as rates rise, and its deal pipeline remains strong.
- A possible damper to a better valuation, says Bruce, is BXMT's "penchant for equity issuance."
Jun. 23, 2015, 8:01 AM
- Starwood Property Trust (NYSE:STWD) adds $200M and one year to its share repurchase program, with the company now authorized to purchase up to $450M of stock and convertible notes for the year ended June 22, 2016.
Jun. 22, 2015, 4:48 PM
- Starwood Property (NYSE:STWD) is now "authorized to purchase up to $450 million of its outstanding common shares and convertible notes over a period of one year ending on June 22, 2016."
- Buybacks will be made using existing cash. Starwood had $400.3M in cash at the end of Q1, and $1.5M in debt.
- Shares are up fractionally AH.
May 5, 2015, 7:16 AM
- Q1 core earnings of $123.7M or $0.55 per share vs. $112.1M and $0.50 in Q4.
- $1.2B of capital put to work in Q1, including the €452M acquisition of a portfolio of office and multifamily properties in Dublin.
- Real Estate Lending core earnings of $109.9M up 3% from Q4. $721.4M of new investments originated.
- Real Estate Investing and Servicing Segment core earnings of $60.9M up 28% from Q4.
- Pro forma fair value per share of $17.57 up from $17.40 at start of year. Pro forma book value per share of $17.06 up from $16.84.
- Full-year core earning guidance of $2.05-$2.25 per share is reaffirmed.
- Conference call at 10 ET
- Previously: Starwood Property Trust reports Q1 results (May 5)
- STWD flat premarket
May 5, 2015, 7:04 AM
- Starwood Property Trust (NYSE:STWD): Q1 EPS of $0.55
- Revenue of $178.85M (+4.0% Y/Y)
Apr. 15, 2015, 11:13 AM
Apr. 14, 2015, 4:13 PM
- Starwood Property Trust (NYSE:STWD) is selling 12M shares in a secondary offering with underwriter greenshoe for another 1.8M shares.
- The stock's lower by 2.5% after hours.
Starwood Property Trust Inc originates, finances, manages and invests in commercial mortgage loans and other commercial real estate debt investments, commercial mortgage-backed securities, and other commercial real estate-related debt investments.
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