Bull heads to sidelines on trio of mREITs

|By:, SA News Editor

Wells Fargo's Joel Houck downgrades AGNC Investment (NASDAQ:AGNC), CYS Investment (NYSE:CYS), and Two Harbors (NYSE:TWO) to Market Perform from Outperform.

All three have had decent runs this year, greatly narrowing or nearly eliminating their discounts to book value even as short-term rates push higher.

Each is down modestly in premarket action.