Zacks Investment Research Downgrades Invesco Mortgage Capital Inc. (IVR) to Hold
Invesco Mortgage Capital Inc. (NYSE:IVR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Invesco Mortgage Capital Inc. is a real estate investment trust that focuses on financing and managing residential and commercial mortgage-backed securities and mortgage loans. Invesco Mortgage Capital Inc. is externally managed and advised by Invesco Institutional (N.A.), Inc., a subsidiary of Invesco Ltd., a leading independent global investment management company. The company’s objective is to provide attractive risk-adjusted returns to its investors over the long term, primarily through dividends and secondarily through capital appreciation. “
A number of other brokerages have also recently weighed in on IVR. Nomura upgraded Invesco Mortgage Capital from a “neutral” rating to a “buy” rating and raised their price target for the company from $14.00 to $16.00 in a research report on Wednesday, May 18th. Wells Fargo & Co. raised Invesco Mortgage Capital from an “underperform” rating to a “market perform” rating in a research note on Wednesday, May 11th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of Invesco Mortgage Capital in a research note on Tuesday, May 10th. TheStreet lowered Invesco Mortgage Capital from a “hold” rating to a “sell” rating in a research note on Monday, May 9th. Finally, Morgan Stanley reaffirmed a “hold” rating and set a $14.00 price objective on shares of Invesco Mortgage Capital in a research note on Tuesday, May 10th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $15.97.
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Shares of Invesco Mortgage Capital (NYSE:IVR) traded down 1.02% during mid-day trading on Tuesday, reaching $14.57. 739,341 shares of the company traded hands. The stock’s market capitalization is $1.63 billion. The company’s 50 day moving average is $15.29 and its 200 day moving average is $14.21. Invesco Mortgage Capital has a 52-week low of $9.74 and a 52-week high of $16.28.
Invesco Mortgage Capital (NYSE:IVR) last announced its quarterly earnings results on Friday, August 5th. The real estate investment trust reported $0.42 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.42. Invesco Mortgage Capital had a positive return on equity of 9.86% and a negative net margin of 34.78%. The business earned $79.24 million during the quarter, compared to analysts’ expectations of $72.22 million. During the same quarter last year, the business posted $0.41 earnings per share. The business’s revenue for the quarter was down 14.7% on a year-over-year basis. On average, equities analysts forecast that Invesco Mortgage Capital will post $1.71 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 26th. Stockholders of record on Tuesday, September 27th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 10.98%. The ex-dividend date is Friday, September 23rd. Invesco Mortgage Capital’s dividend payout ratio is currently -86.02%.
In related news, insider John Anzalone bought 3,000 shares of the company’s stock in a transaction that occurred on Friday, August 26th. The shares were acquired at an average cost of $15.38 per share, for a total transaction of $46,140.00. Following the acquisition, the insider now owns 57,107 shares in the company, valued at approximately $878,305.66. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Richard J. King bought 5,000 shares of the company’s stock in a transaction that occurred on Friday, August 26th. The shares were bought at an average price of $15.38 per share, for a total transaction of $76,900.00. Following the completion of the acquisition, the chief executive officer now owns 114,402 shares in the company, valued at approximately $1,759,502.76. The disclosure for this purchase can be found here. 0.27% of the stock is owned by insiders.
Large investors have recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of Invesco Mortgage Capital during the fourth quarter valued at approximately $14,219,000. Mangrove Partners increased its stake in shares of Invesco Mortgage Capital by 53.6% in the fourth quarter. Mangrove Partners now owns 2,524,305 shares of the real estate investment trust’s stock valued at $31,276,000 after buying an additional 881,046 shares during the last quarter. BlackRock Fund Advisors increased its stake in shares of Invesco Mortgage Capital by 17.1% in the second quarter. BlackRock Fund Advisors now owns 5,968,640 shares of the real estate investment trust’s stock valued at $81,711,000 after buying an additional 873,371 shares during the last quarter. Clear Harbor Asset Management LLC bought a new stake in shares of Invesco Mortgage Capital during the first quarter valued at approximately $8,275,000. Finally, Whitebox Advisors LLC increased its stake in shares of Invesco Mortgage Capital by 212.6% in the fourth quarter. Whitebox Advisors LLC now owns 666,866 shares of the real estate investment trust’s stock valued at $8,262,000 after buying an additional 453,527 shares during the last quarter. Institutional investors and hedge funds own 63.42% of the company’s stock.
About Invesco Mortgage Capital
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