Nomura Securities Reiterates Buy on Invesco Mortage Capital (IVR) Following In-Line 2Q

August 8, 2016 8:24 AM EDT
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Price: $14.82 -0.27%

Rating Summary:
    6 Buy, 8 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 11
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Nomura Securities reiterated a Buy rating on Invesco Mortgage Capital (NYSE: IVR), and raised the price target to $17.00 (from $16.00), following the company's 2Q earnings report. IVR reported EPS of $0.42, in line with the Street.

Analyst Brock Vandervliet commented, "IVR printed Q2 EPS of $0.42, a penny above us and in line with the Street. Book value moved higher, up 3.3% versus our 2.5% estimate and management noted on the earnings call that QTD, BV was up another 5% to roughly $18/share. This implies a claw back in BV to levels last seen in 1H’15—impressive. We see a more consistent ability to manufacture a $0.40 dividend than previously modeled near term. Based on flat to higher earning assets as opposed to a previously modeled modest decline near term, we are adjusting our earnings modestly higher from $1.68 and $1.61 to $1.71 and $1.67 for 2016 and 2017, respectively. Based on the improved book value performance we raise our TP from $16 to $17."

For an analyst ratings summary and ratings history on Invesco Mortgage Capital click here. For more ratings news on Invesco Mortgage Capital click here.

Shares of Invesco Mortgage Capital closed at $15.49 yesterday.

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