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IndyMac (IMB) Sinks After Analyst Said The Company Needs More Capital
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Shares of embattled mortgage lender IndyMac (NYSE: IMB) continued their downward spiral today after an analyst at Friedman Billings said the company needs to raise significant capital.
Friedman Billings analyst Paul Miller reiterated his Underperform rating on IndyMac and cut his price target from $3 to $1. Miller said IndyMac needs to raise at least $500 million and expects any capital raise to be dilutive.
Yesterday, IndyMac Bancorp reported a Q1 loss of $2.27 per share and said they will be unable to return to overall profitability until the current decline in home prices decelerates. To preserve capital, IndyMac deferred the interest on their trust preferred securities at the holding company and suspend the dividends on our non-cumulative, perpetual preferred stock at Indymac Bank.
Shares of IMB are down 22% today and are down 93% over the last year.
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