Compass Point Starts Apollo Residential Mortgage (AMTG) at Buy

Compass Point initiates coverage on Apollo Residential Mortgage (NYSE: AMTG) with a Buy. PT $20.00.

The firm comments, "The company currently generates a 16.2% yield and trades at 6.8x our 2012 EPS estimate of $2.72. AMTG currently trades at .93x YE11 book value and xx our estimate of 1Q12 period end book value. Historically, mortgage REITs have traded at a 10% premium to book value and an 11.5% dividend yield. With a broad investment mandate, we expect AMTG's manager to be opportunistic and take advantage of favorable market opportunities as they arise across a set of diversified residential mortgage sectors."

For an analyst ratings summary and ratings history on Apollo Residential Mortgage click here. For more ratings news on Apollo Residential Mortgage click here.

Shares of Apollo Residential Mortgage closed at $18.54 yesterday.

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