FBR Capital Starts Invesco Mortgage Capital (IVR) at Outperform; Definition of a Hybrid mREIT

FBR Capital initiates coverage on Invesco Mortgage Capital (NYSE: IVR) with an Outperform. PT $24.

FBR analyst says, "We are initiating coverage of Invesco Mortgage Capital Inc. with an Outperform predicated on the current robust dividend payout and, as importantly, the company’s flexibility to invest across several asset classes wherever the opportunity is most attractive. We believe this flexibility was evidenced in the company’s most recent capital raise (approximately $375 million of net proceeds on June 23, 2011) as management looked to take advantage of an oversold non-agency and commercial mortgage–backed securities (MBS) market. To this point, we believe that Invesco is the truest form of a “hybrid mREIT” relative to peers and that it benefits significantly from the various flow
regularly seen at its external manager, Invesco Ltd. (NYSE: IVZ)."

For more ratings news on Invesco Mortgage Capital click here and for the rating history of Invesco Mortgage Capital click here.

Shares of Invesco Mortgage Capital closed at $21.60 yesterday.

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