National Securities Starts Western Asset Mortgage Capital (WMC) at Buy; High Income Yield Expected in 2013

National Securities initiates coverage on Western Asset Mortgage Capital (NYSE: WMC) with a Buy.

Analyst, Boris Pialloux, said, "...we expect that 1) WMC may generate an annualized return on equity (ROE) of 15% in 2013; 2) WMC’s $20.17 Q2’12 book value should stay stable due to its interest rate hedging strategy; and 3) WMC stock price should trade in line with book value...we expect that WMC could possibly pay out an approximately $1.80 dividend for 7 months in 2012 and an approximately $3.00 dividend (14% annualized dividend yield) in 2013."

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

Shares of Western Asset Mortgage Capital closed at $21.06 yesterday.

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