Invesco Mortgage Capital (NYSE: IVR) Zacks Investment Research upgraded its rating of “hold” to “buy” in a report released Wednesday, Zacks.com reports. The brokerage currently has a target of $3.25 per REIT share. Zacks Investment Research’s price target indicates a potential 12.07% higher than the company’s current price.
According to Zacks, “Invesco Mortgage Capital Inc. is a real estate investment trust focused on financing and managing residential and commercial mortgage-backed securities and mortgage loans. Invesco Mortgage Capital Inc. is managed and advised by the Invesco Institutional (NA), Inc., It is a subsidiary of Invesco Ltd., a leading independent global investment management company. The company aims to provide attractive risk-adjusted returns to its long-term investors, primarily through dividends and secondarily through capital appreciation.”
IVR shares opened at $2.90 on Wednesday. The stock has a market capitalization of $904.05 million, a price-earnings ratio of 8.79 and a beta of 1.27. Invesco Mortgage Capital recorded a fifty-two-week low of $2.63 and a 52-week high of $4.60. The 50-day moving average for the company is $3.02 and the 200-day moving average is $3.18.
Invesco Mortgage Capital (NYSE: IVR) announced its quarterly earnings results on Wednesday, November 3rd. The REIT reported earnings of $0.10 per share for the quarter, topping analysts’ estimates of $0.09 by $0.01. Invesco Mortgage Capital generated a net profit margin of 60.02% and a return on equity of 15.62%. During the same quarter in the previous year, the company earned $0.06 per share. On average, research analysts expect Invesco Mortgage Capital to post 0.38 earnings per share for the current fiscal year.
In other news for Invesco Mortgage Capital, President Kevin M. Collins bought 9,000 shares of Invesco Mortgage Capital stock in a transaction on Wednesday, December 1st. The shares were purchased at an average cost of $2.96 per share, with a total value of $26,640.00. The acquisition was disclosed in a legal filing with the Securities and Exchange Commission, which can be accessed through this link. Over the past 90 days, insiders have acquired 15,236 shares of the company’s stock valued at $46,396. 0.18% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc increased its holdings in shares of Invesco Mortgage Capital by 15.8% in the second quarter. BlackRock now owns 49,282,718 shares of REIT stock valued at $192,203,000 after purchasing an additional 6,720,343 shares during the last quarter. Vanguard Group Inc. has increased Its stake in shares of Invesco Mortgage Capital increased by 25.9% in the second quarter. Vanguard Group Inc. owns. It now has 29,632,977 shares of REIT stock valued at $115,569,000 after purchasing an additional 6,094,822 shares during the period. Morgan Stanley increased his holdings in Invesco Mortgage Capital by 210.4% in the second quarter. Morgan Stanley now owns 3,704,170 shares of REIT stock valued at $14,446,000 after purchasing an additional 2,510,787 shares during the last quarter. Beach Point Capital Management LP increased its holdings in Invesco Mortgage Capital by 143.2% in the third quarter. Beach Point Capital Management LP now owns 3,148,828 shares of REIT stock valued at $9,919,000 after purchasing an additional 1,853,835 shares during the last quarter. Finally, State Street Corp. increased its stake in Invesco Mortgage Capital by 21.5% in the second quarter. State Street Corp. now owns 8,374,360 shares of REIT stock valued at $32,660,000 after purchasing an additional 1,479,165 shares during the last quarter. 54.57% of the shares are currently owned by institutional investors and hedge funds.
About Invesco Mortgage Capital
Invesco Mortgage Capital, Inc. is a holding company engaged in the investment, financing and management of residential and commercial mortgage-backed securities and mortgage loans. The Company primarily invests in: Residential Mortgage-Back-Based Securities (RMBS), Commercial Mortgage-Back-Based Securities (CMBS), Non-Agency RMBS, Non-Agency CMBS and Credit Risk Transfer Securities that are unsecured obligations Issued by government-sponsored companies, residential and commercial mortgage loans and other real estate financing arrangements.
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