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Fly News Breaks for July 31, 2018
CMO
Jul 31, 2018 | 07:36 EDT
As previously reported, JMP Securities analyst Steven DeLaney downgraded Capstead Mortgage to Underperform from Market Perform and set a $7.50 price target on the shares after the company reported Q2 earnings that fell "far short" of consensus expectations. He also cited the fact that Capstead recently lowered its quarterly dividend rate to 14c from 16c. Though the stock already trades at a discount to the peer group in terms of price to book value, DeLaney thinks there is further downside risk, he tells investors.
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