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Two Harbors Investments Corp (TWO) - free report >>
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Two Harbors Investments Corp (TWO) - free report >>
STARWOOD PROPERTY TRUST, INC. (STWD) - free report >>
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Two Harbors Investment (TWO) Prices $250M Senior Notes
Two Harbors Investment Corp. (TWO - Free Report) , the New York-based mortgage real estate investment trust (“mREIT”) has declared the pricing of convertible senior notes worth $250 million. The move is is likely to add to the financial flexibility of this mREIT.
The unsecured notes will pay a rate of 6.25% per annum on a semiannual basis and are slated to mature in Jan 2022. Two Harbors Investment plans to utilize the net proceeds derived from the offering to finance its business and investment activities. These activities may include acquisition of target assets in sync with the company’s investment strategies and guidelines as well as for general corporate purposes.
Two Harbors Investment focuses on investing in, financing and managing residential mortgage-backed securities and mortgage loans.
Shares of Two Harbors Investment underperformed the Zacks categorized REIT and Equity Trust-Mortgage industry, in the past one year. During the same time span, shares of the company gained 29%, while the industry grew 34.4%. Over the past 60 days, the company’s 2016 estimates remained unchanged at 91 cents per share.
Two Harbors Investment currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the same space include Annaly Capital Management, Inc. (NLY - Free Report) , AG Mortgage Investment Trust, Inc. (MITT - Free Report) and Starwood Property Trust, Inc. (STWD - Free Report) . While Annaly sports a Zacks Rank #1 (Strong Buy), both AG Mortgage Investment Trust and Starwood Property Trust carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Annaly’s 2016 estimates have remained unchanged in the past 60 days at $1.17 per share.
AG Mortgage Investment Trust’s 2016 estimates have remained unchanged at $1.81 per share, in the past 60 days.
Starwood Property Trust’s 2016 estimates have moved up 5.3% in the past 60 days to $1.99 per share.
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