Essex Financial Services Inc. Maintains Position in Two Harbors Investments Corp. (TWO)
Essex Financial Services Inc. continued to hold its stake in Two Harbors Investments Corp. (NYSE:TWO) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 13,600 shares of the real estate investment trust’s stock at the end of the second quarter. Essex Financial Services Inc.’s holdings in Two Harbors Investments Corp. were worth $116,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently bought and sold shares of the stock. Artemis Investment Management LLP purchased a new stake in Two Harbors Investments Corp. during the second quarter worth about $36,200,000. Bank of Montreal Can purchased a new stake in Two Harbors Investments Corp. during the second quarter worth about $6,817,000. RNC Capital Management LLC purchased a new stake in Two Harbors Investments Corp. during the second quarter worth about $128,000. Creative Planning raised its stake in Two Harbors Investments Corp. by 19.3% in the second quarter. Creative Planning now owns 37,683 shares of the real estate investment trust’s stock worth $323,000 after buying an additional 6,087 shares in the last quarter. Finally, Clear Harbor Asset Management LLC raised its stake in Two Harbors Investments Corp. by 5.4% in the first quarter. Clear Harbor Asset Management LLC now owns 337,562 shares of the real estate investment trust’s stock worth $2,680,000 after buying an additional 17,388 shares in the last quarter. Institutional investors own 70.08% of the company’s stock.
Two Harbors Investments Corp. (NYSE:TWO) traded up 1.35% during trading on Thursday, reaching $8.27. 1,658,129 shares of the company’s stock were exchanged. The stock’s 50-day moving average price is $8.68 and its 200-day moving average price is $8.47. The company has a market capitalization of $2.87 billion, a price-to-earnings ratio of 41.98 and a beta of 0.56. Two Harbors Investments Corp. has a 52-week low of $6.91 and a 52-week high of $9.18.
Two Harbors Investments Corp. (NYSE:TWO) last announced its quarterly earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.22 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.22. The business earned $100.80 million during the quarter, compared to analysts’ expectations of $95.48 million. Two Harbors Investments Corp. had a return on equity of 8.48% and a net margin of 15.46%. The firm’s quarterly revenue was down 14.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.22 EPS. Equities analysts expect that Two Harbors Investments Corp. will post $0.41 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 20th. Shareholders of record on Friday, September 30th will be given a dividend of $0.23 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.92 dividend on an annualized basis and a yield of 11.27%. Two Harbors Investments Corp.’s payout ratio is currently 460.02%.
A number of analysts have recently issued reports on the stock. Credit Suisse Group AG set a $9.50 price objective on shares of Two Harbors Investments Corp. and gave the company a “buy” rating in a research note on Thursday, September 22nd. FBR & Co lowered shares of Two Harbors Investments Corp. from an “outperform” rating to a “market perform” rating and set a $9.00 price objective on the stock. in a research note on Tuesday, September 6th. Keefe, Bruyette & Woods lifted their price objective on shares of Two Harbors Investments Corp. from $9.00 to $9.50 and gave the company an “outperform” rating in a research note on Monday, August 8th. Deutsche Bank AG set a $9.80 price objective on shares of Two Harbors Investments Corp. and gave the company a “buy” rating in a research note on Saturday, August 6th. Finally, TheStreet lowered shares of Two Harbors Investments Corp. from a “hold” rating to a “sell” rating in a research note on Thursday, August 4th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $9.53.
In related news, CEO Thomas Siering bought 3,500 shares of the firm’s stock in a transaction on Wednesday, August 10th. The stock was purchased at an average price of $8.99 per share, with a total value of $31,465.00. Following the completion of the transaction, the chief executive officer now directly owns 862,053 shares of the company’s stock, valued at $7,749,856.47. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.96% of the company’s stock.
About Two Harbors Investments Corp.
Two Harbors Investment Corp. is a real estate investment trust. The Company is focused on investing in, financing and managing residential mortgage-backed securities (RMBS), residential mortgage loans, mortgage servicing rights (MSR), commercial real estate and other financial assets. The Company’s target asset classes include Agency RMBS collateralized by fixed rate mortgage loans, adjustable-rate mortgage (ARM) loans or hybrid mortgage loans, including mortgage pass-through certificates, collateralized mortgage obligations, the Federal Home Loan Mortgage Corporation gold certificates, the Federal National Mortgage Association certificates, the Government National Mortgage Association (Ginnie Mae) certificates, to-be-announced forward contracts, and interest-only and inverse interest-only securities; Non-Agency RMBS, including both senior and mezzanine RMBS, and floating and fixed rate commercial real estate loans.
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