PFF - Mortgage REITs To Sell
- Bearish ratings on mortgage REITs? Sure, we’ll go bearish on MITT and ORC. Price-to-book ratios are way too high compared to peers.
- Nothing wrong with ORC except the share price. Investors are getting blinded by the dividend, but they could get a better deal on similar REITs.
- MITT has been roaring higher. Say hello to the highest price-to-book in the sector. It comes with a 0% dividend yield and poor upside.
- In this series, we’re providing readers with the discounts to trailing book values throughout the sector and a few notes on the current environment.
- When we provide an index card for an individual mortgage REIT, it includes our most recent estimate on book values.
For further details see:
Mortgage REITs To Sell