State of Michigan Retirement System Sells 7,331,542 Shares of Two Harbors Investment Corp (NYSE:TWO)
State of Michigan Retirement System reduced its stake in Two Harbors Investment Corp (NYSE:TWO) by 65.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,800,000 shares of the real estate investment trust’s stock after selling 7,331,542 shares during the quarter. State of Michigan Retirement System owned about 1.39% of Two Harbors Investment worth $19,152,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Two Harbors Investment during the fourth quarter worth about $48,713,000. Victory Capital Management Inc. grew its holdings in shares of Two Harbors Investment by 111.2% in the first quarter. Victory Capital Management Inc. now owns 96,160 shares of the real estate investment trust’s stock worth $366,000 after purchasing an additional 50,625 shares during the last quarter. 1776 Wealth LLC bought a new position in shares of Two Harbors Investment in the first quarter worth about $35,000. Geode Capital Management LLC grew its holdings in shares of Two Harbors Investment by 6.8% in the fourth quarter. Geode Capital Management LLC now owns 3,724,521 shares of the real estate investment trust’s stock worth $54,878,000 after purchasing an additional 238,436 shares during the last quarter. Finally, Macquarie Group Ltd. bought a new position in shares of Two Harbors Investment in the fourth quarter worth about $231,000. 62.20% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms have recently commented on TWO. JMP Securities cut their price target on shares of Two Harbors Investment from $15.50 to $6.00 and set a “market outperform” rating on the stock in a report on Wednesday, May 13th. Zacks Investment Research cut shares of Two Harbors Investment from a “hold” rating to a “sell” rating in a report on Friday. Maxim Group cut shares of Two Harbors Investment from a “buy” rating to a “hold” rating in a report on Monday, April 13th. ValuEngine upgraded shares of Two Harbors Investment from a “sell” rating to a “hold” rating in a report on Thursday, July 2nd. Finally, JPMorgan Chase & Co. cut shares of Two Harbors Investment from an “overweight” rating to a “neutral” rating and set a $5.50 price target on the stock. in a report on Tuesday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $10.91.
Two Harbors Investment (NYSE:TWO) last released its quarterly earnings results on Wednesday, May 6th. The real estate investment trust reported $0.25 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by ($0.13). The firm had revenue of $88.20 million for the quarter, compared to analysts’ expectations of $40.30 million. Two Harbors Investment had a negative net margin of 116.72% and a positive return on equity of 10.49%. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.49 earnings per share. As a group, equities analysts expect that Two Harbors Investment Corp will post 0.6 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, July 29th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 10.31%. This is a positive change from Two Harbors Investment’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Monday, June 29th. Two Harbors Investment’s dividend payout ratio is presently 40.88%.
Two Harbors Investment Company Profile
Two Harbors Investment Corp. operates as a real estate investment trust (REIT) that focuses on investing in, financing, and managing residential mortgage-backed securities (RMBS), non-agency securities, mortgage servicing rights, and other financial assets in the United States. Its target assets include agency RMBS collateralized by fixed rate mortgage loans, adjustable rate mortgage loans, and hybrid adjustable-rate mortgage (ARMs); non-agency securities collateralized by prime mortgage loans, Alt-A mortgage loans, pay-option ARM loans, and subprime mortgage loans; and other assets, such as financial and mortgage-related assets, as well as residential mortgage loans and non-hedging transactions.
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