Wanted to double my position today, geeesh..... not even sure there is going to be a pull back!
Looks like investors are starting to realize this is a success story in the making!
I joined in....It looks attractive and I have some lose fodder that I was looking to throw towards a 3rd REIT anyways. By the way I wasn't disagreeing with your response, but the person before you....these new damn boards have me all confused
How much further do you think it runs? And is this what you would consider a good longer term investment (similar to how AGNC started near 20s and eventually rose) or something to play more for the short term
Good comments by all. It is primarily agency, has good management and is in its growth phase. Read TJ's SA article for a pretty good summary. My plan is to continue to accumulate short Puts on any down days.
Sentiment: Strong Buy
Insider Transactions Reported - Last Two Years
Date Insider Shares Type Transaction Value*
Jun 25, 2012 SHERWYN STEVEN M
Officer 10,455 Direct Statement of Ownership N/A
May 17, 2012 JAMES GAVIN L
Officer 5,300 Direct Purchase at $18.62 per share. 98,686
May 15, 2012 CARR TRAVIS
Officer 2,000 Direct Purchase at $18.70 per share. 37,400
May 11, 2012 FOX EDWARD D
Director 5,400 Direct Purchase at $18.76 - $18.77 per share. 101,000
May 11, 2012 JAMES GAVIN L
Officer 5,300 Direct Purchase at $18.68 per share. 99,004
May 10, 2012 FULTON STEPHEN P
Officer 78,000 Direct Purchase at $18.62 per share. 1,452,360
May 10, 2012 CARR TRAVIS
Officer 2,000 Direct Purchase at $18.65 per share. 37,300
May 9, 2012 WESTERN ASSET MANAGEMENT CO
Beneficial Owner (10% or more) 100 Direct Statement of Ownership N/A
Data provided by EDGAR Online
* = Where indicated, some values are estimates.
1= Potential proceeds estimated by the filer.
2= Estimated based on the average of multiple prices reported.
3= Multiple dates reported. Most recent date shown.
Currency in USD.
All Major Holders - Insider Roster
Doc - Looks like WMC is primarily focused on non-agency RMBS and CMBS. WMC also has some agency RMBS. As of Jun 30 2012, the leverage was 8.3 which seems high for this asset mix. As a comparator, the leverage for TWO which has a 80:20 Agency:Non-agency mix (and a tiny amount of residential real estate) is 4.3. Thoughts?
Took a quick look at the 10-Q and found this:
"Western Asset Mortgage Capital Corporation is primarily focused on investing in, financing and managing Agency RMBS. Although our core investment strategy is focused on Agency RMBS, we may opportunistically supplement our portfolio with non-Agency RMBS, CMBS and ABS, which we refer to as our Potential Target Assets. We finance investments in Agency RMBS and our potential target assets primarily through the use of repurchase agreements"
Looks like all agency now and maybe an emphasis on some non later? The more I learn about this stock, the better I like it. Good management, entering the industry in a widening spread environment. Many things to like about the Mreit industry and this Company.
Just need to pick the winners ;)
Doc, how much of an issue do you consider the low daily volume of WMC to be? Wouldn't the stock be more vulnerable to manipulation? My sidline cash is driving me nuts. I want to park the $$ somewhere, but absent high risk. Thank you in advance for any insight/wisdom provided.