News
Two Harbors Investment Corp. (TWO) Exposed to Nonagency RMBS; Hybrid REITs Tied to Macro Improvement
June 18, 2013Two Harbors Investment Corp. (TWO) has large exposure to nonagency RMBS and the underlying improving home prices and delinquency rates, leading this hybrid REIT to post double-digit upside year to date as the overall economic environment seems to firm up, says Daniel Altscher, Research Analyst and Vice President at FBR Capital Markets & Co. “Two Harbors, which is actually my top pick, that stock is up 18% year to date. You’re really seeing the benefits there of the hybrid flexibility model, because those names are also tied to an overall improvement in the economy. A lot of these names own nonagency RMBS that was purchased during the crisis; a name like Two Harbors owns their book at $0...
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Starwood Property Trust (STWD) Expected to Ramp Earnings and Dividends After LNR Acquisition
June 18, 2013Starwood Property Trust (STWD) is becoming the go-to REIT for investors wanting to participate in the CRE space, as this name exhibits a sizable balance sheet, significant franchise value, solid global relationships and the capacity to engage in large transactions, such as its recent LNR one, says Daniel Altscher, Research Analyst and Vice President at FBR Capital Markets & Co. “One thing that separates Starwood from a lot of other names in the space is that they can take on an entire transaction. They can originate the entire transaction on their terms and then slice and dice into A notes, B notes, mezz pieces, keep what they want, ship off the rest to someone else who wants it...
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Simon Property Group, Inc. (SPG) Earns $1 Billion Free Cash Flow from Operations After Dividend and Capex
June 18, 2013Simon Property Group, Inc. (SPG) is showing tremendous earnings power with over $1 billion of free cash flow that the company is using to expand and improve their most productive shopping centers, says Alexander D. Goldfarb, Managing Director and Senior REIT Analyst at Sandler O’Neill + Partners, L.P. “Simon (SPG), [is] the big mall company; just a tremendous earnings machine, over $1 billion of free cash flow from their operations after dividend and after capex. They’re using that free cash flow to spend $1 billion a year on redevelopment, taking some of their most productive centers like Sawgrass Mills, like Copley, like Woodbury Commons just north of New York City, which they’re expanding and making them even better,” Goldfarb said...
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Total Systems Services, Inc. (TSS) to Broaden Product Offering with NetSpend Holdings (NTSP) Acquisition
June 17, 2013Total Systems Services, Inc (TSS) is looking to broaden its product scope to include the merchant side as well as prepaid-card processing with the acquisition of NetSpend Holdings Inc (NTSP), says Brett Huff, Research Analyst at Stephens Inc. “TSYS, Total System Services, [is] a company that has focused mostly on card-issuing processing, so a particular payments niche. Although they are very good at that, it was just one particular niche, and they have since broadened out to be a provider of not only the issuing processing but also the merchant side. Then they just recently they announced, but haven’t closed yet, their intent to buy NetSpend, which would be another product including prepaid-card processing,” Huff said...
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Heartland Payment Systems, Inc. (HPY) to See Growth Trajectory Rise and Incremental Margins Increase
June 14, 2013Heartland Payment Systems, Inc. (HPY) is expected to see continued organic growth, better same-store-sales-driven growth trajectory and higher incremental margins as the economy improves and and HPY continues to invest in new products and verticals, says Brett Huff, Research Analyst at Stephens Inc. “We think that there is upside to organic growth for [Heartland] as well. That’s driven really by three things for this company. One is increasing the number of sales staff. In this past quarter they increased their sales staff pretty dramatically by over 40 or 45 people. The second thing is the same-store-sales-driven growth trajectory, and that we think will get better over time...
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