PNC Financial Services Group Inc. increased its stake in Two Harbors Investment Corp (NYSE:TWO) by 89.9% during the third quarter, HoldingsChannel.com reports. The fund owned 52,450 shares of the real estate investment trust’s stock after buying an additional 24,835 shares during the period. PNC Financial Services Group Inc.’s holdings in Two Harbors Investment were worth $783,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of TWO. Bank of Montreal Can purchased a new stake in Two Harbors Investment in the second quarter valued at $135,000. Commonwealth Equity Services LLC lifted its position in Two Harbors Investment by 12.3% in the second quarter. Commonwealth Equity Services LLC now owns 94,564 shares of the real estate investment trust’s stock valued at $1,494,000 after acquiring an additional 10,350 shares during the last quarter. Wells Fargo & Company MN lifted its position in Two Harbors Investment by 110.1% in the second quarter. Wells Fargo & Company MN now owns 1,567,952 shares of the real estate investment trust’s stock valued at $24,774,000 after acquiring an additional 821,703 shares during the last quarter. First Trust Advisors LP purchased a new stake in Two Harbors Investment in the second quarter valued at $19,989,000. Finally, State Board of Administration of Florida Retirement System lifted its position in Two Harbors Investment by 11.0% in the second quarter. State Board of Administration of Florida Retirement System now owns 250,837 shares of the real estate investment trust’s stock valued at $3,963,000 after acquiring an additional 24,821 shares during the last quarter. 60.51% of the stock is currently owned by institutional investors.
In other news, CFO Brad Farrell sold 4,000 shares of the company’s stock in a transaction dated Thursday, November 15th. The shares were sold at an average price of $14.28, for a total value of $57,120.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Thomas Siering bought 3,500 shares of Two Harbors Investment stock in a transaction dated Monday, November 12th. The stock was acquired at an average cost of $14.41 per share, with a total value of $50,435.00. The disclosure for this purchase can be found here. 1.41% of the stock is currently owned by corporate insiders.
Two Harbors Investment (NYSE:TWO) last announced its earnings results on Tuesday, November 6th. The real estate investment trust reported $0.48 EPS for the quarter, meeting analysts’ consensus estimates of $0.48. Two Harbors Investment had a net margin of 66.36% and a return on equity of 12.09%. The business had revenue of $84.30 million during the quarter, compared to analysts’ expectations of $82.10 million. During the same period in the prior year, the company earned $0.52 earnings per share. As a group, sell-side analysts predict that Two Harbors Investment Corp will post 1.96 EPS for the current year.
TWO has been the subject of a number of research reports. Zacks Investment Research raised shares of Two Harbors Investment from a “sell” rating to a “hold” rating in a research report on Tuesday, September 25th. ValuEngine raised shares of Two Harbors Investment from a “strong sell” rating to a “sell” rating in a research report on Friday, September 7th. JMP Securities reduced their price target on shares of Two Harbors Investment from $17.00 to $16.00 and set a “market outperform” rating for the company in a research report on Thursday, November 15th. Raymond James initiated coverage on shares of Two Harbors Investment in a research report on Thursday, October 11th. They issued an “outperform” rating and a $16.50 price target for the company. Finally, Barclays set a $16.00 price target on shares of Two Harbors Investment and gave the company a “buy” rating in a research report on Thursday, November 8th. One research analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $16.25.
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About Two Harbors Investment
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, hybrid mortgage loans, or derivatives; 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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