Armour Residential REIT initiated with a Neutral at BTIG

BTIG analyst Eric Hagen initiated coverage of Armour Residential REIT (ARR) with a Neutral rating and no price target The firm’s current estimate for net asset value is $19.20, versus the company’s last reported NAV of $20.76 per share at the end of September. BTIG sees an opportunity for 20%-plus total return, starting with a “relatively stable” 15% dividend yield, plus some anticipation for NAV improvement if mortgage backed security spreads tighten from current levels.