interesting.

increased its quarterly dividends to $0.22 per share from $0.21.

Outperform - Price 5.66 on Feb. 17
by Keefe, Bruyette & Woods

Target: 7.50. Shares are trading below MFA's reported Jan. 31 book value, [which we think] is depressed due to negative marks on interest-rate swaps and non- agency [mortgage-backed securities]. The current indicated dividend yield is 14.6%; our 97-cent dividend for '09 equates to a dividend yield of 17.1%. Market cap: $1.2 billion.

Newsletter

Market Outperform - Price 8.18 on Oct. 3
by JMP Securities
MFA [a real-estate investment trust] has issued seven million additional common shares at $7.90 and has increased its common dividend to 10 cents for 3Q07, a penny better than our estimate and the previous 2Q07 rate. The latest capital [hike] was motivated by new investment spreads of 90 basis points compared to the 70 bps opportunity indicated in early September. We're also using this opportunity to update our earnings model to reflect our new interest-rate forecast of a total Fed easing of 100 bps, including the initial 50 bps cut made Sept. 18....Our new 2008/2009 GAAP earnings estimates are 90 cents/$1.10, compared with our previous estimates of 75 cents/$1. Raising our target price to 9.50 from 9, indicating updated total-return opportunity of 25% over the next year.

Market Outperform - Price 8.18 on Oct. 3
by JMP Securities
MFA [a real-estate investment trust] has issued seven million additional common shares at $7.90 and has increased its common dividend to 10 cents for 3Q07, a penny better than our estimate and the previous 2Q07 rate. The latest capital [hike] was motivated by new investment spreads of 90 basis points compared to the 70 bps opportunity indicated in early September. We're also using this opportunity to update our earnings model to reflect our new interest-rate forecast of a total Fed easing of 100 bps, including the initial 50 bps cut made Sept. 18....Our new 2008/2009 GAAP earnings estimates are 90 cents/$1.10, compared with our previous estimates of 75 cents/$1. Raising our target price to 9.50 from 9, indicating updated total-return opportunity of 25% over the next year.

MFA Mortgage (MFA) was upgraded by Bear Stearns from Peer Perform to Outperform.

MFA Mortgage (MFA) was upgraded to Overweight, JP Morgan said. Valuation call, as the stock is now trading at just 79% of book value. Company also has limited credit risk in its portfolio.

Upgraded by RBC Capital Mkts from Sector Perform to Outperform

You fool me twice...