Shares of Anworth Mortgage Asset Corp. climbed in premarket trading Thursday after an analyst upgraded shares of the real estate investment trust, citing its better-than-expected first-quarter profit.
Late Wednesday, the Santa Monica, Calif., company said its earnings for the quarter ended March 31 rose to $15.1 million, or 21 cents per share, from $2.4 million, or 5 cents per share, in the year-ago quarter.
Revenue rose to $68.4 million from $63.8 million.
Analysts polled by Thomson Financial expected 21 cents per share on $72.3 million in revenue, on average. The stock rose 39 cents, or 5.8 percent, to $7.15 in premarket Thursday.
Keefe, Bruyette & Woods analyst Bose George upgraded Anworth to "Outperform" from "Market Perform," saying the results beat his forecasts.
George also raised his price target 50 cents to $8, implying he expects the stock to gain 18 percent from its Wednesday close of $6.76.
Shares of Anworth have traded between $3.05 and $10.29 in the past 52 weeks.
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