TWO-B is currently the most overpriced of the preferred shares from TWO. TWO-D turned out to be a great dividend capture. However, at current valuations, we view TWO-D as a hold even though it’s the most attractively priced preferred share from TWO.
Our outlook on the common stock of TWO is also a hold. Note, we are not applying ratings to TWO-A, TWO-B, TWO-C (NYSE:TWO.PC), or TWO-E (NYSE:TWO.PE). We see each share as being overpriced. However, we expect the dividend to offset a decline in the share price so that the total return (change in price + dividends) would be around 0% around the next several months.
Source: Seeking Alpha
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