(GuruFocus, June 11, 2009) Investment Gurus at NWQ Managers
have recently initiated a new position in mortgage REIT Arlington Asset Investment Corporation (NYSE:AI
), formerly Friedman, Billings, Ramsey Group Inc.(NYSE:FBR
). On May 29, 2009, NWQ bought 5.6 million shares of FBR at the average price of $0.38 per share.
Arlington Asset Investment Corporation (NYSE:AI
), formerly Friedman, Billings, Ramsey Group, Inc., invests on a leveraged basis in residential mortgage-backed securities (MBS), including collateralized mortgage obligations (CMOs), either issued by a United States Government agency, or guaranteed as to principal and interest by United States Government agencies or United States Government-sponsored entities. Arlington Asset Investment Corporation has a market cap of $70 million; its shares were traded at around $0.44 with and P/S ratio of 0.1.
On June 5, the company announced to assume the name of Arlington Asset Investment Corporation (NYSE:AI
), a change from the previous name of Friedman, Billings, Ramsey Group, Inc., in order to distinguish the company from FBR Capital Markets (FBCM). The change is effective on June 10, 2009.
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