Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE:HASI) has made the announcement of closing a public offering of 4.6 million of common shares. This offering is likely to generate net proceeds of around $90.5 million for this Annapolis, MD-based mortgage real estate investment trust (“mREIT”).
Hannon Armstrong provides debt and equity financing for infrastructure projects. Its infrastructure projects include Energy Efficiency Projects, Clean Energy Projects and Other Sustainable Infrastructure Projects. The company caters to the needs of federal, state and local governments along with commercial, utility, and industrial markets. The latest public offering is likely to add to the financial strength of the company.
Last month, the company reported first-quarter 2016 core earnings per share of 32 cents, up 19% year over year. The Zacks Consensus Estimate for the quarter was 18 cents.
Notably, Hannon Armstrong went public on Apr 23, 2013 and changed its organizational structure so as to continue to operate as a REIT. The company aims to expand its ability to serve the fast growing markets by adding to its capital resources and raising the financial flexibility.
Hannon Armstrong currently sports a Zacks Rank #1 (Strong Buy).
Investors interested in the mREIT sector can also consider stocks like Altisource Portfolio Solutions S.A. (NASDAQ:ASPS) , Cherry Hill Mortgage Investment Corporation (NYSE:CHMI) and Ellington Residential Mortgage REIT (NYSE:EARN) . While Altisource Portfolio Solutions sports the same Zacks rank as Hannon Armstrong, both Cherry Hill Mortgage Investment and Ellington Residential Mortgage carry a Zacks Rank #2 (Buy).
ALTISOURCE PORT (ASPS): Free Stock Analysis Report
ELLINGTON RESID (EARN): Free Stock Analysis Report
HANNON ARMSTRNG (HASI): Free Stock Analysis Report
CHERRY HILL MTG (CHMI): Free Stock Analysis Report
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