NEW YORK (
) -- Shares of
Apollo Commercial Real Estate Finance
gained Monday after the real estate investment trust's stock was upgraded.
Apollo Commercial Real Estate Finance shares jumped 1.6%, or 27 cents, to $17.16, in late-afternoon trading after FBR Capital upgraded the REIT's shares to outperform, from market perform.
The equity research firm cited Apollo's recent success getting attractive returns on its loan portfolio. The stock is trading at a 10% discount, according to FBR.
Apollo recently grew quarterly earnings by nearly 40% year-over-year, and the
by 14.3% to 40 cents per share, from 35 cents per share. The dividend will be payable Oct. 12 to shareholders of record on Sept. 30.
-- Written by Miriam Marcus Reimer in New York.
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