Western Asset Mortgage downgraded to Hold from Buy at JonesResearch

JonesResearch analyst Jason Stewart downgraded Western Asset Mortgage to Hold from Buy after Terra Property Trust and Western Asset Mortgage jointly announced that they have entered into a definitive merger agreement to combine. Upon the closing of the merger, TPT stockholders are expected to own approximately 76% of the combined company’s outstanding common stock, while WMC stockholders are expected to own approximately 24%.