| An SI Board Since September 1998 |
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Apex Mortgage Capital. Real estate investment trust dealing in United States agency securities, other mortgage securities and mortgage loans. Fundamentals look good: As of September 17, 1998, the stock is selling for under $10. The quarterly dividend has just been raised to $0.27 per share. There are 6 million shares outstanding and the company has just authorized repurchase of 750,000. According to the CFO, the book value is $13.75 (price/book = .7). The company has $6.30/share in cash and no debt. Analysts' estimates are for earnings of $0.79/ share this year (PE=12) and $1.34 next year (PE=7.5). There has been insider buying all year and recently by numerous insiders at prices above the current price.
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