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Albert Alfonso

 
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  • Update: American Capital Agency Keeps Dividend Intact [View article]
    facts never get in the way of a good talking point...
    Sep 21, 2014. 06:16 PM | Likes Like |Link to Comment
  • Update: American Capital Agency Keeps Dividend Intact [View article]
    caribsurking,

    The quarters were great due to the book value gains. The net spread, which is a good proxy for the dividend, has actually weakened.
    Sep 21, 2014. 06:15 PM | Likes Like |Link to Comment
  • Update: American Capital Agency Keeps Dividend Intact [View article]
    That is a fair point Bruce. mREITs are cheap for a reason, out-sized interest rate sensitivity. But they also offer double digit yields. High risk, high reward.
    Sep 21, 2014. 06:14 PM | 2 Likes Like |Link to Comment
  • Update: An Impressive Quarter For American Capital Agency Corp [View article]
    Rich,

    The intro is there for readers to get a quick summary of the article without needing to read the whole thing.
    Jul 29, 2014. 02:16 PM | 2 Likes Like |Link to Comment
  • American Capital Agency: A Return To Stability [View article]
    Bruce,

    We've been hearing that same tune for ages now. Did you see the downward revision for Q1 GDP?

    http://1.usa.gov/vgZr0y

    As was hinted in the CC, AGNC hedged too much during Q1 in expectation of a move higher in rates. However, rates were mostly flat.

    Anyway, mREITs are a sector where you can get returns in a stagnant market. 2012 was the perfect example of a good year, 2013 an example of a disaster.
    May 1, 2014. 03:11 PM | 1 Like Like |Link to Comment
  • American Capital Agency: A Return To Stability [View article]
    Thanks for catching that. Should be fixed soon.
    May 1, 2014. 03:02 PM | Likes Like |Link to Comment
  • American Capital Agency: The Best Is Yet To Come [View article]
    BB,

    These equity holdings are, in effect, a sorta of leverage free way to increase NII.

    AGNC started buying its peers when it realized that their stock prices were not going up as fast as the corresponding MBS prices. Think of it like buying dollar bills for 75 cents.
    Apr 29, 2014. 01:55 PM | 1 Like Like |Link to Comment
  • American Capital Agency: The Best Is Yet To Come [View article]
    Hi rose,

    I am in the same boat. My cost basis is above the current price. However, with cost averaging down and dividend income, I have nearly made up for the losses. Should start to break even with the next dividend payment.

    Considering 2013 was the worst year for volatility in the MBS market since the 1990s, I think I did okay.
    Apr 29, 2014. 01:51 PM | 1 Like Like |Link to Comment
  • American Capital Agency Corp.: The Dividend Now Looks Quite Sustainable [View article]
    goldenbear65,

    I do apologize for the confusion. Perhaps my title should have added "short-term" to make it more inline with my thoughts.

    "Sustainable" has no implication on the long-term aspect of the dividend, but rather deals with if the company is generating enough income to maintain the dividend at the current level.

    AGNC obviously generated enough income over the past 3 months to maintain the dividend at $0.65 for the quarter. I think we will see this reflected in the Q1 report.

    For Q2, things are looking bright given that the company is not selling its MBS portfolio to buy back stock.
    Mar 22, 2014. 05:35 PM | Likes Like |Link to Comment
  • American Capital Agency Corp.: The Dividend Now Looks Quite Sustainable [View article]
    wriskit,

    We will not know AGNC's net spread or net interest income until the Q1 report. However, assuming the company has not reduced its exposure to MBS, it should be generating similar income compared to Q4 2013.

    As for my comment regarding the dividend: forecasting mREITs dividends out more than a few months is nearly impossible. I am just making sure readers know that the quarterly dividend can and does change greatly. Remember it was at $1.25 only one year ago...
    Mar 21, 2014. 08:37 PM | Likes Like |Link to Comment
  • A Genius Move By American Capital Agency Corp [View article]
    That is not really a fair comparison. mREITs own highly liquid assets that can be sold at a moment's notice.
    Feb 11, 2014. 11:48 AM | 1 Like Like |Link to Comment
  • A Genius Move By American Capital Agency Corp [View article]
    It is already happening. Every mREIT I follow has announced some form of buyback.
    Feb 11, 2014. 11:23 AM | Likes Like |Link to Comment
  • A Genius Move By American Capital Agency Corp [View article]
    The size of the positions needs to reach a certain percentage before disclosure is required.
    Feb 11, 2014. 11:21 AM | 3 Likes Like |Link to Comment
  • Has American Capital Agency Finally Turned The Corner? [View article]
    tstreet,

    AGNC makes the most money when interest rates are stable for long stretches of time. This was the situation in 2011 and 2012. Hopefully interest rates can stay at this level for all of 2014.
    Feb 6, 2014. 04:11 PM | Likes Like |Link to Comment
  • American Capital Agency Corp.: Yet Another Dividend Cut [View article]
    SPS50,

    AGNC is very unlikely to issue equity while the stock is under book value.
    Dec 20, 2013. 02:32 PM | 2 Likes Like |Link to Comment
More on AGNC by Albert Alfonso
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