Capstead beats as margin widens, prepayments dive


A nice beat by Capstead Mortgage (CMO) sets the stock and maybe the entire mREIT sector up for a good day tomorrow. EPS of $0.35 is $0.04 ahead of estimates and compares to $0.23 per share in Q3. The quarterly dividend is $0.31 per share.

Financing spreads rose a big 38 basis points from Q3 to 1.25%. Prepayments declined 33% to a CPR of 17.14.

Book value per share of $12.47 is $0.12 higher than Q3 and compares to the share price of $12.37.

Management: Prepayment rates declined to levels not seen since early 2012; "We anticipate reporting earnings in 2014 sufficient to pay dividends at or above our 2013 quarterly dividend level."

CC tomorrow at 9 ET

From other sites
Comments (1)
  • Tucker Leppa
    , contributor
    Comments (339) | Send Message
     
    Census estimates were actually $.32 so it'd be a $.03 beat
    (http://bit.ly/1ehn1pK)
    Long (CMO) 12/17/13 @ 12.10
    29 Jan 2014, 06:47 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs