- "There are numerous reasons to believe a repeat of 2013 is not in the cards," says American Capital Agency (AGNC +2.2%) CIO Gary Kain on the earnings call. He notes most traditional agency MBS investors are underweight the sector, and MBS have already priced in continued rises in interest rates.
- Not only is American Capital aggressively repurchasing its own stock while it trades at a large discount to book value, but it bought $400M worth of other agency mREIT players ($237M in Q4, increased to $400M as of the end of January). Kain: Why buy more mortgages when you can buy the companies that own them for roughly 20% less than the value of the mortgages on their books.
- Earnings call slides
- Previous earnings coverage
- Related ETFs: REM, MORT, MORL
Check out Seeking Alpha’s new Earnings Center »
From other sites
at Nasdaq.com (Apr 9, 2015)
at Nasdaq.com (Mar 26, 2015)
at Nasdaq.com (Feb 24, 2015)
at Nasdaq.com (Feb 12, 2015)
at Benzinga.com (Feb 4, 2015)
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