Seeking Alpha

American Capital beats estimates; grows book value

  • Economic net income of $1.18 per share, with $0.71 net spread and dollar roll income vs. expectations of $0.68. Q1 dividend was $0.65.
  • Book value per share of $24.49 after $0.65 dividend is up from $23.93 at the end of last year.
  • Size of agency MBS portfolio is $70.5B, up from $68.2B at the end of last year. $352M invested in other mortgage REITs - produced $49M, or $0.14 per share gain from dividends and appreciation during Q.
  • 7.6x "at risk" leverage as of the March 31 vs. 7.5x at end of 2013.
  • Portfolio CPR of 7% down from 8% a quarter ago. Adjusted net interest spread of 1.59% is up 17 basis points.
  • 3.4M shares repurchased - 1% of the float - during quarter at average price of $22.10. Since the end of 2012, company has repurchased 46.3M shares, or 12% of the float.
  • CIO Kain: "We remain optimistic ... To this point, April has been a very good month."
  • CC tomorrow at 11 ET
  • Previously: American Capital Agency Corp. EPS of -$0.41
  • Source: Press Release
  • AGNC flat AH
Comments (6)
  • Mike Maher
    , contributor
    Comments (2809) | Send Message
     
    Good news on April being good thus far.
    28 Apr 2014, 04:28 PM Reply Like
  • tev
    , contributor
    Comments (25) | Send Message
     
    Way to go AGNC! The light is now in view at the end of the tunnel.
    28 Apr 2014, 04:35 PM Reply Like
  • DeepValueLover
    , contributor
    Comments (9805) | Send Message
     
    Time for a dividend.
    28 Apr 2014, 04:38 PM Reply Like
  • Mr. Reitman
    , contributor
    Comments (74) | Send Message
     
    A good time to double my modest position...
    28 Apr 2014, 06:17 PM Reply Like
  • Chuck_G
    , contributor
    Comments (2) | Send Message
     
    Bravo to Scott Kennedy for yet again calling this quarter to within an inch of spot-on.
    28 Apr 2014, 09:06 PM Reply Like
  • Albert Alfonso
    , contributor
    Comments (2500) | Send Message
     
    What a great no nonsense quarter for AGNC. Anyone else notice that they made over $49M on the $400M investment in mREIT peer stock?
    28 Apr 2014, 10:37 PM Reply Like
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