Mortgage REITs in the green; Annaly reports after the bell

Ahead of Annaly Capital (NLY +1.7%) results after the bell, the mortgage REITs (REM +0.8%) are higher across the board, led by the four who reported earnings after yesterday's close. New York Mortgage Trust (NYMT +2.8%), Apollo Residential Mortgage (AMTG +1.3%), AG Mortgage Investment (MITT +3.3%), and Javelin Mortgage (JMI +0.9%).

Bond yields - mostly at the short end - are slipping amid Janet Yellen's congressional testimony.

At the current price of $7.59, New York Mortgage Trust is trading at 1.16x March 31 book value, and Javelin Mortgage - which was one of the cheapest in the sector a few months back - is trading right at book following large share buybacks at the behest of activist investor Phil Goldstein. MITT and AMTG continue to trade at sizable discounts to book value.

Related ETFs: MORT, MORL

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Comments (1)
  • jbbson
    , contributor
    Comments (839) | Send Message
    Third Qtr in a row AMTG has increased earnings. Very low leverage at 3.8 there is room to grow. Interest rate spread is an attractive 2.8%. AMTG has been discounted too much, that is obvious. Closing the spread could bring the stock up to the low $17 range. With growing earnings a dividend increase seems to be more likely.
    7 May 2014, 04:01 PM Reply Like
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