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CYS Investments talks buybacks and the rate outlook in earnings fall

Apr. 23, 2015 3:27 PM ETCYS Investments, Inc. (CYS) StockCYSBy: Stephen Alpher, SA News Editor2 Comments
  • "The math was crystal clear," says CYS Investments (CYS +0.1%) CEO Kevin Grant, speaking on the earnings call (transcript) about the company's 4.1M of share purchases during Q1. "The entire sector was a better investment than the underlying assets," thanks  to the sizable stock price discounts to NAV.
  • "This was clearly accretive in all the many measures we use to make the decision and we run those calculations every day the trading window is open." The average purchase price was $8.95 each, but Grant notes the company made the buys before the $0.30 dividend, making the move even more accretive.
  • Grant called long-term rates just right last year, so what's his outlook now? More of the same - very sluggish global growth, scant wage gains, low or no inflation, low trading volumes in bond markets, and fairly stable long-term interest rates.
  • Previously: CYS Investments income slips a bit in Q1, but dividend paid for and book value edges higher (April 22)

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