AGNC Investment Corp.NASDAQ
Mon, Oct. 24, 4:11 PM
- Q3 net spread and dollar roll income of $0.64 per share vs. $0.56 earned in Q2. Dividends of $0.56 during quarter.
- Net book value per share of $22.91 up from $22.22 three months earlier. Today's close of $19.84 is a 13.4% discount to Sept. 30 book. Tangible book value per share of $21.23 excludes $1.68 of goodwill and other intangible assets recognized as part of the company's purchase of its management company.
- Economic return for the quarter of 5.6%, or 22.4% annualized.
- CIO Gary Kain notes the quarter's strong performance was boosted by the recent internalization of management, which meant a big cut in operating expenses.
- Previously: AGNC Investment beats by $0.09 (Oct. 24)
- AGNC +1.5% in thin after hours trading.
Mon, Oct. 24, 4:02 PM
Sun, Oct. 23, 5:35 PM
Wed, Oct. 12, 4:28 PM
Tue, Oct. 4, 4:20 PM
- With the "American Capital" moniker no longer necessary following this summer's internalization of management, American Capital Agency (NASDAQ:AGNC) this week began operating as AGNC Investment Corp.
- Likewise, American Capital Mortgage (NASDAQ:MTGE) changed its name to MTGE Investment Corp.
- The stock symbols remain the same.
Mon, Sep. 26, 3:26 PM
- A 1.55% decline in Europe amid worries over the financial condition of Deutsche Bank has helped send the U.S. averages lower by 0.85%, and Treasury yields to their slimmest this month. At the short end, traders are cutting bets on the chance of a rate hike at any point in 2016.
- Fading that negative action are the REITs, with the Vanguard REIT Index Fund (NYSEARCA:VNQ) higher by 0.3% and the iShares U.S. Real Estate ETF (NYSEARCA:IYR) up 0.2%. The iShares Mortgage REIT ETF (NYSEARCA:REM) is also up 0.2%.
- Among individual issues: Annaly Capital (NLY +0.8%), American Capital Agency (AGNC +0.7%), Realty Income (O +1.1%), Omega Healthcare (OHI +1%), HCP (HCP +0.8%), Aimco (AIV +1.7%), Simon Property (SPG +0.5%), Kimco (KIM +0.8%), Public Storage (PSA +0.9%), Stag Industrial (STAG +0.5%)
Wed, Sep. 14, 4:12 PM
Wed, Sep. 14, 4:09 PM
- Alongside declaration of its $0.18 monthly dividend, American Capital Agency (NASDAQ:AGNC) announces Aug. 31 book value per share of $22.71 and tangible book value per share of $21.01.
- Tangible book excluded estimates of intangible assets acquired as part of the internalization of management.
- Book value per share was $22.24 on July 31.
- Today's close of $19.30 is a 15% discount to book; an 8% discount to tangible book.
Wed, Aug. 17, 10:48 AM
- July 31 book value per share of $22.24 is up $0.02 from one month earlier. This includes deductions for not just July's $0.20 dividend, but August's $0.18 payout which was declared on July 27. Adding that $0.18 back in means book value gained $0.20 per share during July.
- Estimated tangible book value per share (after adding in the August payment) is $20.72.
- AGNC is lower by 0.8% this morning to $19.55.
Thu, Jul. 28, 2:27 PM
- The deal for American Capital Agency (AGNC +0.6%) to internalize management closed on July 1, and AGNC now provides management to American Capital Mortgage (MTGE +0.9%), giving it a stream of management income.
- Annual run-rate operating costs should be below 0.9% of shareholder equity - or below 0.75% if adding in the management fee from MTGE.
- This would be the lowest cost structure of any mortgage REIT, and well below the average of 2.91% (measured against shareholder equity).
- See presentation slides (now hosted on Seeking Alpha).
- Previously: Strong quarter for American Capital Agency (July 27)
- Previously: American Capital Agency declares $0.18 dividend (July 27)
Wed, Jul. 27, 4:43 PM
Wed, Jul. 27, 4:10 PM
- Q2 net spread and dollar roll income of $0.56 per share vs. $0.52 earned in Q1. Quarterly dividend run rate is $0.60.
- Book value per share of $22.22 vs. $22.09 three months earlier. Today's close of $19.49 is a 12.3% discount to book value.
- Economic return for the quarter of 3.3%, or 13.3% annualized.
- Net interest spread of 1.38% up seven basis points from Q1. 11.8% CPR up from 8.8%.
- Earnings call tomorrow at 11 ET
- Previously: American Capital Agency reports Q2 results (July 27)
- AGNC flat after hours
Wed, Jul. 27, 4:04 PM
Tue, Jul. 26, 5:35 PM
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Tue, Jul. 26, 1:13 PM
- "We see an obvious flaw in this analysis," says David Einhorn in his Q2 letter to Greenlight Capital investors. He's referring to Andrew Left's Citron's short of Chemours (CC +8.5%). Left contended Chemours could face $5B in liabilities thanks to 3.5K lawsuits from people living near its Teflon plant in Parkersburg, WV. Double-checking with Left, Einhorn found no math to justify that lofty figure.
- Others have pegged the liability at just several hundred million dollars, not enough to topple the company.
- Greenlight is an owner of 8.8M shares as of March 31.
- In other Greenlight news, the hedge fund took advantage of the post-Brexit panic to cover shorts against Intuitive Surgical (ISRG +0.2%), Under Armour (UA -5.8%), and United Rentals (URI +2.3%).
- Longs sold out of include: American Capital Agency (AGNC +0.4%), Baxter International (BAX +3.3%), Ingram Micro (IM -0.7%), and Oil States International (OIS +0.7%).
- Greenlight fell 2.6% in Q2, bringing it nearly back to break-even for the year.
Tue, Jul. 19, 10:21 AM
- Details aren't yet available, but it's not hard to imaging similar reasoning as today KBW follows JPMorgan (yesterday) in downgrading American Capital Agency (AGNC +0.8%).
- Rates have fallen at the long end and are steady (or possibly soon to be rising) at the short end. It adds up to boosted prepayment risk and slimmer margins.
- The stock's roughly 20% rally since bottoming in early January leaves the valuation a lot fuller today than it was then.