American Capital Agency Corp.
 (AGNC)

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  • Nov. 17, 2015, 9:28 AM
    • Soros Fund Management reports (as of 9/30) a 1.23M share stake in American Capital Agency (NASDAQ:AGNC) and a 503K share stake in Annaly Capital (NYSE:NLY).
    • The combined value of about $26M stands against north of $10B in AUM for the family office.
    • ETFs: MORL, REM, MORT, LMBS
    | Nov. 17, 2015, 9:28 AM | 40 Comments
  • Nov. 12, 2015, 4:40 PM
    • American Capital Agency (NASDAQ:AGNC) declares $0.20/share monthly dividend, in line with previous.
    • Forward yield 13.56%
    • Payable Dec. 9; for shareholders of record Nov. 30; ex-div Nov. 25.
    | Nov. 12, 2015, 4:40 PM | 12 Comments
  • Nov. 12, 2015, 4:25 PM
    • Alongside declaration of its $0.20 monthly payout (in-line with previous), American Capital Agency (NASDAQ:AGNC) estimates book value as of the end of October to be $23.04 per share - up from $23 a month earlier even after the $0.20 dividend.
    • The stock's close today of $17.70 is a 23.2% discount to Oct. 31 book.
    | Nov. 12, 2015, 4:25 PM | 11 Comments
  • Oct. 27, 2015, 11:35 AM
    • Speaking on the earnings call, American Capital Agency (AGNC -3.6%) CIO Gary Kain says the company's investment mandate has been expanded to allow up to 10% of the portfolio to be in non-agency securities. Kain quickly adds that AGNC will remain almost exclusively focused on agency paper and any addition of non-agency will be quite slow.
    • Webcast and presentation slides
    • Prime candidates for purchases would be jumbo 30-year AAA mortgages and AAA CMBS paper, both of which offer significantly greater spreads to benchmarks than agency 30-year MBS.
    • Asked if the company would again consider buying stakes in peers given the major discounts to book value in the industry, Kain says he'd prefer buying back his own stock at this time.
    • "The premise for our Buy rating was that we believed that the manager of AGNC could defend BVPS against meaningful deterioration," says Wunderlich's Merrill Ross in her downgrade of the stock to Hold. While Gary Kain thinks the current wider spreads could make for healthy investments going forward, Ross isn't so sure: "The reality is that indecisive action on the part of the FOMC to tighten monetary policy after nearly seven years at the zero bound has created an environment that is hostile to value creation, particularly for agency MBS portfolio managers."
    • Previously: Earnings and book value fall at American Capital Agency (Oct. 26)
    • Previously: Wunderlich throws in the towel on American Capital Agency (Oct. 27)
    | Oct. 27, 2015, 11:35 AM
  • Oct. 27, 2015, 8:30 AM
    • Wunderlich has rated American Capital Agency (NASDAQ:AGNC) a Buy since late July of 2014, but downgrades to Hold after another weak quarter for the mortgage REIT. The price target is cut to $19.50 from $21.
    • Book value per share on June 30, 2014 was $26.26, and the stock in late July sold at a 10% discount to book. Book value as of Sept. 30 this year was $23 and the stock today sells at a 17% discount.
    • Shares are lower by 2.45% to $18.60 in premarket action.
    • Previously: Earnings and book value fall at American Capital Agency (Oct. 26)
    • Previously: American Capital Agency misses by $0.09 (Oct. 26)
    | Oct. 27, 2015, 8:30 AM | 16 Comments
  • Oct. 26, 2015, 4:10 PM
    • Q3 net spread and dollar roll income of $0.51 per share slips from $0.60 in Q2.
    • Book value per share of $23 falls $1 from three months earlier. Today's close of $19.07 is a 17.1 discount to Sept. 30 book.
    • Economic return for the quarter - the dividend ($0.60) minus the $1 loss in book value - of negative 1.7%, or negative 6.6% annualized.
    • 2.35M shares bought back during quarter, or 0.7% of the float, at average price of $19.08 each.
    • 12.4% portfolio CPR for the quarter vs. 11.6% in Q2. 1.14% net interest spread down from 1.74%.
    • CIO Gary Kain takes note of wider MBS spreads - harmful to current period results, but offering the chance for better returns on new investments.
    • Conference call tomorrow at 11 ET
    • Previously: American Capital Agency misses by $0.09 (Oct. 26)
    • AGNC -0.4% after hours
    | Oct. 26, 2015, 4:10 PM | 14 Comments
  • Oct. 26, 2015, 4:03 PM
    • American Capital Agency (NASDAQ:AGNC): Q3 EPS of $0.51 misses by $0.09.
    | Oct. 26, 2015, 4:03 PM | 20 Comments
  • Oct. 25, 2015, 5:35 PM
    | Oct. 25, 2015, 5:35 PM | 2 Comments
  • Oct. 13, 2015, 4:02 PM
    • American Capital Agency (NASDAQ:AGNC) declares $0.20/share monthly dividend, in line with previous.
    • Forward yield 12.42%
    • Payable Nov. 9; for shareholders of record Oct. 30; ex-div Oct. 28.
    | Oct. 13, 2015, 4:02 PM | 12 Comments
  • Oct. 12, 2015, 11:44 AM
    • Noting "selective outperformance" in the mREIT sector in Q3 - Annaly Capital (NYSE:NLY) gained 7% and American Capital Agency (NASDAQ:AGNC) 2% vs. a 5% decline for the average agency REIT - analyst Brock Vandervliet adds Chimera Investment (CIM +0.9%) to those two "best ideas."
    • He sees Q3 earnings of $0.56 beating consensus by a penny, with a positive impact coming from the repurchase of 9M shares from Annaly at well below book value. Chimera's 10% annual normalized EPS growth is the highest in the sector, he says, and asset yields should bounce with lower amortization in the agency book.
    | Oct. 12, 2015, 11:44 AM | 10 Comments
  • Oct. 7, 2015, 11:15 AM
    • So roughed up are the mortgage REITS (REM +0.7%), that what's now a six-day rally in the sector is little more than a blip on the longer-term chart.
    • There's no particular news today, but with much of the sector trading at somewhere in the area of a 15-20% or even higher discounts to book value, even the worst scenario on interest rates may be more than priced in.
    • Leading the way higher today are Ellington Residential (EARN +4.3%), Javelin Mortgage (JMI +3.4%), Arlington Asset (though not a REIT) (AI +2.3%), Dynex Capital (DX +0.9%), Apollo Residential (AMTG +1.2%), PennyMac Mortgage (PMT +1%), Cherry Hill Mortgage (CHMI +1.2%), Hatteras Financial (HTS +0.5%), Two Harbors (TWO +0.8%). The action in Annaly Capital (NLY) and American Capital Agency (AGNC -0.3%) is more subdued.
    • ETFs: MORL, REM, MORT, LMBS
    | Oct. 7, 2015, 11:15 AM | 27 Comments
  • Oct. 5, 2015, 12:36 PM
    • With a wave of Q3 dividend cuts now in the rearview mirror, perhaps investors are looking ahead to what might be stability in payouts. With most of the sector trading at double-digit discounts to book value - and plenty of names selling for more than 20% discounts - even stability should be enough for a reasonable rally into year-end.
    • Leading the way higher is Five Oaks Investment (OAKS +6.4%), while mREIT giants Annaly Capital (NLY +1%) and American Capital Mortgage (AGNC +1.2%) are sector laggards today.
    • Two Harbors (TWO +1.7%), CYS Investments (CYS +2.3%), New York Mortgage (NYMT +3.5%), Dynex Capital (DX +2.4%), AG Mortgage (MITT +2.6%), Javelin Mortgage (JMI +4%), Armour Residential (ARR +2.9%), Orchid Island (ORC +4.2%)
    • ETFs: MORL, REM, MORT, LMBS
    | Oct. 5, 2015, 12:36 PM | 22 Comments
  • Sep. 28, 2015, 12:24 PM
    • It's a big ex-dividend day for the mortgage REIT sector, but the stocks of payers like Ellington Residential (EARN -6.2%), Arlington Asset (AI -10.4%), Western Asset (WMC -4.9%), Two Harbors (TWO -5.7%), Chimera Investment (CIM -7.3%), New York Mortgage (NYMT -6.9%), American Capital Agency (AGNC -3.2%), and Annaly Capital (NLY -4.8%),  are down far more than their payout amounts.
    • The above declines include the dividends being paid, so are higher than actual.
    • Others like Armour Residential (ARR -2.9%), Javelin Mortgage (JMI -4.2%), Five Oaks (OAKS -5.9%), AG Mortgage (MITT -3.4%), and Invesco (IVR -4.2%) are just down.
    • The decline comes as another Fed head all but promises a rate hike this year, and the 10-year Treasury yield falls back six basis points to 2.10%. Thirty-day Fed Fund futures are pricing in just less than a 50% chance of a 25 basis point rate hike in 2015.
    • ETFs: MORL, REM, MORT, LMBS
    | Sep. 28, 2015, 12:24 PM | 77 Comments
  • Sep. 17, 2015, 2:31 PM
    | Sep. 17, 2015, 2:31 PM | 50 Comments
  • Sep. 16, 2015, 3:15 PM
    • "This is very unlikely to be a typical hiking cycle," says American Capital Agency (AGNC) CIO Gary Kain, presenting at the Barclays financial services conference. He notes past tightening cycles have come about amid fast-improving economies, something not even the hawks would argue is happening today. Instead this hike is necessary because of years of cumulative improvement in the labor market, while current economic activity is moderate at best.
    • Presentation slides
    • Transcript
    • Don't write off the REIT space just yet, says Kain, arguing that 20% discounts to book value across the industry are pricing in a lot of bad news.
    | Sep. 16, 2015, 3:15 PM | 10 Comments
  • Sep. 14, 2015, 4:05 PM
    • American Capital Agency (NASDAQ:AGNC) declares $0.20/share monthly dividend, in line with previous.
    • Forward yield 12.64%
    • Payable Oct. 9; for shareholders of record Sept. 30; ex-div Sept. 28.
    | Sep. 14, 2015, 4:05 PM | 2 Comments
Company Description
American Capital Agency Corp is a real estate investment trust that invests exclusively in residential mortgage pass-through securities and collateralized mortgage obligations on a leveraged basis.
Sector: Financial
Country: United States