AI
Arlington Asset Investment CorporationNYSE
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  • Mon, Nov. 14, 12:47 PM
    • While most residential mortgage REITs don't own floating-rate securities - and thus may see little benefit from higher rates - that's not true for commercial mREITs, says analyst Paul Miller.
    • Among his post-election favorites are Arlington Asset (AI +2.6%) and New Residential (NRZ +0.2%).
    • For AI, Miller and team says book value should be boosted in a rising rate environment as management already has hedges in place.
    • For New Residential, MSRs become more valuable as rate rise (slower refinances). Miller sees book gaining 3.8% should interest rates increase 50 basis points. In addition, the company's portfolio of agency and non-agency RMBS paper are both well-protected in a rising rate scenario.
    | Mon, Nov. 14, 12:47 PM | 24 Comments
  • Wed, Oct. 26, 7:58 AM
    • Q3 non-GAAP core operating income of $0.64 per share vs. $0.67 in Q2. Dividend of $0.625.
    • Book value per share of $18.83 vs. $18.77 ninety days earlier. Yesterday's close of $15.09 is roughly a 20% discount to book (the discount was 28% a quarter ago). Tangible book value per share of $14.63 vs. $13.92 last quarter.
    • Positive economic return of 14.6% (annualized) for the quarter.
    • Management notes rising rates boosted its interest rate hedges more than it hurt the value of its MBS portfolio.
    • The conference call is at 9 ET.
    • Previously: Arlington Asset Investment misses by $0.02 (Oct. 25)
    • AI flat premarket
    | Wed, Oct. 26, 7:58 AM | 7 Comments
  • Tue, Oct. 25, 5:23 PM
    • Arlington Asset Investment (NYSE:AI): Q3 EPS of $0.64 misses by $0.02.
    • Net interest income of $18.26M (-30.0% Y/Y)
    • Press Release
    | Tue, Oct. 25, 5:23 PM | 4 Comments
  • Thu, Sep. 15, 4:47 PM
    • Arlington Asset Investment (NYSE:AI) declares $0.625/share quarterly dividend, in line with previous.
    • Forward yield 16.86%
    • Payable Oct. 31; for shareholders of record Sept. 30; ex-div Sept. 28.
    | Thu, Sep. 15, 4:47 PM | 8 Comments
  • Tue, Jul. 26, 6:03 PM
    • Q2 non-GAAP core operating income of $0.67 per share vs. $0.80 earned in Q1 $1.31 in Q4 of last year. Dividend of $0.625 per share.
    • Book value per share of $18.77 stabilizes somewhat, dipping just $0.09 for the quarter. Close of $13.48 is a 28% discount to book. Tangible book value per share of $13.92 vs. $14.45 three months earlier.
    • Positive economic return of 11.3% (annualized) on book value for the quarter.
    • Conference call tomorrow at 9 ET
    • Previously: Arlington Asset Investment EPS in-line, misses on net interest income (July 26)
    • AI flat after hours
    | Tue, Jul. 26, 6:03 PM | 1 Comment
  • Tue, Jul. 26, 5:33 PM
    • Arlington Asset Investment (NYSE:AI): Q2 EPS of $0.67 in-line.
    • Net interest income of $19.65M (-17.1% Y/Y) misses by $1.48M.
    • Press Release
    | Tue, Jul. 26, 5:33 PM | 3 Comments
  • Fri, Jun. 17, 4:51 PM
    • Arlington Asset Investment (NYSE:AI) declares $0.625/share quarterly dividend, in line with previous.
    • Forward yield 18.78%
    • Payable July 29; for shareholders of record June 30; ex-div June 28.
    | Fri, Jun. 17, 4:51 PM | 5 Comments
  • Thu, Jun. 9, 10:51 AM
    • Based on a preliminary vote count, Arlington's (AI -1.3%) slate of nominees have been "overwhelmingly" elected to the board, among them CEO J. Rock Tonkel.
    • Working with the Clinton Group, Imation Corp. (IMN) had nominated its own slate for the board.
    | Thu, Jun. 9, 10:51 AM | 2 Comments
  • Tue, May 31, 8:17 AM
    • Both Institutional Shareholder Services and Glass Lewis recommend Arlington Asset Investment (NYSE:AI) shareholders vote for the company's slate of board members, instead of those proposed by dissedents Imation Corp. and Clinton Group.
    | Tue, May 31, 8:17 AM | 10 Comments
  • Tue, May 10, 8:57 AM
    • Q1 non-GAAP core operating income of $18.4M or $0.80 per share vs. $1.31 earned in Q4. Dividend is $0.625.
    • Book value per share of $18.86 drops from $21.05 three months earlier. Last night's close of $12.46 is a 34% discount to book. Tangible book value per share of $14.45.
    • Economic return - defined as the dividend less the drop in book value divided by the period-beginning book value - was a negative 26% annualized.
    • Portfolio and hedges were positioned for higher rates, says the company. When rates fell and spreads widened in Q1, the strategy resulted in a big decline in book value which the company expects to recoup over time.
    • Conference call at 11 ET
    • Previously: Arlington Asset Investment misses by $0.12 (May 10)
    • AI -1.3% in thin premarket action.
    | Tue, May 10, 8:57 AM | 4 Comments
  • Tue, May 10, 8:40 AM
    • Arlington Asset Investment (NYSE:AI): Q1 EPS of $0.80 misses by $0.12.
    • Net interest income of $22.06M (-17.6% Y/Y)
    • Shares -1.3% PM.
    | Tue, May 10, 8:40 AM
  • Fri, Apr. 8, 7:22 AM
    • Imation Corp. (NYSE:IMN) acting in concert with Clinton Group has notified Arlington Asset Management (NYSE:AI) of its intent to nominate its own slate of board members at the 2016 annual meeting.
    • Arlington management notes Imation is an IT data storage and security company which the Clinton Group took control of about one year ago. Together Imation and Clinton own less than 0.1% of AI stock, and it was very recently purchased.
    • Arlington also notes what it calls questionable self-dealing by Clinton/Imation since the Clinton Group took control of the board there, not to mention a sharp decline in the stock price.
    • Now read: Arlington Asset Investment Corporation: Why Shares Keep Falling
    | Fri, Apr. 8, 7:22 AM | 4 Comments
  • Tue, Mar. 15, 5:12 PM
    • Arlington Asset Investment (NYSE:AI) declares $0.625/share quarterly dividend, in line with previous.
    • Forward yield 19.39%
    • Payable April 29; for shareholders of record March 31; ex-div March 29.
    | Tue, Mar. 15, 5:12 PM | 2 Comments
  • Fri, Feb. 26, 10:07 AM
    • The mREITs (REM +1.3%) are higher across the board after Apollo Residential Mortgage (AMTG +31.3%) agrees to a sale at a hefty premium to last night's close, but still at a discount to book value.
    • The entire sector is trading at sizable discounts to book value, with some names at massive discounts. For its part, Apollo Residential yesterday could be purchased for about 60% of its end-of-year book value. And the assets on the books of these companies tend to be highly liquid and easily valued.
    • Running an mREIT may not be a terribly efficient exercise at the small market caps most of the sector sports. The companies depend on being able to issue stock with which to fund growth, but can't do so (without being wildly dilutive) when the shares are trading at such wide discounts.
    • Sector giants Annaly Capital (NLY +0.6%) and American Capital Agency (AGNC +1.2%) have market caps above $6B, and Two Harbors (TWO +0.8%), Chimera (CIM +1.1%), CYS Investments (CYS +1%), Invesco (IVR +3.5%), Hatteras (HTS +1.2%), MFA Financial (MFA +1%), and Capstead (CMO +1%) are all near or well over $1B.
    • Players in Apollo's league (sub-$500M market cap) include New York Mortgage (NYMT +1%), Western Asset (WMC +0.6%), Anworth (ANH +1.3%), Dynex (DX +1.4%), Arlington Asset (AI +4.6%), AG Mortgage (MITT +8.7%), The Ellingtons (EFC +1.9%), (EARN +1.1%), Javelin (JMI +2.8%), Orchid Island (ORC +1.5%), Five Oaks (OAKS +0.7%), ZAIS Financial (ZFC +1.3%)
    | Fri, Feb. 26, 10:07 AM | 32 Comments
  • Wed, Feb. 24, 11:30 AM
    • Yes the stock is trading at a whopping discount to book value, says analyst Lucy Webster, but book value is going to see pressure from costs associated with the hedge portfolio and the need for the company to roll forward U.S. Treasury derivative contracts by the end of the quarter.
    • In addition, Webster and team think the non-agency MBS market has plateaued. With the company reinvesting capital into the agency portfolio, returns will be more muted, and the current dividend may not be covered by Q4.
    • She downgrades to Neutral from Buy, with $13 price target (vs. $11.15 current price). That $13 PT is 0.9x the team's estimate of tangible book value per share of $14.07. Year-end BVPS was $16.81, but Nomura has adjusted for fair-value movements thus far in 2016.
    • AI -5.7%
    | Wed, Feb. 24, 11:30 AM | 3 Comments
  • Thu, Feb. 4, 11:00 AM
    • It doesn't take a lot of good news to light a fire under the price of beaten-down stocks, and sometimes just the absence of bad news is enough.
    • Arlington Asset Investment (NYSE:AI) after the close on Tuesday reported its first quarterly increase in book value in more than a year. With the stock trading at a near-50% discount to book, the path's been higher since.
    • Earnings call transcript
    • Today, the stock notches an upgrade to Buy at Ladenburg Thalman.
    • AI is up 3% this session and nearly 15% over two days.
    | Thu, Feb. 4, 11:00 AM | 2 Comments