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Wed, Sep. 17, 4:31 PM| 2 Comments
Thu, Sep. 4, 8:58 AM| 5 Comments
Wed, Jul. 30, 7:49 AM
- Core operating income of $24.4M or $1.22 per share. Dividend of $0.875. Proceeds from the March capital raise were fully deployed by mid-May and boosted results, as did continued gains in AI's private-label MBS portfolio.
- Private-label portfolio fair market value of $314.1B is 74.1% of face value. The quarterly cash yield as a percent of fair market value is 3.6% and the quarterly unlevered yield as a percent of amortized cost is 10.4%. The CPR is 11.3%.
- Book value per share of $31.51u p from $33.10 at the start of the year.
- Previously: Arlington Asset Investment beats by $0.16, beats on revenue
- Shares +2.5% premarket
Tue, Jul. 29, 5:27 PM| 6 Comments
Wed, Jun. 11, 5:01 PM
- Alongside its dividend announcement, Arlington Asset Management (AI) names J. Rock Tonkel as CEO, effective immediately to replace the outgoing Eric Billings, who co-founded the company in 1989 and will continue to serve as Executive Chairman and Chairman of the Investment Committee.
- Tonkel was previously COO of Arlington as well as a director. He will continue to serve on the board.
- Source: Press Release
Wed, Jun. 11, 4:47 PM| Comment!
Tue, Apr. 29, 7:34 AM
- Core operating income of $20.1M or $1.18 per share. Net interest income of $21.6M vs. $16.7M one year ago. CPR of 6%. Leverage of about 3:1. Dividend was $0.875 per share. Book value per share of $31.50 vs. $33.10 one year ago.
- Agency MBS portfolio of $1.9B face value. All are fixed-rate 30-year mortgages with average coupon of 4.06%, weighted average cost of 106.82, weighted average market price of 104.38, and weighted average cost of repo funding of 34 basis points. Thus far in April, company has purchased another $500M in face value of additional MBS.
- Private-label MBS portfolio of $458.6M in face value, and fair value of $329.8M (71.9% of face). Unlevered yield as a percent of amortized cost is 10.2%.
- AI +1.8% premarket
- Source: Press Release
- Previously: Arlington Asset Investment beats by $0.25
Mon, Apr. 28, 7:05 PM
Tue, Mar. 25, 9:54 AM
Mon, Mar. 24, 5:35 PM
Mon, Mar. 24, 4:40 PM| Comment!
Thu, Mar. 13, 5:56 PM| Comment!
Tue, Feb. 4, 7:53 AM
- Non-GAAP core operating income of $16.4M of $0.97 per share compares to $1.03 in Q3 and quarterly payout of $0.88.
- Non-agency portfolio of $485.9M in face value compares to $1.5B in face value for agency portfolio. Company leverage is about 3:1.
- Agency portfolio CPR of 6.27%, non-agency at 14.2%.
- After strongly outperforming the mREIT sector in 2013 thanks to its agency portfolio being fully hedged while the non-agency holdings improved along with the economy and the housing market, Arlington (AI) has struggled in 2014 - the fall in rates doesn't help the hedged agency paper, and the slowing economy bodes ill for the non-agency. The stock was off 4.7% yesterday.
- Press release, Q4 results
- CC at 9 ET
Tue, Feb. 4, 12:28 AM
Wed, Jan. 22, 11:27 AM
Dec. 20, 2013, 12:12 PM
- "Do the math," says SA contributor REIT Analyst, eyeing a short opportunity in Western Asset Management (WMC +5.4%) following its surprising $2.35 dividend announcement last night.
- The rise in the stock today puts it above November 30 estimated book value per share of $16.76 - this at a time when the rest of the mREIT sector (REM+1.2%) is trading at a significant discount to book, including American Capital Agency (AGNC +1.3%) at more than a 20% discount, and Anworth (ANH+1%) at nearly 30% - just to name two. And don't forget the dilutive share issuance necessary to pay out the stock portion of the dividend.
- Among others who announced dividends last night, Annaly (NLY +2.1%) gains after surprising no one by cutting a nickel to $0.30, and Chimera (CIM+2.2%) rises after announcing a special $0.20 dividend.
- Lumped in with the mREITs, but with a slightly different business model is Arlington Asset Management (AI +3.3%) which continues a big run this year after holding its payout steady. SA contributor Darren McCammon reminds Arlington is a C corp, so - for taxable accounts - its yield is taxed at lower qualified rates, making its 13.4% annualized payout comparable to an mREIT paying 16%. Check McCammon's post for the rest of the advantages. The stock is up 28% YTD vs. big declines for the mREIT sector.
- Related ETFs: MORT, MORL
AI vs. ETF Alternatives
Arlington Asset Investment Corp., is an investment firm that acquires & holds mortgage-related and other assets. The Company's portfolio consists primarily of agency-backed mortgage-backed securities & private-label residential mortgage-backed securities.
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