AMTG
Apollo Residential MortgageNYSE
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  • Wed, Aug. 24, 9:48 AM
    • With shareholder approval in hand, the deal for Apollo Commercial Real Estate (NYSE:ARI) to purchase Apollo Residential Mortgage (NYSE:AMTG) is set to close on August 31.
    • AMTG owners will receive $6.86 in cash and 0.417571 shares of ARI common stock for each share of AMTG they own. That's a value of about $13.64 per share based on current market pricing versus book value of $15.52.
    | Wed, Aug. 24, 9:48 AM | 3 Comments
  • Tue, Jul. 26, 4:33 PM
    • Q2 operating earnings of $0.51 (after backing out $1.3M of expenses from the acquisition of Apollo Residential Mortgage) vs. $0.45 earned one year ago. Dividend is $0.46.
    • Net interest income of $46.9M on the $2.7B commercial real estate portfolio, which had a fully levered weighted average return of about 13.2%.
    • Closed $95.5M of commercial real estate debt investments and funded another $63.7M for previously closed loans.
    • Book value per share of $15.51 slips from $15.89 three months earlier, mostly thanks to $0.17 of unrealized marked to market losses on the CMBS portfolio. There's also a $15M or $0.22 per share provision booked in connection with a $55M first mortgage secured by a North Dakota apartment property.
    • CC tomorrow at 9 ET
    • In other news, aggregate consideration for the AMTG purchase values it as of July 22 at $13.83 per share. AMTG owners will receive 0.417571 shares of ARI common stock.
    | Tue, Jul. 26, 4:33 PM | 2 Comments
  • Thu, Jun. 16, 5:41 PM
    • Apollo Residential Mortgage (NYSE:AMTG) declares $0.48/share quarterly dividend, in line with previous.
    • Forward yield 14.15%
    • Payable July 29; for shareholders of record June 30; ex-div June 28.
    | Thu, Jun. 16, 5:41 PM | 2 Comments
  • Mon, May 9, 4:45 PM
    • After excluding $3.6M in expenses associated with the sale to Apollo Commercial Real Estate (NYSE:ARI), Q1 operating earnings of $13M or $0.41 per share vs. $14.3M and $0.45 in Q4. Dividend is $0.48.
    • Book value per share of $15.39 vs. $16.40 three months earlier. Today's close of $13.72 is a 10.9% discount to book.
    • AMTG flat after hours
    | Mon, May 9, 4:45 PM | 15 Comments
  • Thu, Mar. 17, 4:34 PM
    • Apollo Residential Mortgage (NYSE:AMTG) declares $0.48/share quarterly dividend, in line with previous.
    • Forward yield 14.31%
    • Payable April 29; for shareholders of record March 31; ex-div March 29.
    | Thu, Mar. 17, 4:34 PM | 2 Comments
  • Fri, Feb. 26, 12:45 PM
    | Fri, Feb. 26, 12:45 PM | 4 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
  • Fri, Feb. 26, 9:17 AM
    | Fri, Feb. 26, 9:17 AM | 7 Comments
  • Fri, Feb. 26, 8:26 AM
    • It was only a matter a time given the massive discounts to book value in the sector. Apollo Commercial Real Estate (NYSE:ARI) is buying Apollo Residential Mortgage (NYSE:AMTG) for $14.59 per share. It's a hefty premium to last night's close of $10.13, but well below AMTG's just-reported end-of-year book value of $16.40.
    • Consideration: AMTG owners will receive about $7.53 in cash and 0.417 shares of ARI for each share of AMTG they hold. The cash portion is subject to change based on changes in AMTG's book value.
    • The deal is expected to be accretive to ARI's BVPS this year (how could it not be).
    • ETFs: MORL, REM, MORT, LMBS
    | Fri, Feb. 26, 8:26 AM | 30 Comments
  • Fri, Feb. 26, 8:18 AM
    • Apollo Residential Mortgage (NYSE:AMTG): Q4 EPS of $0.45 misses by $0.05.
    • Net interest income of $30.08M (-4.2% Y/Y) beats by $2.49M.
    | Fri, Feb. 26, 8:18 AM
  • Tue, Jan. 26, 10:58 AM
    • Mortgage REIT valuations "appear untethered from traditional metrics," says the JPMorgan team, led by Richard Shane, in its upgrade of MFA Financial (MFA +2.2%). Not upgraded today, but also with Overweight ratings are American Capital Agency (AGNC +1.3%), Apollo Residential Mortgage (AMTG +1%), and Ares Commercial Real Estate (ACRE +1.3%).
    • With earnings season for mREITs kicking off next week, Shane and team see book values getting nicked by the Fed rate hike and flattening yield curve.
    • As for this year's FHLB rule change which could limit mREIT's access to that source of funding, Shane concludes the names he's following should be fine. He notes ACRE, AMTG, Blackstone Mortgage (BXMT +1.2%), and Western Asset Mortgage (WMC +0.3%) have not utilized FHLB for funding, and while Apollo Commercial Real Estate Finance (ARI -0.4%) is a member, it had no advances as of Sept. 30.
    • ETFs: MORL, REM, MORT, LMBS
    • Previously: JPMorgan buys the dip in MFA Mortgage (Jan. 26)
    | Tue, Jan. 26, 10:58 AM | 46 Comments
  • Mon, Jan. 25, 3:16 PM
    • Modest declines in the major averages are masking the continued liquidation in a number of financial sectors.
    • Hotel REITs: Pebblebrook Hotel (PEB -2.4%), LaSalle Hotel (LHO -2.2%), FelCor Lodging (FCH -2.9%), DiamondRock Hospitality (DRH -3.3%)
    • Nonbank servicing: Ocwen Financial (OCN -6.9%), Walter Investment (WAC -10.5%), Nationstar Mortgage (NSM -6.7%), Altisource Portfolio (ASPS -4.6%), New Residential (NRZ -3.2%)
    • Mortgage REITs: Two Harbors (TWO -3.8%), Invesco (IVR -4.3%), American Capital Mortgage (MTGE -3.4%), Western Asset (WMC -3.7%), Apollo Residential (AMTG -3.8%), AG Mortgage (MITT -3.9%)
    • BDCs: Prospect Capital (PSEC -4%), Apollo Investment (AINV -2.2%), Medley Capital (MCC -4.1%), Gladstone Capital (GLAD -4.4%). A few in this sector are managing gains though: Main Street (MAIN +1%), TICC Capital (TICC +1.9%), Harris & Harris (TINY +1.8%)
    | Mon, Jan. 25, 3:16 PM | 78 Comments
  • Wed, Jan. 20, 10:44 AM
    • The discounts to book values across the sector have grown to such high levels that one wonders whether it just makes more sense for many of these players to liquidate the portfolios and return the money to the shareholders.
    • Sector giants Annaly Capital (NLY -4.9%) and American Capital Agency (AGNC -4.6%) are selling at 30% discounts to their most recent book value.
    • Armour Residential (ARR -8.3%), Invesco Mortgage (IVR -7%), Hatteras Financial (HTS -5%), New York Mortgage (NYMT -9.5%), Apollo Residential (AMTG -6.4%), AG Mortgage (MITT -7.2%), Anworth (ANH -6.3%), Arlington Asset (AI -8.7%), and Five Oaks (OAKS -8%) are selling at greater than 40% discounts. Two Harbors (TWO -7.5%), CYS Investments (CYS -6.2%), American Capital Mortgage (MTGE -6%), Capstead (CMO -5.9%), Dynex (DX -7.2%), Western Asset (WMC -8%), Ellington Residential (EARN -7.2%), and Orchid Island (ORC -9.6%) are all nearing 40% discounts.
    • MFA Financial (MFA -6.4%) and Chimera Investment (CIM -8.1%) are both nearing 30% discounts to book.
    • ETFs: MORL, REM, MORT, LMBS
    | Wed, Jan. 20, 10:44 AM | 249 Comments
  • Tue, Jan. 19, 11:43 AM
    • The best thing that can be said about the market reaction today, is that New Residential (NRZ -0.6%) isn't down as much as the other mortgage-related names (REM -1.8%) which continue to be mercilessly pounded.
    • PennyMac (PMT -4.5%), Ocwen (OCN -3.7%), Walter Investment (WAC -4.8%), Stonegate (SGM -3.4%), Armour (ARR -3.5%), Invesco (IVR -2.4%), New York Mortgage (NYMT -4.1%), Apollo Residential (AMTG -3.1%), AG Mortgage (MITT -3.4%), Five Oaks (OAKS -6.7%), American Capital (MTGE -2%), Two Harbors (TWO -2.2%), Chimera (CIM -3.4%).
    • Citi's Michael Kaye - who rates NRZ a Buy - says the repurchase plan makes sense given the stock trades at just 0.84x book and yields 18%. Depending on how the buyback is funded, it could add up to a couple of hundred basis points of accretion. It also sends a signal to the markets about management's belief in the stock's value. Management gave little detail on a timetable.
    • Previously: New Residential steps in with $200M repurchase plan (Jan. 19)
    | Tue, Jan. 19, 11:43 AM | 49 Comments
  • Tue, Jan. 12, 3:17 PM
    • The 10-year Treasury yield is off eight basis points on the session at 2.10%, and now lower by about 20 basis points since the Fed Funds rate got hiked 25 basis points less than a month ago - probably not the best scenario for mREIT earnings going forward.
    • Other income favorites like equity REITs, BDCs, and utilities (XLU -0.8%) are also being aggressively sold today.
    • Annaly Capital (NLY -1.8%), American Capital Agency (AGNC -1.7%), Armour Residential (ARR -2.4%), Two Harbors (TWO -2%), CYS Investments (CYS -1.9%), Invesco (IVR -2.3%), New York Mortgage (NYMT -2.3%), Hatteras (HTS -3.2%), Capstead (CMO -3.6%), Western Asset (WMC -2.9%), Apollo Residential (AMTG -3.6%), Dynex (DX -3.1%), Ellington Residential (EARN -3.5%), AG Mortgage (MITT -3.2%), PennyMac (PMT -4.9%), FIve Oaks (OAKS -5.7%)
    • ETFs: MORL, REM, MORT, LMBS
    | Tue, Jan. 12, 3:17 PM | 24 Comments
  • Dec. 23, 2015, 12:48 PM
    • A check of discounts/premiums to book for many of the names in the mortgage REIT sector finds discounts have mostly widened significantly over the past year.
    • Among the notable items: Just two names sold at premiums to book a year ago. New York Mortgage (NASDAQ:NYMT) trust at 11.6% and Capstead Mortgage (NYSE:CMO) at 1.3%. While book value has barely budged at NYMT over the past year, the price investors are willing to pay has - it now trades at a 17.6% discount. Capstead has shed about 5% of its book value, but now trades at a 22.66% discount.
    • Sector giants Annaly Capital (NYSE:NLY) and American Capital Agency (NASDAQ:AGNC) still trade at sizable discounts to book, with AGNC's widening to 20.65% from 12.7% a year ago.
    • Chimera Investment (NYSE:CIM) trades at just a 4.12% discount to book - that's less than its 4.9% discount a year ago. Book value however, slid 12.7% over the last 52 weeks.
    • Others covered: ARR, TWO, IVR, CYS, HTS, MTGE, AMTG, ANH, MITT, DX, WMC, MFA, EARN, AI, CHMI, ORC, OAKS, ZFC
    • ETFs: MORL, REM, MORT, LMBS
    | Dec. 23, 2015, 12:48 PM | 21 Comments