Anworth Mortgage Asset Corporation (ANH) - NYSE
  • Wed, May 18, 2:25 PM
    • Having repriced over the past few months for a rates lower-for-longer environment, mREITs (REM -1.6%) may have to reprice again as the FOMC minutes more or less signal the central bank's intention to hike rates in June.
    • Yield-starved names like banks, insurers, and online brokers are soaring, but income producers like Annaly Capital (NLY -2.7%), American Capital Mortgage (AGNC -2.5%), Armour (ARR -3.1%), CYS Investments (CYS -3.4%), Capstead (CMO -2%), Western Asset (WMC -2.3%), Anworth (ANH -2.3%), and Ellington Residential (EARN -2.4%) are going the opposite way.
    • ETFs: MORL, REM, MORT
    | Wed, May 18, 2:25 PM | 107 Comments
  • Mon, Apr. 11, 12:49 PM
    • Annaly Capital (NLY -1.1%) is lower following its agreement to purchase Hatteras Financial (HTS +10.2%) for $1.5B in cash and stock. The other sector giant, American Capital Agency (AGNC -0.1%) is in the red as well - makes sense considering these two players are acquirers (or at least potentially so), not targets.
    • With the deal, Annaly is adding a portfolio of variable rate mortgages to its books for about 85% of book value.
    • The rest of the sector has market caps of about $2.5B down to sub-$250M, making them digestible as well.
    • CYS Investments (CYS +1.3%), American Capital Mortgage (MTGE +1.9%), New York Mortgage (NYMT +2.5%), Anworth Mortgage (ANH +1.2%), Dynex Capital (DX +0.9%), AG Mortgage (MITT +1.2%), Ellington Residential (EARN +1.2%), PennyMac (PMT +1%), Five Oaks (OAKS +1.6%).
    • ETFs: MORL, REM, MORT
    • Now read: Annaly: Boom Goes The Dynamite (April 11)
    | Mon, Apr. 11, 12:49 PM | 10 Comments
  • Tue, Mar. 29, 2:56 PM
    • A fast series of rate hikes wouldn't be good news for mortgage REITs, whose carry-trade business model breaks down with a flat or, worse, inverted yield curve.
    • Any worries about hawkish Fed action were considerably diminished today after Janet Yellen said caution on rate hikes is "especially warranted," and suggested there's more slack in the labor market than what the trim 4.9% headline UE rate would suggest.
    • Mostly lower earlier, the mREIT sector (REM +1.2%) has turned sharply higher.
    • Annaly Capital (NLY +0.35), American Capital (AGNC +0.4%), Armour (ARR +1.2%), CYS Investments (CYS +2.3%), New York Mortgage (NYMT +3.2%), MFA Financial (MFA +1.4%), Western Asset (WMC +2.7%), Anworth (ANH +1.5%), Dynex (DX +2.1%), AG Mortgage (MITT +1.9%), Ellington Financial (EFC +1.2%).
    | Tue, Mar. 29, 2:56 PM | 15 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, Jan. 22, 5:07 PM
    • In tandem with its latest preferred stock dividend announcements, Anworth (NYSE:ANH) discloses it has added 5M shares (a figure equal to 5% of the firm's current share count) to its buyback authorization.
    • Anworth has risen to $4.21 after hours. In Q3, the mortgage REIT bought back 1.51M shares at an average price of $5.07.
    | Fri, Jan. 22, 5:07 PM
  • 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
  • Wed, Jan. 6, 3:28 PM
    • Trading at roughly a 25% discount to book value, there's plenty of value in the mortgage REIT sector, and now there's a catalyst with the broad-based averages and interest rates both in sharp decline to start the year.
    • The iShares FTSE NAREIT Mortgage REIT ETF (NYSEARCA:REM) is up 2.2% YTD after declining about 20% in 2015.
    • Annaly Capital (NYSE:NLY) and American Capital Agency are each up about 2.5%.
    • Others in the green: Two Harbors (NYSE:TWO), Chimera (NYSE:CIM), CYS Investments (NYSE:CYS), Invesco (NYSE:IVR), New York Mortgage Trust (NASDAQ:NYMT), Hatteras (NYSE:HTS), Capstead (NYSE:CMO), MFA Financial (NYSE:MFA), Western Asset (NYSE:WMC), Anworth (NYSE:ANH).
    • ETFs: MORL, REM, MORT, LMBS
    | Wed, Jan. 6, 3:28 PM | 35 Comments
  • Dec. 16, 2015, 2:24 PM
    • The about left-for-dead mortgage REIT sector (REM +2.4%) has been enjoying a big Fed rate hike day, and has added to gains since the news officially came down at 2 ET.
    • Credit-exposed names are leading the way higher: Chimera Investment (CIM +5.7%), Invesco (IVR +2.4%), New York Mortgage (NYMT +2.1%), Western Asset (WMC +5.6%), Anworth (ANH +2.7%), Arlington Asset (AI +4.7%), AG Mortgage (MITT +4.2%), Orchid Island (ORC +5%). MFA Financial (MFA +3.4%)
    • Others: Annaly (NLY +2.1%), American Capital Agency (AGNC +0.8%), CYS Investments, Capstead (CMO +1.6%)
    • ETFs: MORL, REM, MORT, LMBS
    • Previously: Fed projections: 1.4% Fed Funds by the end of 2016 (Dec. 16)
    • Previously: Fed officially puts an end to ZIRP (Dec. 16)
    | Dec. 16, 2015, 2:24 PM | 35 Comments
  • Dec. 14, 2015, 11:32 AM
    • Before it was fears about interest rates - first, with long yields too low and thus slimming margins, and then the Fed's promise to hike short rates (and slimming margins even more). Now we can toss credit worries into the mix, and the action's plenty panicky there - junk bonds are off sharply again today and two more funds have been forced to gate withdrawals and/or liquidate.
    • Once pure-play agency REITs like Annaly Capital (NLY -2%) and American Capital Mortgage (AGNC -1.7%) now have some credit exposure.
    • Others are more credit-exposed: Chimera Investment (CIM -3.5%), Invesco (IVR -2.7%), American Capital Mortgage (MTGE -2.8%), MFA Financial (MFA -2.8%), New York Mortgage (NYMT -4.7%), Western Asset (WMC -3.6%), Anworth (ANH -2.9%), Arlington Asset (AI -3.6%), Javelin (JMI -4.8%), Orchid Island (ORC -7.4%), Five Oaks (OAKS -12.3%)
    • Just to pick a few out, Annaly Capital sells at a 24.4% discount to Sept. 30 book value; American Capital Agency sells at a 26.3% discount; Invesco at a 30% discount; MFA Fnancial at 15.4% discount; New York Mortgage at a 25% discount (this sold at a premium to book as recently as early fall).
    • ETFs: MORL, REM, MORT, LMBS
    | Dec. 14, 2015, 11:32 AM | 65 Comments
  • Sep. 18, 2015, 11:19 AM
    • Annaly Capital (NLY +0.9%), Anworth Mortgage (ANH +0.6%), Apollo Residential (AMTG +0.1%) and ZAIS Financial (ZFC +0.8%) last night added themselves to the smallish list of mortgage REITs maintaining dividends this quarter.
    • Those announcing dividend cuts after the bell were American Capital Mortgage (MTGE -1.2%) and Arlington Asset (AI -0.5%).
    • The sector as a whole continues to move higher following the FOMC yesterday afternoon, but hit particularly hard today is CYS Investment (CYS -3.1%). The move is especially notable as CEO Kevin Grant has been consistently skeptical about fears of higher rates.
    • ETFs: MORL, REM, MORT, LMBS
    | Sep. 18, 2015, 11:19 AM | 31 Comments
  • Sep. 1, 2015, 2:54 PM
    • The financial sector is leading the market lower today, but these sessions often see money flow into REITs. There's no green to be found, but mortgage REITs like Annaly Capital (NLY -0.3%), American Capital Agency (AGNC -0.2%), Anworth Mortgage (ANH -0.2%), Chimera (CIM -0.1%), CYS Investments (CYS -0.1%), Invesco (IVR -0.3%), and Dynex (DX -0.7%) are outperforming by a wide margin.
    • Equity REITs are doing better than the XLF and S&P 500, but still sharply lower: Realty Income (O -1.5%), Omega Healthcare (OHI -2.2%), HCP (HCP -1.2%), Gramercy Property (GPT -1.9%), Equity Residential (EQR -2.4%), Kimco (KIM -2.1%), Simon Property (SPG -2.2%), Public Storage (PSA -1.1%), Hospitality Properties (HPT -2.1%), Stag Industrial (STAG -1.2%)
    • ETFs: IYR, VNQ, MORL, REM, MORT, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, LMBS, IARAX
    | Sep. 1, 2015, 2:54 PM | 33 Comments
  • Aug. 11, 2015, 12:59 PM
    • The Fed may be determined to hike rates, but deflationary signals are everywhere, with Beijing the latest government to acknowledge such with its devaluation overnight.
    • Crude oil has taken out a new six-year low, tumbling another 4% to $43.15 per barrel, and copper's 3% decline has brought it to a fresh six-year low. The grains are all down by 2% or more, but gold is marginally higher.
    • The major U.S. averages are down more than 1%, and Europe fell 1.5% today.
    • The 10-year Treasury yield is lower by a full ten basis points to 2.13%.
    • Leading the heavily discounted mREIT sector higher are Annaly Capital (NLY +1.1%), American Capital Agency (AGNC +1.3%), CYS Investments (CYS +1.2%), New York Mortgage (NYMT +1.6%), Hatteras Financial (HTS +1.3%), Capstead (CMO +1%), Anworth (ANH +1.4%), Dynex Capital (DX +2.6%), and AG Mortgage (MITT +1.6%).
    • ETFs: MORL, REM, MORT, LMBS
    • In equity REITs: National Retail (NNN +1.2%), Equity Residential (EQR +1.5%), AvalonBay (AVB +1.2%), General Growth (GGP +1.9%), Kimco (KIM +1.4%), Whitestone REIT (WSR +2.9%), Washington Real Estate (WRE +1.2%), Hospitality Properties (HPT +2.3%), Chamber Street (CSG +1.1%).
    • ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, IARAX
    | Aug. 11, 2015, 12:59 PM | 19 Comments
  • Jul. 23, 2015, 1:17 PM
    • CYS Investments last night reported a big drop in book value as the effect of sharply higher rates more than offset the company's hedges. Core income failed to cover the dividend as prepayments also rose.
    • The stock today is down 2.6% and trading at more than a 20% discount to book value.
    • Earlier this week, Hatteras also reported a decline in income and fall in book value.
    • Sector giants Annaly Capital (NLY -0.5%) and American Capital Agency (AGNC -0.7%) are performing the best today. Armour Residential (ARR -1.8%), Chimera Investment (CIM -0.8%), Invesco Mortgage (IVR -1.1%), New York Mortgage (NYMT -1.2%), Western Asset Mortgage (WMC -1%), Anworth Mortgage (ANH -1.2%), Arlington Asset (AI -2.3%), Ellington Residential (EARN -2.1%), Dynex Capital (DX -0.8%)
    • ETFs: MORL, REM, MORT, LMBS
    | Jul. 23, 2015, 1:17 PM | 32 Comments
  • Jun. 26, 2015, 3:31 PM
    • Equity REITs are mostly being spared any punishment today, but mortgage REITs are hitting multi-year lows across the board as the 10-year U.S. Treasury yield climbs seven basis points to 2.48%.
    • Annaly Capital (NLY -4.7%) hasn't seen a price this low since Alan Greenspan was nearing the end of his rate hike cycle in 2000. American Capital Agency (AGNC -3.7%) is at its lowest price since the bottom of the financial crisis.
    • Armour Residential (ARR -2.9%), Two Harbors (TWO -4.5%), Chimera Investment (CIM -4.8%), CYS Investments (CYS -3.7%), American Capital Mortgage (MTGE -5.4%), Capstead Mortgage (CMO -4.5%), Anworth Mortgage (ANH -4.3%), AG Mortgage (MITT -3.3%), Ellington Residential (EARN -5.3%), Orchid Island (ORC -3.9%).
    • ETFs: MORL, REM, MORT, LMBS
    | Jun. 26, 2015, 3:31 PM | 128 Comments
  • Jun. 5, 2015, 3:57 PM
    | Jun. 5, 2015, 3:57 PM | 89 Comments
  • Mar. 18, 2015, 2:30 PM
    • Worries about a sharply flatter yield curve abate just a bit as the FOMC drops "patient" from its policy statement - putting rate hikes on the table at subsequent meetings - but Fed economic projections send a dovish signal, with outlooks for economic growth, inflation, and the pace of rate hikes all cut from previous estimates.
    • Outperforming the averages: Annaly Capital (NLY +1.1%), American Capital Agency (AGNC +1.5%), Two Harbors (TWO +1.5%), CYS Investments (CYS +2%), Invesco (IVR +1.7%), Hatteras (HTS +1.7%), Capstead (CMO +2.1%), MFA Financial (MFA +1.7%), Anworth (ANH +2.2%), Dynex (DX +1.5%), Five Oaks (OAKS +3.3%).
    • ETFs: REM, MORT, MORL
    • Previously: FOMC drops "patient," but sends dovish signal (March 18)
    | Mar. 18, 2015, 2:30 PM | 9 Comments
Company Description
Anworth Mortgage Asset Corp. operates as a real estate investment trust. It invests in agency mortgage-backed securities issued or guaranteed by the United States government sponsored entities or an agency of the United States government, including mortgage pass-through certificates,... More
Sector: Financial
Industry: REIT - Diversified
Country: United States