Capstead Mortgage CorporationNYSE
Yesterday, 5:35 PM
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Thu, Sep. 15, 6:48 AM
Wed, Jul. 27, 4:32 PM
Wed, Jul. 27, 4:27 PM
- Q2 net income of $21.6M or $0.19 per share vs. $27.4M and $0.25 in Q1. Dividend is $0.23.
- Book value per share of $11.21 slips from $11.25 three months earlier. Today's close of $10.05 is an 11.3% discount to book.
- Economic return for the quarter of $0.19, or 6.7% annualized.
- Financing spreads fell to 70 basis points from 90 a quarter earlier, with yields on RMBS investments down 18 bps and rates on borrowings up two bps. CPR of 23.19% up from 18.23% in Q1.
- CC tomorrow at 9 ET
- CMO flat after hours
Tue, Jul. 26, 5:35 PM
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Thu, Jul. 14, 6:42 PM
- Dallas-based Capstead Mortgage (NYSE:CMO) has named Phillip Reinsch as its new president and chief executive officer, replacing Andrew Jacobs.
- Jacobs has resigned those two positions and his board seat after 28 years with the company.
- Reinsch has been executive VP, chief financial officer and secretary since 2006, and was named the company's treasurer in 2015. Prior to 1993, when he joined Capstead, Reinsch worked for Ernst & Young.
- Shares of CMO are up 13.5% YTD.
Tue, Jul. 12, 11:38 AM
- Plunging interest rates in June led to an 8.5% pickup in 30-year and 15-year fixed agency MBS prepayment speeds, and 14% for ARMs, according to the latest data.
- KBW's Bose George expects prepayments to stay elevated over the next few months, but with mREITs already trading at an average 0.9x book value, the pressure on earnings may already be priced in.
- Picking out a couple of names, Capstead Mortgage (CMO +0.6%) has meaningful prepay risk, says George, while risk is more contained at MFA Financial (MFA -0.1%).
- ETFs: MORL, REM, MORT
- Meanwhile, pain for the mortgage REITs in this case means gain for companies that might benefit from the fast pace of mortgage production. Title insurers like First American Financial (FAF +0.7%) and Fidelity National (FNFV +2.1%) come to mind.
Wed, Jun. 15, 3:20 PM
- Fed Funds futures markets are pricing in just a 50% chance of a rate hike in 2016 after the FOMC stayed on hold in June and cut its expectations for future moves higher in interest rates.
- The mREITs (REM +0.7%) are up just modestly, but all higher now than they were prior to the FOMC news.
- Annaly Capital (NLY +0.6%), American Capital Agency (AGNC +0.9%), Armour (ARR +1.4%), CYS Investments (CYS +1%), New York Mortgage (NYMT +1.4%), Capstead Mortgage (CMO +1.1%).
- ETFs: MORL, REM, MORT
Thu, Jun. 9, 6:53 AM
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 11, 9:35 AM
Wed, Apr. 27, 4:42 PM
- Q1 net income of $27.4M or $0.25 per share vs. $28.4M and $0.26 in Q4. Dividend is $0.26.
- Book value per share of $11.25 slips from $11.42. Today's close of $9.77 is a 13.1% discount to book.
- Positive economic return of $0.09 for the quarter, or 3.15% annualized.
- FInancing spreads on the portfolio of 90 basis points unchanged from Q4.
- No shares were repurchased under the $100M buyback program authorized last quarter.
- Management expects a rise in prepayments this spring, and subsequent downward pressure on margins.
- Conference call tomorrow at 9 ET
- Previously: Capstead Mortgage EPS in-line, beats on revenue (April 27)
- CMO flat after hours
Wed, Apr. 27, 4:32 PM
- Capstead Mortgage (NYSE:CMO): Q1 EPS of $0.25 in-line.
- Revenue of $59.69M (+1.6% Y/Y) beats by $4.69M.
Tue, Apr. 26, 5:35 PM
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Mon, Apr. 11, 9:53 AM
- Continued sector consolidation is on the minds of mREIT investors today, but Wells Fargo - updating its Q1 book value estimates - downgrades Apollo Commercial (ARI +0.6%), Western Asset Mortgage (WMC +0.2%), Capstead Mortgage (CMO), MFA Financial (MFA +0.1%), and Invesco Mortgage (IVR +0.6%) all to Underperform from Market Perform.
- Now read: Mortgage REIT M&A goes big time as Annaly buys Hatteras (April 11)
Wed, Mar. 16, 2:32 PM
- Losing some ground of late on concern about a faster-than-expected series of rate hikes, the mortgage REITS (REM +1.1%) are catching a bid after the Fed cut its 2016 rate hike forecast to just two moves from four.
- Armour (ARR +1.5%), Annaly (NLY +0.9%), Chimera (CIM +1.6%), Invesco (IVR +1.7%), New York Mortgage (NYMT +1.4%), Hatteras (HTS +1%), Capstead (CMO +1.1%), Western Asset (WMC +1.5%), AG Mortgage (MITT +1.2%), Ellington (EFC +1.6%)
- ETFs: MORL, REM, MORT, LMBS
- Previously: Financials suffer as Fed cuts rate hike forecast (March 16)
- Previously: Fed stays on hold, sees just two rate hikes this year (March 16)