CYS Investments, Inc. (CYS) - NYSE
  • Jul. 22, 2015, 4:07 PM
    • CYS Investments (NYSE:CYS): Q2 EPS of $0.27
    • Net interest income of $45.28M (+3.5% Y/Y)
    | Jul. 22, 2015, 4:07 PM
  • Jul. 21, 2015, 5:35 PM
  • Jul. 7, 2015, 8:03 AM
    • A sell-sider finally steps into the carnage in the mortgage REIT sector. Upgraded to Outperform from Market Perform: Annaly Capital (NYSE:NLY), American Capital Agency (NASDAQ:AGNC), PennyMac Mortgage (NYSE:PMT), American Capital Mortgage (NASDAQ:MTGE), AG Mortgage (NYSE:MITT), MFA Financial (NYSE:MFA), CYS Investments (NYSE:CYS), Capstead Mortgage (NYSE:CMO), and Chimera Investment (NYSE:CIM).
    • NLY +0.6%, AGNC +0.5%, MTGE +1.9%, MFA +0.9% premarket
    • ETFs: MORL, REM, MORT, LMBS
    | Jul. 7, 2015, 8:03 AM | 76 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. 25, 2015, 4:17 PM
    • The XLU underperformed again today, losing 0.7% and bringing its year-to-date decline to more than 12%.
    • Looking at equity REITs, the IYR dipped another 0.95% and VNQ fell 1%. Both are down about 6% in 2015, and roughly 15% since late January. Some individual names: Spirit Realty (SRC -2.8%), Senior Housing (SNH -1.2%), HCP (HCP -1.4%), American Realty Capital (ARCP -3%), Gramercy Property (GPT -2.8%), Duke Realty (DRE -2%).
    • In mortgage REITs, REM lost 0.9% today and is off 7% YTD. Some individual names: American Capital Agency (AGNC -1.2%), Armour (ARR -1%), CYS Investments (CYS -0.9%), Annaly Capital (NLY -0.8%), Invesco Mortgage (IVR -1.2%), Apollo Residential (AMTG -1.1%), PennyMac Mortgage (PMT -2.3%), Western Asset Mortgage (WMC -2.7%).
    • The 10-year Treasury yield gained three basis points to 2.40%.
    • Previously: Sell-side abandoning REITs as rates rise (June 25)
    • 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
    | Jun. 25, 2015, 4:17 PM | 74 Comments
  • Jun. 17, 2015, 8:24 AM
    • In the middle of a tough run for the mREIT sector, BAML picks four to downgrade from Neutral to Underperform.
    • The operating backdrop for mREITs remains challenging, says BAML, and higher rates, widening spreads, and increased volatility will continue to pressure shares. A flatter yield curve, says BAML, means potential dividend cuts.
    • American Capital Agency (NASDAQ:AGNC-1.3%, CYS Investments (NYSE:CYS-1.5%, Hatteras Financial (NYSE:HTS-1.1%, Dynex Capital (NYSE:DX-1% premarket
    • ETFs: MORL, REM, MORT, LMBS
    | Jun. 17, 2015, 8:24 AM | 79 Comments
  • Jun. 11, 2015, 3:05 PM
    • Interest rates retreating from near-one-year highs are helping, but the sector is looking very cheap as investors anticipate falling book values and/or slashed dividends.
    • American Capital Agency (AGNC +1.9%) - prior to today's action - was trading at a 21.9% discount to May 31 book value and yielding 12.31%.
    • Previously: American Capital Agency discount to book value widens (June 10)
    • CYS Investments (CYS +1.4%) cut its dividend by 6.7% earlier this week, and is trading at a 17.9% discount to March 31 book.
    • Annaly Capital (NLY +1.3%) hasn't yet declared its Q2 dividend, but is trading at a 22.5% discount to March 31 book.
    • ETFs: MORL, REM, MORT, LMBS
    | Jun. 11, 2015, 3:05 PM | 44 Comments
  • Jun. 8, 2015, 4:22 PM
    • CYS Investments (NYSE:CYS) declares $0.28/share quarterly dividend, -6.7% decrease from prior dividend of $0.30.
    • Forward yield 13.01%
    • Payable July 15; for shareholders of record June 22; ex-div June 18.
    | Jun. 8, 2015, 4:22 PM | 3 Comments
  • Jun. 5, 2015, 3:57 PM
    | Jun. 5, 2015, 3:57 PM | 89 Comments
  • May 19, 2015, 9:57 AM
    • "We get paid for total shareholder return," says CYS Investments (CYS -0.1%) CEO Kevin Grant, presenting at a Wells Fargo conference. Asked what differentiates his REIT from others, Grant says management is not paid on assets under management, but on the returns it delivers.
    • Thus, the team happily sold expensive assets in Q1 and bought back stock selling at a steep discount to book value with the proceeds.
    • Presentation slides
    • As for a return to strong economic growth and a long series of Fed rate hikes, color Grant as (still) skeptical. He reminds that Fed economic and inflation forecasts have consistently been too optimistic throughout the recovery. Grant also takes note of the increasingly dovish tilt of FOMC voters.
    | May 19, 2015, 9:57 AM | 2 Comments
  • May 5, 2015, 10:31 AM
    • A big move higher in interest rates continues, with the 10-year Treasury yield up another six basis points to 2.20% - roughly the level at which it started the year (it fell as low as 1.65% in early February).
    • The move here is small-time compared to what's going on across the pond, as the absurd levels of two weeks ago become somewhat less absurd. Ten-year Bund yields are up to 0.51% from 0.05%. Italian 10-years are up 30 bps today to 1.78%, with a similar move in Spain.
    • The IYR is down 1.1%.
    • Individual names: Realty Income (O -1.3%), Senior Housing Properties (SNH -1.5%), Medical Properties Trust (MPW -2.4%), Gramercy Property Trust (GPT -1.8%), Equity Residential (EQR -1.4%), AvalonBay (AVB -1.5%), Government Properties (GOV -2.3%), Pebblebrook Hotel (PEB -2%), Eastgroup Properties (EGP -1.6%), American Campus (ACC -1.4%).
    • Mortgage REITS (REM -0.6%) are outperforming the equity names: Annaly (NLY -0.7%), American Capital Agency (AGNC -0.6%), Two Harbors (TWO -0.7%), CYS Investments (CYS -0.3%), Invesco (IVR -0.2%).
    | May 5, 2015, 10:31 AM | 21 Comments
  • Apr. 23, 2015, 3:27 PM
    • "The math was crystal clear," says CYS Investments (CYS +0.1%) CEO Kevin Grant, speaking on the earnings call (transcript) about the company's 4.1M of share purchases during Q1. "The entire sector was a better investment than the underlying assets," thanks  to the sizable stock price discounts to NAV.
    • "This was clearly accretive in all the many measures we use to make the decision and we run those calculations every day the trading window is open." The average purchase price was $8.95 each, but Grant notes the company made the buys before the $0.30 dividend, making the move even more accretive.
    • Grant called long-term rates just right last year, so what's his outlook now? More of the same - very sluggish global growth, scant wage gains, low or no inflation, low trading volumes in bond markets, and fairly stable long-term interest rates.
    • Previously: CYS Investments income slips a bit in Q1, but dividend paid for and book value edges higher (April 22)
    | Apr. 23, 2015, 3:27 PM | 2 Comments
  • Apr. 22, 2015, 4:18 PM
    • CYS Investments (NYSE:CYS): Q1 EPS of $0.30 misses by $0.01.
    • Net interest income of $43.74M (-8.5% Q/Q)
    | Apr. 22, 2015, 4:18 PM
  • Apr. 22, 2015, 4:15 PM
    • Q1 core earnings plus drop income of $46.9M or $0.30 per share vs. $50.1M and $0.31 in Q4. Dividend is $0.30.
    • Book value per share of $10.53 after payment of dividend, up from $10.50 at the end of Q4. Today's close of $9.09 is a 13.7% discount to book.
    • Interest rate spread of 1.44% down 11 basis points. CPR of 10.3% up from 8.7%.
    • Leverage of 6.77:1 vs. 6.44:1.
    • Repurchased 4.15M shares during quarter at a weighted-average price of $8.95 each for a total of $37.2M.
    • "While higher Fed Funds Rates could reduce the Company's earnings power, global economic conditions make it difficult to predict when and by how much the Fed will raise rates."
    • Conference call tomorrow at 9 ET
    • CYS -0.1% after hours
    | Apr. 22, 2015, 4:15 PM
  • Apr. 21, 2015, 5:35 PM
    | Apr. 21, 2015, 5:35 PM | 6 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
CYS Investments, Inc. is a finance company created with the objective of achieving consistent risk-adjusted investment income. It invests on a leveraged basis in the residential mortgage pass-through securities for which the principal and interest payments are guaranteed by the Federal National... More
Sector: Financial
Industry: REIT - Diversified
Country: United States