HTS
Hatteras Financial Corp.NYSE
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  • Tue, Jul. 12, 7:27 AM
    • A total of 70M Hatteras (NYSE:HTS) shares were properly tendered, representing 74.12% of the company's common stock.
    • Those HTS owners who elected to receive the mixed consideration will get $5.55 in cash and 0.9894 shares of Annaly (NYSE:NLY). Those who wanted all cash will get $15.85 per share. Those who elected all-stock will get 1.5226 shares of NLY, subject to proration.
    | Tue, Jul. 12, 7:27 AM | 19 Comments
  • Fri, Jul. 1, 8:56 AM
    • Hatteras Financial (NYSE:HTS) declares dividend of $0.0880/share for the period of June 24 - July 11 in connection with acquisition by Annaly Capital Management.
    • Payable July 14; for shareholders of record July 11; ex-div July 7.
    • Shareholder accepting the exchange offer will be entitled to foregoing dividend.
    | Fri, Jul. 1, 8:56 AM | 10 Comments
  • Wed, Jun. 15, 9:10 AM
    • To review, Hatteras Financial (NYSE:HTS) owners can elect to receive for each share they own a) $5.55 in cash and 0.9894 shares of NLY, b) $15.85 in cash, or c) 1.5226 shares of NLY.
    • Proration will assure about 65% of total consideration is paid in stock and 35% in cash.
    • The offer is being extended to July 11 to allow the companies more time to obtain necessary regulatory approvals. They now anticipate receiving those by July 11.
    | Wed, Jun. 15, 9:10 AM | 3 Comments
  • Tue, Jun. 14, 6:01 AM
    • Hatteras Financial (NYSE:HTS) declares $0.45/share quarterly dividend, in line with previous.
    • Forward yield 11.2%
    • Payable July 8; for shareholders of record June 23; ex-div June 21.
    | Tue, Jun. 14, 6:01 AM
  • 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
  • Mon, Apr. 11, 9:21 AM
    | Mon, Apr. 11, 9:21 AM
  • Mon, Apr. 11, 7:19 AM
    • The $15.85 per share in cash and stock is an 11% premium to Friday's close, but still an 18% discount to December 31 book value, and a 15% discount to Hatteras' (NYSE:HTS) estimated book value as of Feb. 29.
    • HTS owners can elect to receive all cash, $5.55 in cash and 0.9894 shares of Annaly (NYSE:NLY), or 1.5226 shares of Annaly. The offer is subject to proration such that about 35% of the consideration is in cash.
    • The deal is expected to be accretive to Annaly book value this year even as the company is partly paying with stock trading at a discount to book (it is also buying a company trading at a discount). Annaly's Friday close of $10.40 is an 11.3% discount to Dec. 31 book.
    • The purchase is expected to close by the end of Q3.
    • A conference call is set for 9 ET.
    • Now read: What Is Driving Hatteras Financial?
    • HTS is currently higher by 8.7% premarket to $15.49. Annaly is lower by 1% to $10.31.
    | Mon, Apr. 11, 7:19 AM | 17 Comments
  • Mon, Apr. 11, 6:32 AM
    • Annaly Capital Management (NYSE:NLY) has announced a definitive merger agreement with Hatteras Financial (NYSE:HTS), which values the latter at $15.85 per share, or $1.5B.
    • "With the acquisition of Hatteras, we significantly grow our diversified portfolio and broaden our investment options, further fortifying Annaly’s position as the market leading mortgage REIT," commented CEO Kevin Keyes.
    • The transaction has been unanimously approved by the boards of both companies.
    | Mon, Apr. 11, 6:32 AM | 6 Comments
  • Tue, Mar. 22, 4:28 PM
    • Hatteras Financial (NYSE:HTS) declares $0.45/share quarterly dividend, in line with previous.
    • Forward yield 12.24%
    • Payable April 22; for shareholders of record April 1; ex-div March 30.
    | Tue, Mar. 22, 4:28 PM | 3 Comments
  • Wed, Mar. 16, 2:32 PM
    | Wed, Mar. 16, 2:32 PM | 36 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
  • Tue, Feb. 16, 4:43 PM
    • Q4 core earnings of $0.45 per share vs. $0.45 in Q3. Dividend is $0.45.
    • Book value per share of $19.38 vs. $19.69 three months earlier. Today's close of $12.48 is a whopping 35.6% discount to book.
    • The dividend less the drop in book value yields a positive economic return of $0.14 for the quarter (about 2.8% annualized).
    • Effective net interest spread of 0.82% up two basis points from Q3. CPR of 17.2% for the quarter drops from 21.1%.
    • Just over 1M shares bought back during quarter (about 1% of the float) at an average price of $13.53 each.
    • Conference call tomorrow at 10 ET
    • Previously: Hatteras Financial reports Q4 results (Feb. 16)
    • HTS -0.9% after hours
    | Tue, Feb. 16, 4:43 PM
  • Tue, Feb. 16, 4:28 PM
    • Hatteras Financial (NYSE:HTS): Q4 EPS of $0.45
    • Net interest income of $56.13M (-8.1% Y/Y)
    | Tue, Feb. 16, 4:28 PM
  • Mon, Feb. 15, 5:35 PM
    | Mon, Feb. 15, 5:35 PM | 4 Comments
  • Wed, Feb. 3, 3:01 PM
    • Today's gains are being led by Arlington Asset (AI +7.3%) (not a REIT, but in the business) after it posted its first quarterly increase in book value in six quarters last night.
    • American Capital Agency (AGNC +1.7%) reported earlier this week, and Nomura's Brock Vandervliet notes three positives from yesterday's earnings call (transcript): 1) More buybacks are coming; 2) Green shoots are apparent in the MBS market; 3) Book value should remain stable from here (it rose a bit in the year's final month, though dipped for the quarter).
    • He does slightly adjust downward his earnings estimates - by a penny in Q1 to $0.54 per share, and by two cents for the full year. He expects the $0.60 dividend is safe through H1, but there is some risk there.
    • Annaly (NLY +0.7%), Two Harbors (TWO +2.9%), CYS (CYS +2.6%), Hatteras (HTS +1.9%), Capstead (CMO +2.2%), Dynex (DX +2.2%)
    • ETFs: MORL, REM, MORT, LMBS
    • Previously: Arlington Asset posts Q4 book value gain (Feb. 2)
    • Previously: American Capital Agency higher post-earnings (Feb. 2)
    | Wed, Feb. 3, 3:01 PM | 22 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