Invesco Mortgage Capital Inc.NYSE
Tue, Oct. 4, 4:29 PM
- Chatter of the ECB's plan to begin tapering monthly bond purchases sent interest rates sharply higher today, and REITs sharply lower.
- The 10-year Treasury yield gained 6.3 basis points to 1.688%.
- The mortgage REITs (REM -2.2%): Annaly (NLY -3.1%), Armour (ARR -1.2%), Two Harbors (TWO -2.9%), Chimera (CIM -3.9%), CYS (CYS -2.4%), Invesco (IVR -3%), Western Asset (WMC -2.8%), MFA Financial (MFA -2.7%), AG Mortgage (MITT -3.1%)
- Equity REITs (VNQ -1.4%): Realty Income (O -2.6%), WellTower (HCN -2.6%), HCP (HCP -2%), Vereit (VER -2.3%), Equity Residential (EQR -0.9%), Simon Property (SPG -1.5%), Public Storage (PSA -1.8%), Government Properties (GOV -2.7%), Gramercy Property (GPT -2.2%), Stag Industrial (STAG -3%)
- ETFs: VNQ, IYR, MORL, REM, MORT, DRN, RQI, URE, SCHH, ICF, RWR, SRS, RNP, RFI, JRS, KBWY, NRO, DRV, RIT, RIF, REK, DRA, FRI, FTY, FREL, LRET, PSR, WREI, XLRE, IARAX
Fri, Sep. 23, 12:19 PM
- Invesco Mortgage (IVR -3.2%) CEO and President Richard King will retire on March 1, 2017. He's to be replaced in the CEO role by current CIO John Anzalone, and current COO Rob Kuster will assume the role of president.
- All three have been part of IVR's investment committee the company was founded in 2008.
Wed, Sep. 14, 4:19 PM
Thu, Aug. 4, 4:34 PM
- Q2 core earnings of $47.3M or $0.42 per share vs. $49.9M and $0.44 in Q1. Dividend is $0.40.
- Book value per share of $17.08 vs. $16.53 three months ago. Today's close of $14.90 is a 12.8% discount to book.
- Economic return for the quarter of $0.95 per share, or 23% annualized.
- With 60% of the portfolio allocated to commercial and residential credit assets (other 40% is agency RMBS), book value saw a big benefit from the tightening credit spreads during the quarter. More tightening is anticipated by management, but available cash flow during quarter was used to boost holdings of 15-year agency paper to try and keep a neutral risk profile.
- CC tomorrow at 9 ET
- Previously: Invesco Mortgage Capital EPS in-line, beats on net interest income (Aug. 4)
- IVR flat after hours
Thu, Aug. 4, 4:19 PM
Wed, Aug. 3, 5:35 PM
- AAOI, ABTL, ACAD, ACHN, ACXM, AHS, AHT, AIRM, AL, ALNY, AMBR, AMH, AMRS, ANET, ASYS, ATRC, ATVI, BBG, BLDR, BMRN, BRS, CARA, CBPO, CERS, CINR, CPSI, CPST, CSOD, CTRL, CYTX, DCO, DCT, DMD, EBS, ECOM, ECPG, ECYT, ED, EFC, EGOV, EOG, ESL, EVDY, EVH, FCE.A, FEYE, FFG, FLDM, FLR, FLT, FPRX, FRPT, FRT, FTD, GCAP, GDOT, GEOS, GSAT, GSBD, GST, GTY, GXP, HDP, HE, HTGC, ICON, IILG, IMMR, IMPV, INAP, INGN, IRWD, IVR, JMBA, JUNO, KHC, KMPR, KND, KTOS, KW, LADR, LBTYA, LGF, LNKD, LOCO, LOPE, MACK, MDRX, MELI, MHK, MHLD, MITT, MMI, MNST, MNTX, MRIN, MSI, MTX, MTZ, NAVG, NDLS, NFG, NNI, NOG, NUS, OEC, OLED, OREX, OUT, OVAS, PACB, PCLN, PDLI, PETX, PFMT, PGRE, PKI, POST, PRSS, PSIX, PTCT, RATE, REGI, RMAX, RPTP, RRMS, RTRX, RVNC, SEM, SEMG, SHOR, SMCI, SPXC, SSNI, SWIR, SYMC, SYRG, TASR, TCRD, TEAM, TRMR, TRUE, TSRO, TTWO, TWOU, TXMD, UBNT, UEIC, VVUS, WAIR, WEB, WIFI, WING, WTI, WTS, WTW, ZG, ZNGA
Wed, Jun. 15, 4:42 PM
Wed, May 18, 7:31 AM
- Citing the company's leaner, higher return portfolio and lower operating expenses, Nomura's Brock Vandervliet upgrades Invesco Mortgage (NYSE:IVR) to Buy from Neutral. The price target is upped $2 to $16. Last night's close was $14.02.
- Vandervliet also takes note of the recovery in the book value (he's possibly talking about April and May, as book value dropped sizably in Q1).
Sat, May 14, 11:33 AM
- The idea of rates lower for longer and a narrowing of credit spreads have helped lift the mortgage REIT sector by 22% since mid-February, but the group remains 17% below year-ago price levels, trades at a near-15% discount to book value, and yields 12%.
- Source: Barron's Amey Stone
- Still a buy? "There are different risks on the asset side, the funding side, and the hedging side,” says Wunderlich's Merrill Ross. She expects the Fed to be on hold until late this year, but notes that doesn't necessarily mean full-speed ahead for sector prices. Years of extremely low rates and expectations of soon-to-come higher rates have made it a "difficult operating environment."
- Lower rates aren't always a boon, and Nomura's Brock Vandervliet says a sharply flatter yield curve could would hit earnings and force dividend cuts. His favorites are sector gorilla Annaly Capital (NYSE:NLY), and Chimera Investment (NYSE:CIM). Chimera, he says, should benefit from regulatory changes allowing it to do more mortgage securitizations. Annaly is trading at just about a 5% discount to book value today vs. close to 20% not long ago. Chimera is actually trading slightly north of March 31 book value of $14.46.
- Ross' favorites are two where the dividends are solid: CYS Investments (NYSE:CYS) - one of the only pure-play agency MBS REITs left - and Invesco Mortgage (NYSE:IVR).
- ETFs: MORL, REM, MORT
Wed, May 11, 9:35 AM
Mon, May 9, 4:28 PM
- Q1 core earnings of $49.9M or $0.44 per share vs. $0.42 in Q4. Dividend is $0.40.
- Book value per share of $16.53 down from $17.14 three months earlier. Today's close of $13.01 is a 21.3% discount to book.
- Economic return for the quarter of negative 1.2%.
- Company takes note of widening credit spreads - 36% of equity is allocated to commercial credit, 34% to agency RMBS, and 30% to residential credit.
- 2.1M shares bought back during quarter.
- Four commercial loans funded for $70M.
- Earnings call tomorrow at 9 ET
- Previously: Invesco Mortgage Capital beats by $0.04, misses on net interest income (May 9)
- IVR flat after hours
Mon, May 9, 4:25 PM
- Invesco Mortgage Capital (NYSE:IVR): Q1 EPS of $0.44 beats by $0.04.
- Net interest income of $75.85M (-20.6% Y/Y) misses by $2.37M.
Sun, May 8, 5:35 PM
- AAOI, AMPH, APEI, ARNA, ASEI, BKD, CDXS, CUI, CVG, DCO, DMD, DNB, DPLO, DTSI, ELGX, FENG, FRGI, GLOB, GSBD, HALO, HK, HTZ, IFF, INGN, INVN, INWK, IRWD, IVR, JPEP, JUNO, KEG, KITE, LBTYA, LC, LOPE, LSCC, MBI, MODN, MXL, NLS, NOG, NVGS, NVRO, OAS, OPK, OPWR, PEN, PINC, PLOW, PRAA, PSIX, RARE, RAX, RBC, REN, RVNC, SCTY, SEDG, SEMI, SF, SNHY, SREV, SSNI, STMP, TCX, TMH, TTEC, TTGT, TUBE, VTL, VVC
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)
Tue, Mar. 15, 4:42 PM
- Invesco Mortgage Capital (NYSE:IVR) declares $0.40/share quarterly dividend, in line with previous.
- Forward yield 13.23%
- Payable April 26; for shareholders of record March 28; ex-div March 23.