Invesco Mortgage Capital Inc.
 (IVR)

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  • Sep. 17, 2015, 2:31 PM
    | Sep. 17, 2015, 2:31 PM | 50 Comments
  • Sep. 15, 2015, 4:15 PM
    • Invesco Mortgage Capital (NYSE:IVR) declares $0.40/share quarterly dividend, -11.1% decrease from prior dividend of $0.45.
    • Forward yield 11.98%
    • Payable Oct. 27; for shareholders of record Sept. 28; ex-div Sept. 24.
    | Sep. 15, 2015, 4:15 PM | 2 Comments
  • Sep. 8, 2015, 11:28 AM
    • "[Mortgage REITs] have almost never been as cheap as they are right now," says Nomura's Brock Vandervilet, who recommended buys in Annaly Capital (NLY +0.5%) and American Capital Agency (AGNC +0.4%) a bit less than a month ago.
    • Barron's Current Yield
    • They're cheap for a reason, and companies which borrow short, lend long, and toss in a healthy amount of leverage can be expected to struggle when funding costs rise faster than the yield on the assets they hold (also known as a flattening yield curve), and most expect a rate hike if not this month, then soon after. The question at hand is whether the flatter yield curve has been priced in (or more than priced in), and discounts to book value north of 20% for at least some in the sector suggests it has.
    • “It is going to take forever and a day for rates to rise, which is going to give these companies plenty of time to reposition,” says Vandervilet.
    • KBW likes Annaly, American Capital, and CYS Investments (CYS +0.5%), and Chimera (CIM +0.8%) as having the most upside if somehow there is no rate increase or in a "slow, but steady" rate-hike scenario.
    • Wunderlich's Merrill Ross would add Invesco (IVR +0.4%) to that group as being attractive despite the headwinds.
    • ETFs: MORL, REM, MORT, LMBS
    | Sep. 8, 2015, 11:28 AM | 46 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. 18, 2015, 8:07 AM
    • Q2 core earnings of $50M and $0.41 per share vs. $61.9M and $0.50 in Q1. Dividend is $0.45.
    • Book value per share of $18.62 (inline with preliminary results released last week) slips from $19.37 at the end of Q1. Last night's close of $13.94 is a 25% discount to book.
    • Economic return - the change in book value plus the dividend - for the quarter of -1.5%. Company notes economic return of 3.7% for all of H1 is among the top in mREIT industry.
    • Equity allocation: 38% to agency MBS, 32% to residential credit, 30% to commercial credit. Increased allocation to agency hybrid ARMs in Q2 and closed two commercial loans totaling $71M.
    • Previously: Invesco Mortgage Capital misses by $0.06, beats on revenue (Aug. 17)
    • IVR flat premarket
    • Previously: Invesco Mortgage lower after preliminary results, restatements (Aug. 11)
    | Aug. 18, 2015, 8:07 AM | 1 Comment
  • Aug. 17, 2015, 5:09 PM
    • Invesco Mortgage Capital (NYSE:IVR): Q2 EPS of $0.41 misses by $0.06.
    • Net interest income of $90.41M (-10.7% Y/Y) beats by $7.11M.
    | Aug. 17, 2015, 5:09 PM | 4 Comments
  • Aug. 11, 2015, 10:50 AM
    • The company expects to reported June 30 book value per share of $18.62, down from $19.37 a quarter earlier. Economic return - adding the $0.45 dividend to the decline in book value - should be negative 1.5%. The current price of $13.68 is a whopping 26.5% discount to June 30 book.
    • Q2 earnings are set to be released in a week.
    • Thanks to an error in the GAAP accounting treatment for certain company assets, Invesco (IVR -1.1%) needs to restate 2013, 2014, and Q1 2015 GAAP results. The restatements should not impact previously reported book value or economic return.
    • Bank of America downgrades to Neutral from Buy.
    | Aug. 11, 2015, 10:50 AM | 4 Comments
  • Jul. 24, 2015, 3:01 PM
    • Just a 1% decline in the major averages (which are being helped by some high-profile earnings moves) is masking far greater carnage in a number of other sectors, notably healthcare (XLV -2.5%) and energy (XLE -2%).
    • Business development companies and mortgage REITs are being socked again as well, suggesting the worry may go beyond interest rates and to credit in general, especially as commodity prices continue to tumble - to pick one, crude oil at $48.06 per barrel is at its lowest price in about four months.
    • Among BDCs: Hercules Technology Growth (HTGC -4.2%), Triangle Capital (TCAP -3.3%), PennantPark Investment (PNNT -5.4%), Prospect Capital (PSEC -1.4%), Main Street Capital (MAIN -2.8%), TICC Capital (TICC -2.4%), KCAP Financial (KCAP -2.6%), THL Credit (TCRD -2.7%), FS Investment (FSIC -1.8%).
    • Among mREITs: Armour Residential (ARR -3.1%), Two Harbors (TWO -0.9%), CYS Investments (CYS -2%), Invesco Mortgage (IVR -1.5%), Capstead Mortgage (CMO -1.2%), Apollo Residential (AMTG -2.6%), Arlington Asset (AI -3.7%), American Capital Mortgage (MTGE -0.9%), Orchid Island (ORC -5.8%).
    • MReit ETFs: MORL, REM, MORT, LMBS
    • BDC ETFs: BDCL, BDCS, BIZD, FGB
    | Jul. 24, 2015, 3:01 PM | 82 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
  • Jul. 8, 2015, 11:27 AM
    • Continuing a change of focus from assets likely to go down in value as rates rise to those likely to benefit from higher rates and improved credit, Invesco Mortgage (IVR -0.8%) provides about $21M in mezzanine financing secured by a pledge of equity interests in a luxury Florida hotel. It's a floating-rate deal with a three-year term, with two one-year extension options.
    • It's IVR's ninth direct floating-rate financing.
    | Jul. 8, 2015, 11:27 AM | 1 Comment
  • 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. 15, 2015, 4:13 PM
    • Invesco Mortgage Capital (NYSE:IVR) declares $0.45/share quarterly dividend, in line with previous.
    • Forward yield 11.65%
    • Payable July 28; for shareholders of record June 26; ex-div June 24.
    | Jun. 15, 2015, 4:13 PM
  • Jun. 3, 2015, 10:25 AM
    • There's a bit of a selling panic going on in fixed income, with the 10-year Treasury yield up another nine basis points on this session to 2.35%, and now up 25 bps this week. The carnage across the pond is worse.
    • The IYR is lower by 0.9%.
    • Individual equity REITs: Realty Income (O -1.2%), Ventas (VTR -2.5%), Omega Healthcare (OHI -0.9%), HCP (HCP -1.5%), Equity Residential (EQR -2.1%), AvalonBay (AVB -1.8%), Simon Property (SPG -1.3%), General Growth (GGP -1.5%), Kimco (KIM -1.2%),  Public Storage (PSA -1%), Boston Properties (BXP -1.1%), Hospitality Properties (HPT -1.2%), Liberty Property (LPT -1%), Campus Crest (CCG -2.2%).
    • Mortgage REITs: Annaly (NLY -1.2%), American Capital Agency (AGNC -0.9%), Invesco (IVR -1.1%), Hatteras (HTS -1%), Ellington Residential (EARN -1%).
    • 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
    | Jun. 3, 2015, 10:25 AM | 74 Comments
  • May 8, 2015, 11:00 AM
    • Nearly the entire mREIT sector trades at a discount to book value, with Invesco Mortgage (IVR +1.3%) one of the more highly discounted of the group, says KBW (more than 21% just ahead of Wednesday's earnings release).
    • Invesco, however, had what might have been the highest trailing four-quarter economic return in the entire sector, says the team, upgrading to Outperform with $18 price target from Market Perform. The economic return just in Q1 was 5.3%.
    • KBW doesn't expect Invesco to continue to be at the top of the space in book value stability or economic return, but it should be at least average, and average augers for a narrowing of that valuation discount and shareholder return near the top of the sector.
    • Previously: Two Harbors downgraded on valuation (May 8)
    • Previously: Big quarter for Invesco Mortgage as portfolio changes pay off (May 6)
    | May 8, 2015, 11:00 AM | 2 Comments
  • May 6, 2015, 5:11 PM
    • Q1 core earnings of $61.9M or $0.50 per share vs. $59.7M and $0.49 in Q4. Dividend is $0.45.
    • Book value per share of $19.37 up from $18.82 at the start of the year. Today's close of $15.18 is a 21.6% discount to book, though one suspects that could narrow.
    • Economic return for the quarter - change in book value plus the dividend - of 5.3%.
    • Effective interest rate margin of 1.21% down 14 basis points from Q4.
    • Conference call tomorrow at 9 ET
    • Previously: Invesco Mortgage Capital beats by $0.02, beats on revenue (May 6)
    • IVR flat after hours
    | May 6, 2015, 5:11 PM | 4 Comments
  • May 6, 2015, 4:24 PM
    • Invesco Mortgage Capital (NYSE:IVR): Q1 EPS of $0.50 beats by $0.02.
    • Revenue of $101.23M (-1.2% Y/Y) beats by $9.99M.
    | May 6, 2015, 4:24 PM
Company Description
Invesco Mortgage Capital Inc is engaged in investing in, financing and managing residential and commercial mortgage-backed securities and mortgage loans.
Sector: Financial
Country: United States