Invesco Mortgage Capital Inc. (IVR) - NYSE
  • Wed, May 11, 9:35 AM
    • Capstead Mortgage (CMO +1.5%) is boosted to Outperform from Market Perform at Wells Fargo, and Invesco Mortgage (IVR +2%) to Market Perform from Underperform.
    • Capstead Mortgage recently reported a decent quarter, but the more credit-focused Invesco, not so much.
    | Wed, May 11, 9:35 AM | 1 Comment
  • 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. 23, 9:40 AM
    • Q4 core earnings of $0.42 per share vs. $0.40 in Q3. Dividend is $0.40. Full-year core EPS of $1.73 and dividends of $1.70.
    • Book value per share of $17.14 down from $17.66 three months ago. The current price of $10.88 is a 36.6% discount to book.
    • The dividend less the change in book value yields a negative return of $0.12 for the quarter (2.7% annualized).
    • Another 5.8M shares of stock bought back during quarter for $75.6M. Combined with Q3, the company repurchased 7.75% of the float in H2.
    • Previously: Invesco Mortgage Capital beats by $0.02, beats on net interest income (Feb. 23)
    • IVR +3%
    | Tue, Feb. 23, 9:40 AM
  • Mon, Jan. 25, 3:16 PM
    • Modest declines in the major averages are masking the continued liquidation in a number of financial sectors.
    • Hotel REITs: Pebblebrook Hotel (PEB -2.4%), LaSalle Hotel (LHO -2.2%), FelCor Lodging (FCH -2.9%), DiamondRock Hospitality (DRH -3.3%)
    • Nonbank servicing: Ocwen Financial (OCN -6.9%), Walter Investment (WAC -10.5%), Nationstar Mortgage (NSM -6.7%), Altisource Portfolio (ASPS -4.6%), New Residential (NRZ -3.2%)
    • Mortgage REITs: Two Harbors (TWO -3.8%), Invesco (IVR -4.3%), American Capital Mortgage (MTGE -3.4%), Western Asset (WMC -3.7%), Apollo Residential (AMTG -3.8%), AG Mortgage (MITT -3.9%)
    • BDCs: Prospect Capital (PSEC -4%), Apollo Investment (AINV -2.2%), Medley Capital (MCC -4.1%), Gladstone Capital (GLAD -4.4%). A few in this sector are managing gains though: Main Street (MAIN +1%), TICC Capital (TICC +1.9%), Harris & Harris (TINY +1.8%)
    | Mon, Jan. 25, 3:16 PM | 78 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
  • Tue, Jan. 19, 11:43 AM
    • The best thing that can be said about the market reaction today, is that New Residential (NRZ -0.6%) isn't down as much as the other mortgage-related names (REM -1.8%) which continue to be mercilessly pounded.
    • PennyMac (PMT -4.5%), Ocwen (OCN -3.7%), Walter Investment (WAC -4.8%), Stonegate (SGM -3.4%), Armour (ARR -3.5%), Invesco (IVR -2.4%), New York Mortgage (NYMT -4.1%), Apollo Residential (AMTG -3.1%), AG Mortgage (MITT -3.4%), Five Oaks (OAKS -6.7%), American Capital (MTGE -2%), Two Harbors (TWO -2.2%), Chimera (CIM -3.4%).
    • Citi's Michael Kaye - who rates NRZ a Buy - says the repurchase plan makes sense given the stock trades at just 0.84x book and yields 18%. Depending on how the buyback is funded, it could add up to a couple of hundred basis points of accretion. It also sends a signal to the markets about management's belief in the stock's value. Management gave little detail on a timetable.
    • Previously: New Residential steps in with $200M repurchase plan (Jan. 19)
    | Tue, Jan. 19, 11:43 AM | 49 Comments
  • Tue, Jan. 12, 3:17 PM
    • The 10-year Treasury yield is off eight basis points on the session at 2.10%, and now lower by about 20 basis points since the Fed Funds rate got hiked 25 basis points less than a month ago - probably not the best scenario for mREIT earnings going forward.
    • Other income favorites like equity REITs, BDCs, and utilities (XLU -0.8%) are also being aggressively sold today.
    • Annaly Capital (NLY -1.8%), American Capital Agency (AGNC -1.7%), Armour Residential (ARR -2.4%), Two Harbors (TWO -2%), CYS Investments (CYS -1.9%), Invesco (IVR -2.3%), New York Mortgage (NYMT -2.3%), Hatteras (HTS -3.2%), Capstead (CMO -3.6%), Western Asset (WMC -2.9%), Apollo Residential (AMTG -3.6%), Dynex (DX -3.1%), Ellington Residential (EARN -3.5%), AG Mortgage (MITT -3.2%), PennyMac (PMT -4.9%), FIve Oaks (OAKS -5.7%)
    • ETFs: MORL, REM, MORT, LMBS
    | Tue, Jan. 12, 3:17 PM | 24 Comments
  • Wed, Jan. 6, 3:28 PM
    • Trading at roughly a 25% discount to book value, there's plenty of value in the mortgage REIT sector, and now there's a catalyst with the broad-based averages and interest rates both in sharp decline to start the year.
    • The iShares FTSE NAREIT Mortgage REIT ETF (NYSEARCA:REM) is up 2.2% YTD after declining about 20% in 2015.
    • Annaly Capital (NYSE:NLY) and American Capital Agency are each up about 2.5%.
    • Others in the green: Two Harbors (NYSE:TWO), Chimera (NYSE:CIM), CYS Investments (NYSE:CYS), Invesco (NYSE:IVR), New York Mortgage Trust (NASDAQ:NYMT), Hatteras (NYSE:HTS), Capstead (NYSE:CMO), MFA Financial (NYSE:MFA), Western Asset (NYSE:WMC), Anworth (NYSE:ANH).
    • ETFs: MORL, REM, MORT, LMBS
    | Wed, Jan. 6, 3:28 PM | 35 Comments
  • Dec. 16, 2015, 2:24 PM
    • The about left-for-dead mortgage REIT sector (REM +2.4%) has been enjoying a big Fed rate hike day, and has added to gains since the news officially came down at 2 ET.
    • Credit-exposed names are leading the way higher: Chimera Investment (CIM +5.7%), Invesco (IVR +2.4%), New York Mortgage (NYMT +2.1%), Western Asset (WMC +5.6%), Anworth (ANH +2.7%), Arlington Asset (AI +4.7%), AG Mortgage (MITT +4.2%), Orchid Island (ORC +5%). MFA Financial (MFA +3.4%)
    • Others: Annaly (NLY +2.1%), American Capital Agency (AGNC +0.8%), CYS Investments, Capstead (CMO +1.6%)
    • ETFs: MORL, REM, MORT, LMBS
    • Previously: Fed projections: 1.4% Fed Funds by the end of 2016 (Dec. 16)
    • Previously: Fed officially puts an end to ZIRP (Dec. 16)
    | Dec. 16, 2015, 2:24 PM | 35 Comments
  • Dec. 14, 2015, 11:32 AM
    • Before it was fears about interest rates - first, with long yields too low and thus slimming margins, and then the Fed's promise to hike short rates (and slimming margins even more). Now we can toss credit worries into the mix, and the action's plenty panicky there - junk bonds are off sharply again today and two more funds have been forced to gate withdrawals and/or liquidate.
    • Once pure-play agency REITs like Annaly Capital (NLY -2%) and American Capital Mortgage (AGNC -1.7%) now have some credit exposure.
    • Others are more credit-exposed: Chimera Investment (CIM -3.5%), Invesco (IVR -2.7%), American Capital Mortgage (MTGE -2.8%), MFA Financial (MFA -2.8%), New York Mortgage (NYMT -4.7%), Western Asset (WMC -3.6%), Anworth (ANH -2.9%), Arlington Asset (AI -3.6%), Javelin (JMI -4.8%), Orchid Island (ORC -7.4%), Five Oaks (OAKS -12.3%)
    • Just to pick a few out, Annaly Capital sells at a 24.4% discount to Sept. 30 book value; American Capital Agency sells at a 26.3% discount; Invesco at a 30% discount; MFA Fnancial at 15.4% discount; New York Mortgage at a 25% discount (this sold at a premium to book as recently as early fall).
    • ETFs: MORL, REM, MORT, LMBS
    | Dec. 14, 2015, 11:32 AM | 65 Comments
  • Dec. 11, 2015, 3:52 PM
    • The sector often goes green on days when the major averages sell off, but not today, WIth the S&P 500 down 2% and the 10-year Treasury yield lower by 10 basis points to 2.13%, the mREIT sector (REM -2%) is lit up bright red.
    • Sector giants Annaly Capital (NLY -1.6%) and American Capital Agency (AGNC -1.2%) are among the best performers.
    • Armour Residential (ARR -2.1%), Invesco (IVR -3.3%), New York Mortgage (NYMT -1.9%), Western Asset (WMC -3.6%), Apollo Residential (AMTG -4.2%), Dynex (DX -2.8%), Arlington Asset (AI -3.7%), Ellington Residential (EARN -2.9%), Five Oaks (OAKS -6.7%)
    • ETFs: MORL, REM, MORT, LMBS
    | Dec. 11, 2015, 3:52 PM | 41 Comments
  • Oct. 27, 2015, 3:34 PM
    | Oct. 27, 2015, 3:34 PM | 11 Comments
  • Sep. 28, 2015, 12:24 PM
    • It's a big ex-dividend day for the mortgage REIT sector, but the stocks of payers like Ellington Residential (EARN -6.2%), Arlington Asset (AI -10.4%), Western Asset (WMC -4.9%), Two Harbors (TWO -5.7%), Chimera Investment (CIM -7.3%), New York Mortgage (NYMT -6.9%), American Capital Agency (AGNC -3.2%), and Annaly Capital (NLY -4.8%),  are down far more than their payout amounts.
    • The above declines include the dividends being paid, so are higher than actual.
    • Others like Armour Residential (ARR -2.9%), Javelin Mortgage (JMI -4.2%), Five Oaks (OAKS -5.9%), AG Mortgage (MITT -3.4%), and Invesco (IVR -4.2%) are just down.
    • The decline comes as another Fed head all but promises a rate hike this year, and the 10-year Treasury yield falls back six basis points to 2.10%. Thirty-day Fed Fund futures are pricing in just less than a 50% chance of a 25 basis point rate hike in 2015.
    • ETFs: MORL, REM, MORT, LMBS
    | Sep. 28, 2015, 12:24 PM | 77 Comments
  • Sep. 17, 2015, 2:31 PM
    | Sep. 17, 2015, 2:31 PM | 50 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
Company Description
Invesco Mortgage Capital, Inc. is a real estate investment trust. The company acquires, finances and manages residential and commercial mortgage-backed securities and mortgage loans. It seeks to provide attractive risk-adjusted returns to its shareholders, primarily through dividends and... More
Sector: Financial
Industry: Mortgage Investment
Country: United States