MFA Financial, Inc. (MFA) - NYSE
  • Tue, Jan. 26, 7:30 AM
    • A bit more than a year ago, MFA Mortgage (NYSE:MFA) was a rare mortgage REIT not selling at a gaping discount to book value. Since, book value has declined a bit, but the price investors are willing to pay for that book value has fallen way further.
    • At yesterday's close of $5.79, MFA was trading at about a 25% discount to the most recently (Sept. 30) disclosed book value - amazingly that 25% discount is still among the lowest in the mREIT sector.
    • JPMorgan upgrades to Overweight with $7 price target.
    | Tue, Jan. 26, 7:30 AM | 2 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
  • Fri, Jan. 15, 10:23 AM
    • In the midst of a market panic and with the sector trading at massive discounts to book value, it takes a pair to issue downgrades now, but that's what Wells Fargo has done, cutting Annaly Capital (NLY -2.9%), MFA Financial (MFA -4.1%), Hatteras Financial (HTS -4.5%), American Capital Mortgage (MTGE -5%), AG Mortgage (MITT -5.9%), and Two Harbors (TWO -3.4%) to Market Perform from Outperform.
    • At last check one month ago, these names were trading at discounts to NAV ranging from about 10-30%. Presumably those discounts have widened as the stock prices have crumbled further since then, and book values have likely remained stable or even risen.
    • For the last year, mREITs have had to contend with the possibility of higher interest rates across the board. Now they have to deal with a sharply flatter yield curve as the 10-year Treasury yield has fallen about 30 basis points since the Fed hiked last month.
    • Good news? FRBNY President Bill Dudley is on the tape this morning suggesting negative interest rates as a possibility if the economy sours. That should help mREIT funding costs.
    • ETFs: MORL, REM, MORT, LMBS
    | Fri, Jan. 15, 10:23 AM | 58 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. 23, 2015, 12:48 PM
    • A check of discounts/premiums to book for many of the names in the mortgage REIT sector finds discounts have mostly widened significantly over the past year.
    • Among the notable items: Just two names sold at premiums to book a year ago. New York Mortgage (NASDAQ:NYMT) trust at 11.6% and Capstead Mortgage (NYSE:CMO) at 1.3%. While book value has barely budged at NYMT over the past year, the price investors are willing to pay has - it now trades at a 17.6% discount. Capstead has shed about 5% of its book value, but now trades at a 22.66% discount.
    • Sector giants Annaly Capital (NYSE:NLY) and American Capital Agency (NASDAQ:AGNC) still trade at sizable discounts to book, with AGNC's widening to 20.65% from 12.7% a year ago.
    • Chimera Investment (NYSE:CIM) trades at just a 4.12% discount to book - that's less than its 4.9% discount a year ago. Book value however, slid 12.7% over the last 52 weeks.
    • Others covered: ARR, TWO, IVR, CYS, HTS, MTGE, AMTG, ANH, MITT, DX, WMC, MFA, EARN, AI, CHMI, ORC, OAKS, ZFC
    • ETFs: MORL, REM, MORT, LMBS
    | Dec. 23, 2015, 12:48 PM | 21 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. 9, 2015, 12:27 PM
    • MFA Financial (NYSE:MFA) declares $0.20/share quarterly dividend, in line with previous.
    • Forward yield 11.78%
    • Payable Jan. 29; for shareholders of record Dec. 28; ex-div Dec. 23.
    | Dec. 9, 2015, 12:27 PM | 2 Comments
  • Nov. 4, 2015, 8:41 AM
    • Q3 net income of $75.8M or $0.20 per share vs. $74.3M and $0.20 in Q2. Dividend is $0.20.
    • Book value per share of $7.70 down from $7.96 in Q2. Last night's close of $7.02 is an 8.8% discount to book. The dividend minus the change in book value yields negative economic return of $0.06, or less than 1% for the quarter.
    • Company significantly boosted its holdings of re-performing and non-performing loans to $777M from $429.3M.
    • MFA again harvested its holdings of non-agency MBS, selling $23.5M of paper, and realizing a gain of $11.2M.
    • Conference call at 11 ET
    • Previously: MFA Financial EPS in-line (Nov. 4)
    • Shares flat premarket
    | Nov. 4, 2015, 8:41 AM
  • Nov. 4, 2015, 8:35 AM
    • MFA Financial (NYSE:MFA): Q3 EPS of $0.20 in-line.
    • Revenue of $92.5M (+3.7% Y/Y)
    | Nov. 4, 2015, 8:35 AM
  • Nov. 3, 2015, 5:30 PM
  • Sep. 17, 2015, 3:20 PM
    • MFA Financial (NYSE:MFA) declares $0.20/share quarterly dividend, in line with previous.
    • Forward yield 11.17%
    • Payable Oct. 30; for shareholders of record Sept. 29; ex-div Sept. 25.
    | Sep. 17, 2015, 3:20 PM
  • Aug. 4, 2015, 8:58 AM
    • Q2 net income of $74.3M or $0.20 per share vs. $78.4M and $0.21 in Q1. Dividend is $0.20.
    • Book value per share of $7.96 slips from $8.13 one quarter earlier. Last night's close of $7.52 is a slim 5.5% discount to book.
    • Portfolio of MBS backed by re-performing and non-performing loans grows to $2.592B from $2.318B. Holdings of actual RPLs and NPLs of $429.3M vs. $387.3M.
    • Harvested another $16.3M of non-agency MBS, booking a gain of $7.6M.
    • No agency MBS acquired during quarter. CPR on agency holdings of 14.8% up from 10.9% in Q1.
    • Conference call at 10 ET
    • Previously: MFA Financial EPS in-line, misses on revenue (Aug. 4)
    • MFA flat premarket
    | Aug. 4, 2015, 8:58 AM | 1 Comment
  • Aug. 4, 2015, 8:48 AM
    • MFA Financial (NYSE:MFA): Q2 EPS of $0.20 in-line.
    • Revenue of $81.15M (+3.9% Y/Y) misses by $4.53M.
    | Aug. 4, 2015, 8:48 AM
  • 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. 29, 2015, 11:24 AM
    • The smallest players are being hit hardest today, with Orchid Island Capital (ORC -8.9%), Five Oaks Investment (OAKS -3.4%), and Cherry Hill Mortgage <<CHM>I> leading the sector lower. Arlington Asset (AI -1.3%), Apollo Residential (AMTG -1.2%), and Javelin Mortgage (JMI -0.8%) belong in that group as well.
    • Sector bigwigs Annaly Capital (NLY -0.1%), American Capital Agency (AGNC -0.1%), Two Harbors (TWO -0.2%),and  MFA Financial (MFA -0.3%) are holding up better.
    • Previously: Rates plunge on Greece gets ready to default (June 29)
    • ETFs: MORL, REM, MORT, LMBS
    | Jun. 29, 2015, 11:24 AM | 46 Comments
Company Description
MFA Financial, Inc. is a real estate investment trust. It is primarily engaged in the business of investment, on a leveraged basis, in residential mortgage assets, including Agency MBS, Non-Agency MBS and residential whole loans. The company was founded on July 24, 1997 and is headquartered in... More
Sector: Financial
Industry: REIT - Diversified
Country: United States