MFA Financial, Inc.NYSE
Thu, Nov. 3, 11:38 AM
- With more than half the sector having reported their Q3s, the general themes are rising earnings (covering payouts) and gains in book value leading to sizable returns. Among those who reported last night or this morning - Armour Residential (ARR +1.9%), American Capital Mortgage (MTGE +2.1%), MFA Financial (MFA +1.9%), Western Asset (WMC +1.8%), Anworth (ANH +2%).
- The iShares FTSE Nareit mREIT ETF (REM +1%)
- Other ETFs: MORL, MORT
Thu, Nov. 3, 8:44 AM
- Q3 net income of $79.3M or $0.21 per share vs. $75.2M and $0.20 in Q2. Dividend is $0.20.
- Book value per share of $7.64 up from $7.41 in Q2. Last night's close of $7.19 is a 5.9% discount to book.
- Economic return on book value for the quarter of 5.8%, or 23.2% annualized.
- $374.8M of 3-year step-up securities and $311.6M of credit-sensitive residential whole loans acquired during quarter; additionally acquired was $60.4M of credit risk transfer securities. As usual, opportunistically bought and sold legacy, non-agency MBS. Interest rate sensitivity remains low, with duration at 0.55.
- Conference call at 11 ET
- Previously: MFA Financial beats by $0.02, misses on net interest income (Nov. 3)
- MFA flat premarket
Thu, Nov. 3, 8:36 AM
Wed, Nov. 2, 5:30 PM
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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
Thu, Sep. 15, 9:05 AM
Tue, Sep. 6, 10:19 AM
Wed, Aug. 3, 8:39 AM
- Q2 net income of $75.2M or $0.20 per share vs. $74.3M and $0.20 in Q1. Dividend is $0.20.
- Book value per share of $7.41 up from $7.17 three months earlier. Last night's close of $7.49 is a tiny premium to June 30 book.
- Economic return for the quarter of $0.44 per share, or 24% annualized (based on March 31 book value of $7.17).
- Boosted credit sensitive assets during quarter with $465.3M of 3-year step-up RPL/NPL securities and $88.9M of residential whole loans. boosting the portfolios to $2.6B and $1.1B, respectively.
- CC at 10 ET
- Previously: MFA Financial beats by $0.01, misses on revenue (Aug. 3)
- MFA flat premarket
Wed, Aug. 3, 8:32 AM
Tue, Aug. 2, 5:30 PM
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Tue, Jul. 12, 11:38 AM
- Plunging interest rates in June led to an 8.5% pickup in 30-year and 15-year fixed agency MBS prepayment speeds, and 14% for ARMs, according to the latest data.
- KBW's Bose George expects prepayments to stay elevated over the next few months, but with mREITs already trading at an average 0.9x book value, the pressure on earnings may already be priced in.
- Picking out a couple of names, Capstead Mortgage (CMO +0.6%) has meaningful prepay risk, says George, while risk is more contained at MFA Financial (MFA -0.1%).
- ETFs: MORL, REM, MORT
- Meanwhile, pain for the mortgage REITs in this case means gain for companies that might benefit from the fast pace of mortgage production. Title insurers like First American Financial (FAF +0.7%) and Fidelity National (FNFV +2.1%) come to mind.
Tue, Jun. 14, 5:41 PM
- MFA Financial (NYSE:MFA) declares $0.20/share quarterly dividend, in line with previous.
- Forward yield 10.99%
- Payable July 29; for shareholders of record June 28; ex-div June 24.
Mon, May 9, 1:51 PM
- The average yield in the mortgage REIT sector is 14%, says analyst Bose George - probably warranted given falling book values, though things stabilized in Q1 for at least a few. His favorites are Two Harbors (NYSE:TWO) at 78% of book with a 12% dividend yield, and there's also American Capital Agency (NASDAQ:AGNC), Annaly Capital (NYSE:NLY), Chimera Investment (NYSE:CIM), and MFA Financial (NYSE:MFA).
- BDCs, says Ryan Lynch, have been stung by credit fears and trade at an average 87% of book value. His favorites - Ares Capital (NASDAQ:ARCC) and Hercules Capital (NYSE:HTGC) - both yield near 10%.
- Property & casualty insurers have high "cash-on-cash returns" thanks to share buybacks, says Meyer Shields, with Hartford (NYSE:HIG) and AIG standing out on that front. His favorite stocks, however, are lower yielders like Allstate (NYSE:ALL), National General (NASDAQ:NGHC), and XL Group (NYSE:XL).
- KBW also offers a basket of high yielders through the PowerShares KBW High Dividend Yield Financial ETF (NYSEARCA:KBWD). The fund currently yields 9%, and is higher by 20% in the past three months.
- Source: Barron's
Wed, May 4, 9:06 AM
- Q1 net income of $74.3M or $0.20 per share vs. $69.7M and $0.19 in Q4. Dividend is $0.20.
- Book value per share of $7.17 falls from $7.47 three months ago. Last night's close of $6.78 is just a 5.4% discount to book.
- Economic return of negative $0.10 for the quarter, or negative 5.4% annualized.
- Another $161M of credit-sensitive whole loans acquired during quarter, bringing portfolio of these up to $1B.
- Conference call at 10 ET
- Previously: MFA Financial beats by $0.02, misses on net interest income (May 4)
- MFA flat premarket
Wed, May 4, 8:33 AM
- MFA Financial (NYSE:MFA): Q1 EPS of $0.20 beats by $0.02.
- Net interest income of $69.88M (-18.7% Y/Y) misses by $8.29M.
Tue, May 3, 5:30 PM
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