MFA Financial, Inc.
 (MFA)

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  • 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 | 242 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. 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
  • 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
  • Jun. 5, 2015, 3:57 PM
    | Jun. 5, 2015, 3:57 PM | 89 Comments
  • Mar. 18, 2015, 2:30 PM
    • Worries about a sharply flatter yield curve abate just a bit as the FOMC drops "patient" from its policy statement - putting rate hikes on the table at subsequent meetings - but Fed economic projections send a dovish signal, with outlooks for economic growth, inflation, and the pace of rate hikes all cut from previous estimates.
    • Outperforming the averages: Annaly Capital (NLY +1.1%), American Capital Agency (AGNC +1.5%), Two Harbors (TWO +1.5%), CYS Investments (CYS +2%), Invesco (IVR +1.7%), Hatteras (HTS +1.7%), Capstead (CMO +2.1%), MFA Financial (MFA +1.7%), Anworth (ANH +2.2%), Dynex (DX +1.5%), Five Oaks (OAKS +3.3%).
    • ETFs: REM, MORT, MORL
    • Previously: FOMC drops "patient," but sends dovish signal (March 18)
    | Mar. 18, 2015, 2:30 PM | 9 Comments
  • Mar. 6, 2015, 10:21 AM
    • The 10-year Treasury yield has popped all the way to 2.24% (up 11 bps on the session) following the strong jobs report which saw 295K jobs added in February and the unemployment rate dropping to 5.5%.
    • Checking short-term interest rate futures, they're falling (meaning higher rates), but still not pricing in a rate hike until late summer.
    • Annaly Capital (NLY -1.3%), American Capital Agency (AGNC -0.6%), Two Harbors (TWO -1%), Armour (ARR -0.9%), Invesco (IVR -0.9%), CYS Investments (CYS -1.4%), Hatteras (HTS -1.1%), MFA Financial (MFA -1.1%), Western Asset (WMC -0.7%), Dynex (DX -1.2%), AG Mortgage (MITT -1.5%), Ellington Residential (EARN -1.1%).
    • ETFs: REM, MORT, MORL
    • Previously: Dollar and Treasury yields spike after strong jobs print (March 6)
    | Mar. 6, 2015, 10:21 AM | 44 Comments
  • Feb. 3, 2015, 3:52 PM
    • Unable to put any sort of positive move together even as interest rates tumbled this year, mREITs (REM +0.9%) are uniformly higher this session as the 10-year yield jumps 11 basis points to 1.78%.
    • American Capital Agency (AGNC +1.3%) reported better-than-hoped Q4 results last night, but has altered its mix of portfolio holdings and hedges to brace for what it expects will be a wave of prepayments. If rates keep this up, those prepayments may not materialize.
    • Annaly (NLY +1.1%), Chimera (CIM +1.5%), CYS Investments (CYS +1.3%), American Capital Mortgage (MTGE +1.8%), Hatteras (HTS +1.1%), MFA Financial (MFA +1.3%), Western Asset (WMC +1.8%), Dynex (DX +1.1%), Ellington Financial (EFC +1.2%).
    | Feb. 3, 2015, 3:52 PM | 18 Comments
  • Nov. 19, 2014, 3:42 PM
    • A check of the mortgage REITs following FOMC minutes which shows the discussion moving a bit more seriously towards rate hikes finds the sector (REM -0.5%) modestly lower.
    • Individual names: Annaly (NLY -0.3%), American Capital Agency (AGNC), CYS Investments (CYS -0.3%), Invesco Mortgage (IVR -0.9%), New York Mortgage Trust (NYMT -0.4%), Hatteras Financial (HTS -0.8%), MFA Financial (MFA -1%), Capsteam Mortgage (CMO -0.6%), Ellington Residential (EARN -0.4%).
    | Nov. 19, 2014, 3:42 PM | 8 Comments
  • Nov. 5, 2014, 10:51 AM
    • On the earnings call (transcript), KBW's Mike Widner questioned the sustainability of MFA Financial's (MFA -2.3%) $0.20 dividend, noting taxable income has been running below GAAP income (and below $0.20 per share) for some time. Widner also says core income (stripping out gains on sales) has been running below GAAP.
    • Widner: "I don't expect you guys to give the answer that taxable is going to continue to run lower and, therefore, there is an implication that the dividend is going to get trimmed. But I mean just that it seems bit sooner or later that's the trend that we’re running on."
    • Also downgrading to Hold (Neutral), is Sterne Agee's Jason Weaver, though - judging by what he had to say on the earnings call - the move seems more valuation-related with the stock higher by nearly 20% YTD and trading at a premium to book value. Weaver: "My questions have actually been asked ... But I'll say congratulations and solid performance in what was a really wild quarter for the space"
    • Previously: MFA Financial beats by $0.01, beats on revenue
    • Previously: MFA Financial creeps higher after earnings
    | Nov. 5, 2014, 10:51 AM
  • Sep. 30, 2014, 3:05 PM
    | Sep. 30, 2014, 3:05 PM | 32 Comments
  • Jul. 3, 2014, 9:56 AM
    • A few days ago, the 10-year Treasury yield stood at about 2.50%, but it's been on the rise all week and shot up to near 2.7% this morning following the strong jobs print and drop in unemployment to 6.1%. Checking the short end of the curve, Eurodollar futures are selling off as well, and now have baked in more than one rate hike between now and one year from now, and 75 basis points of hikes by the end of 2015.
    • Previously: Treasury yields jump, gold slumps after strong jobs print
    • Off 1.1% today, Annaly Capital (NLY) is down nearly 5% since this time last week, with a similar move having taken place in American Capital Agency (AGNC -1.2%).
    • Chimera (CIM -1.4%), CYS Investments (CYS -1%), Invesco Mortgage (IVR -1.8%), American Capital Mortgage (MTGE -1.6%), New York Mortgage Trust (NYMT -1.2%), AG Mortgage (MITT -1.8%), Ellington Residential (EARN -0.7%), Dynex (DX -0.8%), MFA Financial (MFA -0.9%).
    • ETFs: REM, MORT, MORL
    | Jul. 3, 2014, 9:56 AM | 45 Comments
  • Apr. 10, 2014, 11:49 AM
    • Lit up bright green as the market's momentum names again break down and lead the averages - and Treasury yields - lower are the mortgage REITs (REM +0.5%).
    • The 10-year yield is off six basis points to 2.63% and Eurodollar futures in the last few sessions have rallied strongly, pricing out at least one rate hike between now and the end of 2016.
    • CYS Investments (CYS +1.7%), Invesco Mortgage (IVR +1.3%), Hatteras Financial (HTS +1.3%), MFA Financial (MFA +1.4%), Two Harbors (TWO +0.8%), American Capital (AGNC +0.6%), (MTGE +0.5%).
    • One day after making a number of additions to its management team - including a couple of hires from the New York Fed - Annaly (NLY +0.5%) is also posting gains.
    • Related ETFs: MORT, MORL
    | Apr. 10, 2014, 11:49 AM | 1 Comment
  • Apr. 4, 2014, 3:15 PM
    • What's working today? With the exception of Western Asset Mortgage which had a massive secondary offering, the mREIT sector is nearly universally higher as money rushes out of the previously perkier areas of the market.
    • Not hurting is a seven basis point decline in the 10-year Treasury yield to 2.73%.
    • Up the most are the two largest and also investor favorites Annaly (NLY +1.4%) and American Capital Agency (AGNC +1.3%). Others: CYS Investments (CYS +1%), American Capital Mortgage (MTGE +0.5%), MFA Financial (MFA +0.5%), Dynex (DX +0.9%), Armour (ARR +0.5%).
    • Related ETFs: REM, MORT, MORL
    | Apr. 4, 2014, 3:15 PM | 16 Comments
Company Description
MFA Financial Inc is engaged in real estate finance business. It invests, on a leveraged basis, in residential Agency and Non-Agency mortgage-backed security.
Sector: Financial
Country: United States