AG Mortgage Investment Trust, Inc.NYSE
Tue, Nov. 29, 2:31 PM
- Though lagging the S&P 500 by about 100 basis points since the election (and the banks by a mile), the mortgage REITs are nevertheless higher since the election despite the sharp rise in interest rates.
- Mortgage REITs are carry players, of course, and can expect to see boosts to income if long rates rise faster than short rates (though book value could take a hit).
- The iShares FTSE Nareit Mortgage REIT ETF (REM +1.2%) today is outperforming the S&P 500's 0.35% advance. The 10-year Treasury yield is down five basis points to 2.30%.
- Annaly (NLY +1%), AGNC Investment (AGNC +1.7%), Two Harbors (TWO +2.9%), Chimera (CIM +2.1%), CYS Investments (CYS +2%), Invesco (IVR +1.5%), Capstead (CMO +1.5%), Western Asset (WMC +1.5%), AG Mortgage (MITT +2.7%)
- ETFs: MORT, MORL
Mon, Nov. 7, 8:59 AM
- Management has "proven the effectiveness of its positioning," generated consistent earnings inline with distributions, restored BVPS to year-ago levels, says analyst Merrill Ross, upgrading AG Mortgage (NYSE:MITT) to Buy from Hold. The $17 price target compares to Friday's close of $15.72. The stock dipped nearly all the way to $10 at the lows in February.
- Shares +1.5% to $15.96 in very thin premarket action.
Thu, Nov. 3, 10:36 PM
Wed, Nov. 2, 5:35 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
Mon, Sep. 12, 4:21 PM
Fri, Aug. 5, 12:15 AM
Thu, Aug. 4, 8:25 PM
- Q2 core earnings of $11.9M or $0.43 per share vs. $11.3M and $0.40 in Q1. Dividend is $0.475.
- Book value per share of $17.42 up from $17.22 three months earlier. Today's close of $15.36 is an 11.8% discount to book.
- Economic return of $0.675 per share for the quarter, or 15.7% annualized.
- 313.2K shares repurchased at an average price of $13.82 each. This quarter's buybacks added $0.03 to BVPS. Another $17.5M remains in buyback program.
- Conference call tomorrow at 9:30 ET
- Press Release
- MITT flat after hours
Wed, Aug. 3, 5:35 PM
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Thu, Jun. 9, 4:41 PM
- AG Mortgage Investment Trust (NYSE:MITT) declares $0.475/share quarterly dividend, in line with previous.
- Forward yield 12.98%
- Payable July 29; for shareholders of record June 20; ex-div June 16.
Fri, May 6, 7:35 AM
- Q1 core earnings of $11.3M or $0.40 per share vs. $15.7M and $0.55 in Q4. Dividend is $0.475.
- Book value per share of $17.22 dips from $17.88 three months earlier. Last night's close of $13.41 is a 22% discount to book.
- Negative economic return for the quarter of about 4% annualized.
- 119.6K shares bought back during quarter at average price of $12.86 each, boosting book value per share by $0.07.
- Conference call at 9 ET
- Previously: AG Mortgage Investment Trust misses on net interest income (May 5)
- MITT flat premarket
Thu, May 5, 6:16 PM
- AG Mortgage Investment Trust (NYSE:MITT): Q1 EPS of $0.40.
- Net interest income of $22.14M (-23.3% Y/Y) misses by $3.87M.
Wed, May 4, 5:35 PM
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Mon, Apr. 11, 12:49 PM
- Annaly Capital (NLY -1.1%) is lower following its agreement to purchase Hatteras Financial (HTS +10.2%) for $1.5B in cash and stock. The other sector giant, American Capital Agency (AGNC -0.1%) is in the red as well - makes sense considering these two players are acquirers (or at least potentially so), not targets.
- With the deal, Annaly is adding a portfolio of variable rate mortgages to its books for about 85% of book value.
- The rest of the sector has market caps of about $2.5B down to sub-$250M, making them digestible as well.
- CYS Investments (CYS +1.3%), American Capital Mortgage (MTGE +1.9%), New York Mortgage (NYMT +2.5%), Anworth Mortgage (ANH +1.2%), Dynex Capital (DX +0.9%), AG Mortgage (MITT +1.2%), Ellington Residential (EARN +1.2%), PennyMac (PMT +1%), Five Oaks (OAKS +1.6%).
- ETFs: MORL, REM, MORT
- Now read: Annaly: Boom Goes The Dynamite (April 11)
Tue, Mar. 29, 2:56 PM
- A fast series of rate hikes wouldn't be good news for mortgage REITs, whose carry-trade business model breaks down with a flat or, worse, inverted yield curve.
- Any worries about hawkish Fed action were considerably diminished today after Janet Yellen said caution on rate hikes is "especially warranted," and suggested there's more slack in the labor market than what the trim 4.9% headline UE rate would suggest.
- Mostly lower earlier, the mREIT sector (REM +1.2%) has turned sharply higher.
- Annaly Capital (NLY +0.35), American Capital (AGNC +0.4%), Armour (ARR +1.2%), CYS Investments (CYS +2.3%), New York Mortgage (NYMT +3.2%), MFA Financial (MFA +1.4%), Western Asset (WMC +2.7%), Anworth (ANH +1.5%), Dynex (DX +2.1%), AG Mortgage (MITT +1.9%), Ellington Financial (EFC +1.2%).
Wed, Mar. 16, 2:32 PM
- Losing some ground of late on concern about a faster-than-expected series of rate hikes, the mortgage REITS (REM +1.1%) are catching a bid after the Fed cut its 2016 rate hike forecast to just two moves from four.
- Armour (ARR +1.5%), Annaly (NLY +0.9%), Chimera (CIM +1.6%), Invesco (IVR +1.7%), New York Mortgage (NYMT +1.4%), Hatteras (HTS +1%), Capstead (CMO +1.1%), Western Asset (WMC +1.5%), AG Mortgage (MITT +1.2%), Ellington (EFC +1.6%)
- ETFs: MORL, REM, MORT, LMBS
- Previously: Financials suffer as Fed cuts rate hike forecast (March 16)
- Previously: Fed stays on hold, sees just two rate hikes this year (March 16)