Starwood Property Trust, Inc.NYSE
Yesterday, 4:12 PM
Fri, Dec. 2, 7:31 AM
- The risk/reward on AGNC Investment (NASDAQ:AGNC) is no longer compelling at current levels," says Douglas Harter, downgrading to Neutral from Outperform, and cutting the price target to $19.50 from $21 (last night's close $18.09).
- He expects a whopping 7.8% decline in book value through November (to be announced on Dec. 12). This comes against his forecast of a 2.6% decrease in book value for the sector (NYSEARCA:REM) as a whole, and flat economic return (defined as the change in book value plus the dividend) for Q4.
- As far as AGNC's relative valuation at the moment, it trades for 91% of tangible book vs. just 84% for fellow sector giant Annaly Capital (NYSE:NLY). The sector as a whole trades at 91% of book. He's also cutting Annaly's PT to $11 from $11.50, along with CYS Investment (NYSE:CYS) to $8.50 from $9. Chimera Investment (NYSE:CIM), however, gets its PT boosted to $17 from $15.50 to reflect strong incremental returns.
- Harter and team's top picks remain those names with less exposure to interest rate risk, better historical track records, and lower book value volatility: Two Harbors (NYSE:TWO), New Residential (NYSE:NRZ), PennyMac (NYSE:PMT), and Starwood (NYSE:STWD).
Wed, Nov. 2, 6:46 AM
Tue, Nov. 1, 5:30 PM
- ABC, ADP, AGN, ALKS, AMSC, ANTM, ARCC, ARCO, ASC, BABA, BAH, BDC, BG, BTE, CBB, CCJ, CDK, CDW, CEVA, CLH, CLX, CRL, CRTO, CSTE, DLPH, DNOW, DOC, EE, EL, EMES, FLWS, FUN, GLDD, GPT, HCN, HEP, HSIC, HST, HYH, INGR, INXN, IPI, JLL, KATE, MMP, MNTA, MVIS, NRZ, NS, NSM, NVMI, NWN, NYT, ODP, OMAM, ORBC, ORBK, OZM, PCRX, Q, SABR, SBGI, SE, SEP, SHOP, SJR, SNAK, SNR, SRE, STE, STWD, SUM, TEL, TGNA, TMHC, TOWR, TRP, TWX, VER, VMC, VOYA, VSI, WD, YELP, ZTS
Wed, Sep. 28, 8:02 AM
Mon, Sep. 19, 11:00 AM
- "These guys aren’t scared of an empty building,” says JMP Securities' Steve Delaney. "There is a tremendous opportunity and a need for commercial-property owners for more types of financing than the commercial banking industry as a whole is willing to provide.”
- With banking regulators looking over the shoulders of bankers, quick-moving outfits like Blackstone (NYSE:BX), Starwood Property Trust (NYSE:STWD), and Apollo Commercial Real Estate (NYSE:ARI) come to mind as beneficiaries.
- According to Preqin, capital being sought by U.S. private funds for real estate debt as of July was up nearly 40% from the previous year.
- There are "capacity issues when your OCC is staring at you the whole time,” said a no-doubt smiling STWD CEO Barry Sternlicht last month. “We like them to keep staring. That’s fine with us, and we want to be a beneficiary of this climate.”
Thu, Aug. 25, 12:20 PM
- Commercial real estate transaction volumes of $254.25B for year's first seven months, fell 15.4% from the same period in 2015, according to Real Capital Analytics (RCA). In July, $30.08 of deals was down 25% from a year earlier.
- Cap rates (except for hotels), however, continue to slide.
- As to whether there's a bubble, CBRE's (NYSE:CBG) Spencer Levy says no. as fundamentals across markets and asset classes remain strong. Levy also cites an influx of foreign buyers, noting their cost of capital is low and they're patient investors (but don't foreigners always pour in at the top?).
- Canaccord's Ryan Meliker isn't so sure about a non-bubble, noting teeny cap rates are a function of invisible interest rates. If rates can't stay low forever, than cap rates have to rise.
- One major source of demand has backed off: U.S. REITs' purchase volume fell 64% Y/Y in the first half vs. an 11% increase for institutional investors.
- RCA's Jim Costello sums up the bull case: Would an investor rather buy European bonds with negative yield, stick money in a bank vault, or buy some apartment towers which may face plenty of competition, but still generate some return on investment.
- Source: SNL Financial's Tom Yeatts, Jake Mooney and Chris Hudgins
- Tickers of note: WD, HF, STWD, MMI
Thu, Aug. 4, 6:59 AM
Wed, Aug. 3, 5:30 PM
- AAC, AAON, ACRE, ACTA, AGCO, AGIO, AKRX, ALSK, AMCX, AME, AMRN, ANIP, ANSS, APA, APLP, ARRY, AYR, BBW, BCE, BCRX, BDX, BLL, CBB, CCOI, CHD, CHK, CNNX, CNSL, COT, CPK, CRIS, CRZO, CTB, DNR, DUK, DW, ELOS, EPAM, ESNT, EVA, FMSA, GLDD, GLOG, GOGO, GTN, HAR, HGG, HII, HL, HMHC, HRC, HSC, HSIC, HSNI, ICPT, IMGN, IOC, IPCC, IRM, IT, ITCI, ITT, K, KOP, LBY, LFUS, LGND, LIOX, LPX, LQDT, LXRX, MFC, MGM, MGP, MITL, MMS, MNTA, MPEL, MPG, MPW, NAO, NERV, NGS, NOK, NSAM, NXTM, OGE, OMAM, OMF, ORBC, PBH, PCRX, PGNX, PGTI, PH, PLUG, PPP, PRFT, PRIM, PRTY, PWR, QSR, RDUS, REGN, RFP, RGEN, RLGY, ROLL, RVLT, RWLK, SBH, SEAS, SFM, SGM, SHLX, SNR, SPAR, SPH, SRE, SSTK, SSYS, STFC, STOR, STWD, TDY, TEVA, THS, TICC, TIME, TK, TNK, TOO, TSEM, TVPT, TWI, UAM, UNT, USAC, USCR, VIAB, VLP, VWR, WIN, WPC, WRK, XLRN
Tue, Jun. 28, 7:31 AM
- Already rated Outperform at FBR, Starwood Capital (NYSE:STWD) is added to the Alpha Generator list, with price target boosted to $24 from $22 (current is $20.08).
- "The [CRE] market is about to become one of 'haves' and 'have nots,' especially considering the regulatory changes on the horizon," says analyst Jessica Levi-Ribner, Starwood is going to be one of the "haves," she says, thanks to its ability to keep risk on the balance sheet and the "wall of maturities" coming in commercial lending. Competitors (banks), on the other hand, are hamstrung by the regulatory environment.
Mon, May 9, 6:40 AM
- Starwood Property Trust (NYSE:STWD): Q1 FFO of $0.50 in-line.
- Revenue of $195.49M.
Sun, May 8, 5:30 PM
Thu, Feb. 25, 7:44 AM
- Q4 core earnings of $132.7M or $0.55 per share. Full-year core earnings of $517.8M or $2.19.
- CEO Sternlicht: "In Q4, we observed a significant change in the real estate credit markets, a widening of spreads and increased volatility driven by a deterioration in high yield markets ... We consciously slowed the pace of our capital deployment. We continued this cautious approach to the markets in Q1 ... Caution is prudent but it impacts profitability."
- Book value per share of $17.29 down from $17.43 three months earlier.
- Conference call at 10 ET
- Previously: Starwood Property Trust beats by $0.01 (Feb. 25)
- STWD flat premarket
Thu, Feb. 25, 7:00 AM
- Starwood Property Trust (NYSE:STWD): Q4 EPS of $0.55 beats by $0.01.
- Revenue of $186.23M
Wed, Feb. 24, 5:30 PM
- AAON, ACIW, AG, ALKS, AMCX, AMRN, AMWD, ANSS, APA, APLP, AROC, BBY, BUD, CCOI, CHS, CLDX, CM, CNSL, CORE, CPB, CPK, CRI, CVC, DPZ, EGRX, EME, EMES, ENOC, FCH, FCN, FIG, GLOG, GOGO, GTLS, GVA, HBM, HEES, HMHC, HTWR, INCR, IONS, IRDM, IRM, ITC, KERX, KOP, KSS, LKQ, MITL, NEWM, NPO, [[NTi]], NXST, PCRX, PDCO, PF, PGTI, PRIM, PWR, RDUS, RGEN, RRD, RWLK, SAFM, SDRL, SEAS, SERV, SFM, SFUN, SHLD, SPAR, STWD, TD, TFX, TREE, TWI, UNT, UTHR, VAC, VC, VWR, W, WIN, WNR, WNRL, WPC, XCRA, ZBRA, ZEUS
Tue, Jan. 26, 7:50 AM
- Tumbling badly of late along with all the other mortgage-related names, Starwood Property Trust (NYSE:STWD) expects Q4 core earnings of $0.53-$0.55 per share, and full-year of $2.17-$2.19 vs. guidance of $2.13-$2.17.
- Book value per share at year-end is expected at $17.29 vs. $17.43 three months earlier. The stock closed last night at $17.73.
- The board authorizes another $50M in buyback capacity and extends the program by a year. The company now has about $300M left to repurchase stock and convertible notes over the next year.
- Full results will be announced on Feb. 25.