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American Capital Agency Corp. (AGNC)

  • Jul. 29, 2013, 5:30 PM
  • Jul. 29, 2013, 4:50 PM
    • Q2 reported "comprehensive loss" for American Capital Agency (AGNC) of $2.37 includes $4.61/ share of net income and $6.98 in losses on M2M investments.
    • Book value of $25.51.Tip of the hat to SA contributor Scott Kennedy who predicted book value would come in at $25.40.
    • "Q2 was characterized by extreme volatility in both interest rates and mortgage spreads," CIO Gary Kain says, adding that thanks to adjustments to the asset mix and an increase in hedge duration, AGNC's "exposure to higher rates is lower than it has been in years." Shares +5.72% AH. (PR)
  • Jul. 29, 2013, 4:16 PM
    • American Capital Agency (AGNC) comprehensive loss of $2.37, net book value of $25.51/ share.
    • Shares +5.35% AH. (PR)
  • Jul. 29, 2013, 12:10 AM
  • Jul. 28, 2013, 5:35 PM
  • Jul. 24, 2013, 10:21 AM
    A "disorderly selloff" in hybrid ARMs into the quarter's end nailed Hatteras Financial's (HTS -9.4%) book value, says management on the CC (presentation), noting the presence of a large seller entering the market. Kudos to SA Pro author REIT Analyst who saw the blowup coming and on Monday suggested pairing a short in HTS (and maybe CMO) with a long in AGNC. Looking at today's action, REIT Analyst scratches his head that AGNC is off 3.6%: "Market blindness creates opportunities, but it is annoying."
  • Jul. 23, 2013, 1:16 PM
    Pine River Capital (which manages TWO Harbors) is finding value in non-agency MBS for the first time in a long time. It's not as compelling as the "once-in-a-lifetime opportunity" in 2011, but it's still attractive, says portfolio manager Colin Teichholtz. The fund this month quintupled its stake in Gary Kain's MTGE, and also bought shares in AGNC (though it's an agency MBS player). "There are still some cowboys out there," says a research analyst, and indeed Pine River has shorted at least one mREIT, tough declining to say which one. 
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  • Jul. 18, 2013, 11:43 AM
    Other mREITs slipping along with CYS Investments today include American Capital (AGNC -2.3%), Annaly (NLY -1.6%), and Armour (ARR -0.6%). This despite the fact that not all hedge books are created equal and the managements of these three may not have been buying alongside CYS CEO Kevin Grant at just the wrong time - early June.
  • Jul. 12, 2013, 12:54 PM
    Interest rates are quietly creeping higher, with the 10-year Treasury back to 2.60% after threatening to hit 2.50% a few hours back. Accordingly, the mREIT sector (REM -1.2%) begins to relinquish some its big gains from yesterday. Leading on the downside are American Capital (AGNC -3.5%), Annaly (NLY -2.3%), Armour (ARR -2.3%), Invesco (IVR -1.9%), and Western Mortgage (WMC -2%). 
  • Jul. 11, 2013, 7:55 AM
    Another analyst throws in the towel on American Capital Agency (AGNC), with Evercore downgrading to Hold from Buy after a 2-month 40% decline (previous). In fairness to Evercore, the team upped MFA Financial along with this move, suggesting it prefers rotating out of the pure-agency REITs and into the hybrid players. AGNC +4.3% premarket.
  • Jul. 11, 2013, 7:47 AM
    Bernanke's dovish tilt and tumbling interest rates have the mortgage REITs (REM) partying in premarket action: AGNC +4%, NLY +2.2%, CIM +1.8%, TWO +2.4%, NYMT +3.1%, WMC +1.5%.
  • Jul. 9, 2013, 11:00 AM
    Agency mREITs continue to merit caution even after big declines, says Citi. Even if the scare of higher long-term rates may be priced in, around the corner could be worries of short-term rate hikes (and a flatter yield curve). Citi expects Q2 reported book values to be off 10-15% and asset sales combined with increased hedging to negatively impact future earnings. Price targets are cut at AGNC and NLY. Among other agency players: ARR, HTS, CYS, CMO, AMTG.
  • Jul. 9, 2013, 9:08 AM
    Beaten-down American Capital Mortgage (MTGE) sees a big buy, with Pine River Capital (they run TWO Harbors) reporting the addition of nearly 4.4M shares to its previous 1M share stake. The stock's off nearly 40% since an ugly Q1 earnings report in early May (along with sister-company AGNC) was compounded by the fast rise in interest rates since.
  • Jul. 8, 2013, 3:35 PM
    More on the Wunderlich downgrade of the mREITs (REM +1.2%), (MORT +1.3%): The "lack of liquidity reached crisis levels" on Friday, says the team. "Price discovery has become a very uncertain process and we believe there is a risk that some entity - be it a mREIT or a hedge fund - could fail to meet margin requirements ... while we hope to be wrong in this case, equity investors need to be mindful of the potential downside scenarios."
  • Jul. 8, 2013, 10:00 AM
    Investors tiptoe back into mREITs (REM +0.7%) following Friday's drubbing which was the exclamation point (at least the bulls hope so) on 3 months of major losses for the sector. In what could turn out to be a sell side classic, Wunderlich cuts a swath of pummeled names from Buy to Hold: American Capital (AGNC), (MTGE +0.7%), CYS (CYS +1.2%), Invesco (IVR +0.9%), Western Asset (WMC -0.4%), AG (MITT -2.5%). Others of interest this morning: Annaly (NLY +1.6%), Armour (ARR +1.2%), Hatteras (HTS +0.6%), MFA (MFA +0.4%), Anworth (ANH +1.8%), Dynex (DX +1%).
  • Jul. 5, 2013, 9:38 AM
    Panicky selling grips the mortgage REITs (REM -3.5%) as Treasury yields soar following the payroll report. American Capital (AGNC -6.9%), (MTGE -5%), Annaly (NLY -6.9%) Chimera (CIM -4.9%), Armour (ARR -3.9%), Invesco (IVR -2.7%), CYS Investments (CYS -3%). CYS' Kevin Grant was public a month ago about being a happy buyer as yields rose - a bit early on that call.
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Company Description
American Capital Agency Corp is a real estate investment trust that invests exclusively in residential mortgage pass-through securities and collateralized mortgage obligations on a leveraged basis.
Sector: Financial
Country: United States