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Business Wire (Feb 11, 2014)
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at MarketWatch.com (Jun 5, 2012)
at CNBC.com (Aug 5, 2011)
ANH vs. ETF Alternatives
Anworth Mortgage Asset Corporation is in the business of investing in U.S., agency mortgage-backed securities, or agency MBS, which are obligations guaranteed by the U.S. government, such as Ginnie Mae, or federally sponsored enterprises.
Tuesday, Oct 152013, 9:27 AM
Friday, Oct 42013, 7:42 AM
Friday, Oct 42013, 7:42 AM| Comment!
- Anworth (ANH) has had a tough week (on top of a tough year) after slashing its quarterly dividend 20% to $0.12 per share.
- The mREITs presented in force at the JMP Conference earlier this week and made the case that the book value declines are behind them, the big dividend cuts have been made (for some), and just maybe there will be stability going forward.
Monday, Sep 302013, 4:16 PM|Monday, Sep 302013, 4:16 PM| 1 Comment
Monday, Sep 302013, 4:11 PM
Wednesday, Sep 182013, 2:29 PM
Wednesday, Sep 182013, 2:29 PM| 24 Comments
- Most stocks are partying in wake of the Fed not commencing its QE taper today, but one sector of note is the beaten down mortgage REIT (REM +2.8%) group.
- Annaly (NLY +3.2%), American Capital (AGNC +3.5%), (MTGE +2.4%), Armour (ARR +3.4%), Two Harbors (TWO +3.4%), CYS Investments (CYS +3.7%), Anworth (ANH +2.8%), Western Asset (WMC +2.2%), Javelin (JMI +2%), AG Mortgage (MITT +2.1%), Arlington Asset (AI +1.6%).
- Yesterday, KBW called out CYS Investments as one of the more aggressive plays for those believing rates might head lower.
- ETFs of note: MORT, MORL.
Friday, Aug 232013, 11:43 AM
Friday, Aug 232013, 11:43 AM| 3 Comments
- CYS Investments (CYS +7.1%) leads the mortgage REITs (REM +2.5%) higher a day after its CEO Kevin Grant purchased 34K+ shares of company stock. Grant last purchased shares during the month of May (at far higher prices).
- It's been a busy season of insider buys at the beaten-down mREITs. Of note are a number of purchases at Annaly (NLY +3.2%).
- Among other movers today: American Capital (AGNC +4.1%), (MTGE +2.7%), Invesco (IVR +3.6%), New York Mortgage (NYMT +2.5%), Anworth (ANH +1.8%), Capstead (CMO +2.4%) (see new SA contributor MobilePreacher's take: Capstead, The 'Perfect' Security).
- Related ETFs: (MORT +0.2%), (MORL +5%).
Monday, Aug 192013, 3:09 PM
Monday, Aug 192013, 3:09 PM| 85 Comments
- A solid selloff in mortgage REITs (REM -3.7%) turns into a rout as the 10-year Treasury yield takes out another 2-year high at 2.89%. Looking at the short end, September 2015 Eurodollar futures at 98.65 are pricing in more than 100 bps of rate hikes between now and then.
- American Capital (AGNC -5.8%), Armour (ARR -7.5%), Apollo (AMTG -4.9%), Ellington (EARN -4.8%), Anworth (ANH -5.5%), Western Asset (WMC -5.7%), Arlington Asset (AI -4.7%), Dynex (DX -5.1%), Newcastle (NCT -2.3%).
- Mentioned before as starting to look very cheap, Annaly (NLY -4.9%) losses deepen with the stock at $10.72 - its lowest price since 2001 (the dividend fell to $0.25 at the end of 2000 before rising to $0.68 by the start of 2002).
- Tumbling income funds include (KFN -2%), and (PTY -2.1%).
- Among equity REITs, Realty Income (O -1.8%), Medical Properties (MPW -2.4%), and Simon Property Group (SPG -1%) lead down, but HCP (HCP +0.6%) remains green.
Tuesday, Jul 302013, 8:02 AM
Tuesday, Jul 302013, 8:02 AM| Comment!
- Anworth Mortgage (ANH) reports (earnings last night) book value of $6.01 as of June 30 vs. $7.04 ninety days previous and last night's close of $4.97 (a 17.3% discount)
- Net interest spread rises 11 bps to a still-thin 1%
- Average cost of funds declines 8 bps to 0.98%
- Tweak to portfolio composition has ARM MBS of 2 years or less now 19% of holdings vs. 14% a quarter ago
- Portfolio size of $9.45B vs. $9.52B
- 3.1M shares repurchased at average price of $5.65 each (total float is about 144M shares)
- Earnings call at 1 ET. (PR)
Monday, Jul 292013, 4:35 PM
Monday, Jul 292013, 12:10 AM
Sunday, Jul 282013, 5:35 PM
Wednesday, Jul 242013, 10:35 AMThe mortgage REIT (REM -3%) slips amid a 10% dive in Hatteras Financial following a big decline in its book value. Other ARMs players CYS Investments (CYS -2.2%) and Anworth Mortgage (ANH -2.9%) don't take it as hard, but CYS (which reported last week) already trades at a substantial discount to book and Anworth likely does. Others: Annaly (NLY -2.8%), Armour (ARR -2.4%), Invesco (IVR -2.5%), MFA Financial (MFA -4.1%), Dynex (DX -3.4%), Western Asset (WMC -3.8%). |Wednesday, Jul 242013, 10:35 AM| 18 Comments
Wednesday, Jul 172013, 9:26 AMAnworth Mortgage (ANH) and Javelin Mortgage (JMI) are downgraded to Hold by Deutsche Bank's Stephen Laws (who also cut WMC). He estimates book values for agency and hybrid mREITs are off between 3-16% as of July 8, depending on portfolio composition. In order to keep leverage ratios in line, companies are going to have to shrink their portfolios. Additionally, spreads will decline as more funds are necessary to devote to hedging rate risk. ANH -0.6%, JMI -1%, WMC -0.3% premarket. |Wednesday, Jul 172013, 9:26 AM| 3 Comments
Tuesday, Jul 92013, 11:00 AMAgency 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. |Tuesday, Jul 92013, 11:00 AM| 18 Comments
Monday, Jul 82013, 3:35 PMMore 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." |Monday, Jul 82013, 3:35 PM| 47 Comments
Monday, Jul 82013, 10:00 AMInvestors 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%). |Monday, Jul 82013, 10:00 AM| 11 Comments