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ARMOUR Residential REIT, Inc. (ARR)

  • Mon, Oct. 5, 12:36 PM
    • With a wave of Q3 dividend cuts now in the rearview mirror, perhaps investors are looking ahead to what might be stability in payouts. With most of the sector trading at double-digit discounts to book value - and plenty of names selling for more than 20% discounts - even stability should be enough for a reasonable rally into year-end.
    • Leading the way higher is Five Oaks Investment (OAKS +6.4%), while mREIT giants Annaly Capital (NLY +1%) and American Capital Mortgage (AGNC +1.2%) are sector laggards today.
    • Two Harbors (TWO +1.7%), CYS Investments (CYS +2.3%), New York Mortgage (NYMT +3.5%), Dynex Capital (DX +2.4%), AG Mortgage (MITT +2.6%), Javelin Mortgage (JMI +4%), Armour Residential (ARR +2.9%), Orchid Island (ORC +4.2%)
    | Mon, Oct. 5, 12:36 PM | 27 Comments
  • Mon, Sep. 28, 12:24 PM
    • It's a big ex-dividend day for the mortgage REIT sector, but the stocks of payers like Ellington Residential (EARN -6.2%), Arlington Asset (AI -10.4%), Western Asset (WMC -4.9%), Two Harbors (TWO -5.7%), Chimera Investment (CIM -7.3%), New York Mortgage (NYMT -6.9%), American Capital Agency (AGNC -3.2%), and Annaly Capital (NLY -4.8%),  are down far more than their payout amounts.
    • The above declines include the dividends being paid, so are higher than actual.
    • Others like Armour Residential (ARR -2.9%), Javelin Mortgage (JMI -4.2%), Five Oaks (OAKS -5.9%), AG Mortgage (MITT -3.4%), and Invesco (IVR -4.2%) are just down.
    • The decline comes as another Fed head all but promises a rate hike this year, and the 10-year Treasury yield falls back six basis points to 2.10%. Thirty-day Fed Fund futures are pricing in just less than a 50% chance of a 25 basis point rate hike in 2015.
    | Mon, Sep. 28, 12:24 PM | 72 Comments
  • Fri, Sep. 25, 7:36 AM
    • ARMOUR Residential REIT (NYSE:ARR) declares $0.33/share monthly dividend, in line with previous.
    • Forward yield 18.87%
    • Payable Oct. 27; for shareholders of record Oct. 15; ex-div Oct. 13.
    | Fri, Sep. 25, 7:36 AM | 5 Comments
  • Fri, Sep. 25, 7:36 AM
    • The October dividend of $0.33 per share is inline with that of the previous month. It's payable to owners of record on Oct. 15, with a payment date of Oct. 27.
    • The annualized yield is 18.9%.
    • Source: Press release
    | Fri, Sep. 25, 7:36 AM | 5 Comments
  • Thu, Sep. 17, 2:31 PM
    | Thu, Sep. 17, 2:31 PM | 50 Comments
  • Fri, Aug. 21, 3:30 PM
    • These income favorites often catch a wave of buying when the major averages sell off and yields fall, but the panicky action today is taking down nearly all equities.
    • The iShares DJ U.S. Real Estate ETF (IYR -1.7%) and the iShares FTSE NAREIT Mortgage REIT ETF (REM -1.6%), however, are outperforming the S&P 500's 2.7% decline.
    • Previously: Just a modest rally for Treasurys as stocks crumble (Aug. 21)
    • Leading the mREITs lower is Javelin Mortgage (JMI -5.9%), with SA contributor ColoradoWealthManagementFund noting the company has stopped buying back stock despite its wide discount to book value. The sector as a whole looks like it will continue to have to deal with widening spreads and rising prepayments, and still have a looming rate hike cycle on the horizon.
    • Armour Residential (ARR -2%), CYS Investments (CYS -1.8%), Annaly (NLY -1.2%), American Capital Agency (AGNC -1.8%), Arlington Asset (AI -2.4%), Orchid Island (ORC -2.5%), Dynex (DX -2%), Capstead Mortgage (CMO -1.3%).
    • Equity REITs: Realty Income (O -0.7%), Vereit (VER -2.3%), Health Care REIT (HCN -1%), HCP (HCP -1.1%), Gramercy Property (GPT -3.1%), Equity Residential (EQY -1.6%), Simon Property (SPG -0.5%), Kimco (KIM -2.1%), Hospitality Properties (HPT -2.8%), Stag Industrial (STAG -1.4%), American Campus (ACC -1.1%), Public Storage (PSA -1%).
    | Fri, Aug. 21, 3:30 PM | 38 Comments
  • Wed, Jul. 29, 5:12 PM
    • Q2 core income of $47.7M or $0.12 per share vs. $33.5M and $0.08 in Q1. Dividends of $0.12 during quarter.
    • Book value per share of $3.96 slips from $4.14 a quarter earlier. Today's close of $2.70 is a 32% discount to book, likely the highest in the mREIT sector.
    • Average net interest margin of 1.36% up 16 basis points from Q1. CPR of 8.11% up from 6.7%.
    • Commencing with the 1:8 reverse stock split on August 3, a buyback authorization for 9M shares will begin, a 71% increase from today's remaining authorization. The split-adjusted float is currently about 39M shares. About 275K shares (split-adjusted) were bought back in Q2 at an average cost of $3.04 each.
    • Conference call tomorrow at 9:30 ET
    • Previously: ARMOUR Residential REIT beats by $0.01 (July 29)
    • ARR flat after hours
    | Wed, Jul. 29, 5:12 PM | 16 Comments
  • Wed, Jul. 29, 5:04 PM
    • ARMOUR Residential REIT (NYSE:ARR): Q2 EPS of $0.12 beats by $0.01.
    • Press Release
    | Wed, Jul. 29, 5:04 PM | Comment!
  • Fri, Jul. 24, 3:01 PM
    • Just a 1% decline in the major averages (which are being helped by some high-profile earnings moves) is masking far greater carnage in a number of other sectors, notably healthcare (XLV -2.5%) and energy (XLE -2%).
    • Business development companies and mortgage REITs are being socked again as well, suggesting the worry may go beyond interest rates and to credit in general, especially as commodity prices continue to tumble - to pick one, crude oil at $48.06 per barrel is at its lowest price in about four months.
    • Among BDCs: Hercules Technology Growth (HTGC -4.2%), Triangle Capital (TCAP -3.3%), PennantPark Investment (PNNT -5.4%), Prospect Capital (PSEC -1.4%), Main Street Capital (MAIN -2.8%), TICC Capital (TICC -2.4%), KCAP Financial (KCAP -2.6%), THL Credit (TCRD -2.7%), FS Investment (FSIC -1.8%).
    • Among mREITs: Armour Residential (ARR -3.1%), Two Harbors (TWO -0.9%), CYS Investments (CYS -2%), Invesco Mortgage (IVR -1.5%), Capstead Mortgage (CMO -1.2%), Apollo Residential (AMTG -2.6%), Arlington Asset (AI -3.7%), American Capital Mortgage (MTGE -0.9%), Orchid Island (ORC -5.8%).
    | Fri, Jul. 24, 3:01 PM | 82 Comments
  • Thu, Jul. 23, 1:17 PM
    • CYS Investments last night reported a big drop in book value as the effect of sharply higher rates more than offset the company's hedges. Core income failed to cover the dividend as prepayments also rose.
    • The stock today is down 2.6% and trading at more than a 20% discount to book value.
    • Earlier this week, Hatteras also reported a decline in income and fall in book value.
    • Sector giants Annaly Capital (NLY -0.5%) and American Capital Agency (AGNC -0.7%) are performing the best today. Armour Residential (ARR -1.8%), Chimera Investment (CIM -0.8%), Invesco Mortgage (IVR -1.1%), New York Mortgage (NYMT -1.2%), Western Asset Mortgage (WMC -1%), Anworth Mortgage (ANH -1.2%), Arlington Asset (AI -2.3%), Ellington Residential (EARN -2.1%), Dynex Capital (DX -0.8%)
    | Thu, Jul. 23, 1:17 PM | 32 Comments
  • Fri, Jun. 26, 3:31 PM
    • Equity REITs are mostly being spared any punishment today, but mortgage REITs are hitting multi-year lows across the board as the 10-year U.S. Treasury yield climbs seven basis points to 2.48%.
    • Annaly Capital (NLY -4.7%) hasn't seen a price this low since Alan Greenspan was nearing the end of his rate hike cycle in 2000. American Capital Agency (AGNC -3.7%) is at its lowest price since the bottom of the financial crisis.
    • Armour Residential (ARR -2.9%), Two Harbors (TWO -4.5%), Chimera Investment (CIM -4.8%), CYS Investments (CYS -3.7%), American Capital Mortgage (MTGE -5.4%), Capstead Mortgage (CMO -4.5%), Anworth Mortgage (ANH -4.3%), AG Mortgage (MITT -3.3%), Ellington Residential (EARN -5.3%), Orchid Island (ORC -3.9%).
    | Fri, Jun. 26, 3:31 PM | 128 Comments
  • Thu, Jun. 25, 4:17 PM
    • The XLU underperformed again today, losing 0.7% and bringing its year-to-date decline to more than 12%.
    • Looking at equity REITs, the IYR dipped another 0.95% and VNQ fell 1%. Both are down about 6% in 2015, and roughly 15% since late January. Some individual names: Spirit Realty (SRC -2.8%), Senior Housing (SNH -1.2%), HCP (HCP -1.4%), American Realty Capital (ARCP -3%), Gramercy Property (GPT -2.8%), Duke Realty (DRE -2%).
    • In mortgage REITs, REM lost 0.9% today and is off 7% YTD. Some individual names: American Capital Agency (AGNC -1.2%), Armour (ARR -1%), CYS Investments (CYS -0.9%), Annaly Capital (NLY -0.8%), Invesco Mortgage (IVR -1.2%), Apollo Residential (AMTG -1.1%), PennyMac Mortgage (PMT -2.3%), Western Asset Mortgage (WMC -2.7%).
    • The 10-year Treasury yield gained three basis points to 2.40%.
    • Previously: Sell-side abandoning REITs as rates rise (June 25)
    | Thu, Jun. 25, 4:17 PM | 74 Comments
  • Tue, Jun. 23, 11:20 AM
    • Armour Residential (ARR +0.7%) is just about the only mortgage REIT in the green today following an upgrade to Buy at MLV & Co.
    • The stock's off 30% Y/Y amid sliding book value and dividend cuts. The longer-term track record isn't any better.
    • Today's upgrade comes in the wake of last week's announcement of a 1:8 reverse stock split and the expectation of a modest increase in the dividend.
    | Tue, Jun. 23, 11:20 AM | 27 Comments
  • Thu, Jun. 18, 7:36 AM
    • Armour Residential (NYSE:ARR) announces a 1:8 reverse stock split to take effect on August 3, the company believing the higher stock price should attract a broader range of investors (better operating results wouldn't hurt either). Management notes a persistently large gap between book value and the share price - roughly 28% as of the close yesterday.
    • Q3 dividends are expected to be $0.04 in July (flat from Q2), $0.33 in August, and $0.33 in September. The last two months' payout - split-adjusted -would represent a 3.125% boost to the dividend.
    • Source: Press Release
    | Thu, Jun. 18, 7:36 AM | 27 Comments
  • Fri, Jun. 5, 3:57 PM
    | Fri, Jun. 5, 3:57 PM | 89 Comments
  • Thu, Apr. 30, 3:15 PM
    • A big rise in interest rates early in the session made for a good excuse to sell REITs, but - with the averages sharply lower - rates have reversed course. Still, the sector can't catch a bid, with many of the bigger names down way more than the broader market.
    • Equity REITs: Realty Income (O -2.3%), Health Care REIT (HCN -3.2%), Ventas (VTR -3.2%), HCP (HCP -3.1%), Equity Residential (EQR -2.6%), Silver Bay Realty (SBY -2.5%), General Growth Properties (GGP -2.4%), Retail Opportunity (ROIC -3.9%), Boston Properties (BXP -2.4%), Hospitality Properties (HPT -2.9%)
    • Mortgage REITs: Armour Residential (ARR -5.6%) - which reported another weak quarter overnight, Two Harbors (TWO -1.1%), Western Asset (WMC -1.3%), Arlington Asset (AI -2.8%), PennyMac (PMT -1.5%). When things get tough, money does have a tendency to flow into the sector giants though: Annaly Capital (NLY -0.4%) and American Capital Agency (AGNC +0.3%) are notable outperformers on the session.
    | Thu, Apr. 30, 3:15 PM | 43 Comments
ARR vs. ETF Alternatives
Company Description
ARMOUR Residential REIT Inc invests in and manages a leveraged portfolio of residential mortgage backed securities. Itinvest in residential mortgage backed securities issued or guaranteed by a United States Government-sponsored entity.
Sector: Financial
Country: United States