Wed, Apr. 29, 4:31 PM
- Q1 core income and estimated REIT income of $33.5M or $0.08 per share vs. $41.1M and $0.10 in Q4. Quarterly dividend run rate of $0.12 per share.
- Book value per share of $4.14 slides from $4.39 at the start of the year. Today's close of $3.15 is probably a well-deserved 24% discount to book.
- NIM of 1.20% off seven basis points from last quarter.
- CPR of 6.7% up from 6.45%.
- Leverage ratio of 8.39:1 up from 7.94:1.
- Conference call tomorrow at 8:30 ET
- Previously: ARMOUR Residential REIT misses by $0.01 (April 29)
- ARR flat premarket
Wed, Apr. 29, 4:21 PM
Tue, Feb. 24, 4:48 PM
- Q4 core earnings of $41.1M or $0.10 per share vs. $49M and $0.13 in Q3. Q4 dividends were $0.15 and have since been cut to $0.12.
- Book value per share of $4.39 down from $4.58 at the end of Q3. Today's close of $3.15 is probably a deserved 28% discount to book.
- Net interest margin in Q4 of 1.27% down 16 basis points from Q3. CPR of 6.45% down 101 basis points.
- Leverage ratio of 7.94:1 vs. 8.42:1 in Q3.
- Conference call tomorrow at 8 ET
- Previously: ARMOUR Residential REIT misses by $0.02 (Feb. 24)
- ARR +1.9% after hours
Tue, Feb. 24, 4:37 PM
Oct. 29, 2014, 5:16 PM
- Q3 core income of $49M or $0.13 per share vs. $50.9M and $0.13 in Q2. Quarterly dividends of $0.15.
- Book value per share of $4.58 slips from $4.90 at end of Q2. Today's close of $4.00 is a 12.7% discount to book.
- Net interest margin of 1.43% slips three basis points from Q2.
- CPR of 7.46% up 234 basis points from Q2.
- Leverage of 8.42:1 vs. 7.9:1 one quarter ago.
- Previously: ARMOUR Residential REIT misses by $0.02
- ARR -0.5% AH
- Previously: ARMOUR Residential REIT misses by $0.02
Oct. 29, 2014, 4:58 PM
Aug. 1, 2014, 7:15 AM
- Core income of $50.9M or $0.13 per share vs. $58.3M and $0.15 in Q1. Quarterly dividends of $0.15.
- Book value per share of $4.90 up from $4.67. Last night's close of $4.21 is a 14.1% discount to book.
- Net interest margin of 1.46% slides 36 basis points from Q1.
- Leverage of 7.9:1 vs. 8.12:1.
- CPR of 5.12% vs. 3.68%.
- Previously: ARMOUR Residential REIT misses by $0.03
- ARR fell 0.5% AH last night.
Jul. 31, 2014, 5:06 PM
May 5, 2014, 8:21 AM
- Core income of $58.3M or $0.15 per share compares to $59.3M and $0.15 in Q4; $0.15 quarterly dividend.
- Book value per share of $4.67 slips from $4.75 after payment of $0.15 in dividends. Friday's closing price of $4.25 is a 9% discount to book.
- Leverage of 8.12x up from 6.92x; average net interest margin of 1.82% up 22 basis points; average CPR of 3.68% slips from 4.8%.
- Repurchased 600K shares at average price of $4.31 each.
- Source: Press Release
- ARR no trades premarket
Feb. 27, 2014, 5:55 AM
Feb. 26, 2014, 10:36 PM
- Armour Residential (ARR) Q4 core EPS of $0.15 beats by $0.02.
- End of year book value per share of $4.75 falls 9.7% from $5.26 at the end of Q3. Today's closing price of $4.34 is an 8.6% discount to Dec. 31 book.
- Average net interest margin of 1.6% is up 36 basis points from Q3 as CPR falls to 4.8% from 8.8%.
- Leverage of 6.92:1 is about unchanged from Q3. $4B of agency paper sold during Q4 leaving portfolio size of $14.6B vs. $16.7B in Q3. Company continues to shorten duration in 2014, selling $5.5B of 25-year and 30-year fixed rate mortgages thus far this year, leaving $1.3B of 30-years left to be sold. $3.7B of 15-year mortgages have been purchased.
- 13.375M shares repurchased during quarter at an average price of $3.89 each.
- Press release
Feb. 4, 2014, 11:51 AM
- Addressing an analyst cadre somewhat uncomfortable with American Capital's (AGNC +1.6%) new policy of purchasing the common stock of its agency mREIT competitors (Wells' Joel Houck: Do you know their hedging strategies? What happens when one blows up?), CIO Gary Kain says the discounts to asset value are so great as to mitigate much of the risk.
- Kain does acknowledge some risks though, and reminds that the purchase program is but a small slice of AGNC's overall portfolio ($400M of others' stock bought so far vs. nearly $600M of AGNC buybacks just in Q4).
- For now, there won't be any disclosure of which names American Capital is buying - a position also not sitting well with those on the call. Should the positions get large enough though, regulatory filings might be required.
- Kain also reminds that AGNC isn't just boosting risk with these purchases - instead it's selling MBS at 100 cents on the dollar to buy them back (via other mREITs) at somewhere in the area of 80 cents on the dollar.
- Most of the mREIT sector (REM +0.7%) is ahead again today - Armour (ARR +0.9%), CYS (CYS +2.8%), Hatteras (HTS +1.6%), American Capital Mortgage (MTGE +0.6%), PennyMac (PMT +1.2%) - but Annaly (NLY -0.6%) lags, perhaps as investors feel it was far more conservatively positioned going into 2014 than AGNC was.
- Earnings call is still ongoing
- Previous coverage
Jan. 30, 2014, 10:20 AM
- You're seeing a lot of demand in the assets we hold, says Capstead Mortgage (CMO +1.5%) management on the conference call after reporting a blowout Q4. In a steepening yield curve environment - the short-end anchored while long rates move higher - Capstead is benefitting from tightening spreads in the 5/1 ARMs it mostly holds.
- Mr. Market seems to have fleshed this out, and Capstead was already trading for right around book value (reported at $12.47 as of Dec. 31) vs. the double-digit discounts for long-end players like Annaly (NLY +0.2%), American Capital (AGNC -0.3%), Armour (ARR), and CYS Investments (CYS -0.5%).
- Another in the adjustable-rate arena is Hatteras Financial (HTS +1.5%).
- Related ETFs: REM, MORT, MORL
Oct. 28, 2013, 4:38 PM
- Core income - includes unrealized gains - of $0.11 per share compares to $0.18 in Q2. Q2 quarterly dividend was $0.21 per share.
- Book value per share of $5.26 off 3.1% from $5.43 at the end of Q2. Today's close of $4.38 puts the stock at a 16.7% discount.
- Company sold $6B of MBS during quarter and realized losses of $301M. Portfolio size of $16.7B at end of quarter compares to $22.6B at end of Q2. Leverage of 6.93x.
- Net interest margin of 1.24% is off 14 basis points from Q2.
- ARR -1.8% AH.
- Q3 results, press release.
Oct. 28, 2013, 4:36 PM
Aug. 1, 2013, 5:01 PM| 12 Comments
ARR vs. ETF Alternatives
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.
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