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Capstead's 11% Dividend Yield To Stay IntactQineqt • Thu, Aug 2, 2012
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Capstead Mortgage Comes CleanPatrick Harden • Fri, Oct 26, 2007
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Capstead Mortgage 4th Quarter 2011 Conference Call TranscriptWed, Feb 8, 2012
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Capstead Mortgage Corporation Q1 2010 Earnings Call TranscriptMon, May 3, 2010
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Capstead Mortgage Corp. Q4 2008 Earnings Call TranscriptFri, Jan 30, 2009 • 1 Comment
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Capstead Mortgage Corporation Q2 2008 Earnings Call TranscriptMon, Jul 28, 2008
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Capstead Mortgage Corp. Q4 2007 Earnings Call TranscriptMon, Feb 11, 2008
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CMO vs. ETF Alternatives
Company Description
Capstead Mortgage Corporation operates as a self-managed real estate investment trust for federal income tax purposes (a “REIT”) and is based in Dallas, Texas. Unless the context otherwise indicates, Capstead Mortgage Corporation, together with its subsidiaries, is referred to as “Capstead” or... More
- All
- | Earnings
- | Dividends
- | M&A
- | On the move
- Monday, December 17, 2012, 2:58 PM Captstead Mortgage (CMO) CEO Andrew Jacobs bought about $500K of company stock last week at a price of $11.67. It adds 8.4% to his holdings, which now total about 530K shares. An agency mREIT invested mostly in variable rate mortgages, Capstead is lower by nearly 18% in the last 3 months, and last week cut its quarterly dividend by 16.7% to $0.30. Comment! [Financials]
- Tuesday, December 11, 2012, 8:35 AM Capstead Mortgage (CMO) declares $0.30/share quarterly dividend. For shareholders of record Dec. 31. Payable Jan. 18. Ex-div date Dec. 27. Shares -0.6% premarket. (PR) Comment! [Dividends]
- Tuesday, December 11, 2012, 8:09 AM Capstead Mortgage (CMO) declares a Q4 dividend of $0.30/share, down from $0.36 last quarter. The shares have presumably priced this in, dropping 15% over the last quarter. Will there be more dividend cuts to come? (PR) Comment! [Financials]
- Tuesday, December 4, 2012, 10:04 AM Leveraging a bond yielding 1.5%-2% by 8X is not a great business, writes David Schawel, remaining bearish on pure-agency mREITs. Dividends - and share prices along with them - will be cut more than expected next year. How about non-agency? Maybe too popular, he says. "Every hedge fund is suddenly an expert." (other ideas instead: I, II) 22 Comments [Financials]
- Tuesday, November 27, 2012, 10:35 AM More from JPMorgan on MBS: The mREITs will continue to purchase agency MBS even with the Fed dominating the market, says Matthew Jozoff, noting the firms weren't sellers even during the financial crisis. With their stock prices already below book value (pg. 14), the main threat to mREITs would be a termination of repo funding or a massive MBS sell-off - neither very likely according to Jozoff's team. 15 Comments [Financials]
- Wednesday, November 14, 2012, 2:30 PM A double-take is necessary to believe some of the handles in the mREIT sector, undergoing another savage selloff as the Fed hints at even more QE. The pure-agency REITs - in direct competition with the Fed for paper - are hit hardest. AGNC -3.4%, ARR -8.1%, CMO -4.9%, WMC -7.1%, to name a few. 53 Comments [Financials]
- Wednesday, November 7, 2012, 9:40 AM It's a jittery mortgage REIT sector as last night's election assures the Fed will continue to strangle the leveraged operators' net interest margins. Annaly (NLY -2.8%) - the purest of the pure-play agency REITs - still reeling from Monday's poor earnings, leads to the downside. AGNC -2%, TWO -2.3%, HTS -2.1%. 27 Comments [Financials, On the Move]
- Friday, October 26, 2012, 10:32 AM Capstead Mortgage (CMO -2.1%) is downgraded to Hold from Buy at Maxim Group. Liquidation of the shares continues despite Wednesday's reasonable earnings report. Management made clear its distaste for share buybacks even this far (12.6%) below book value, but the market may force its hand to at least set a floor on the price. 1 Comment [Financials]
- Thursday, October 25, 2012, 10:32 AM Capstead Mortgage (CMO -1.3%) can't hold onto last night's post-earnings bounce as management (earnings call) pours cold water on ideas of a buyback. Calling it a short-term perspective, CEO Andrew Jacobs has faith there are more profitable ways for the firm to deploy capital. 1 Comment [Financials, On the Move]
- Wednesday, October 24, 2012, 6:04 PM More on Capstead Mortgage (CMO) Q3 earnings: Net interest margin declines 20 basis points to 1.3%. Falling yields on MBS killed returns, but drove book value higher. Constant prepayment rate (CPR) of 18.7%, a big jump from Q2's 15.9%. Company believes its holdings of ARMs make it less exposed to falling rates as the average rate on its mortgages is already just 3.37%. Earnings call tomorrow at 9 ET. Shares +1.4% AH. (PR) Comment! [Earnings, On the Move, Financials]
- Wednesday, October 24, 2012, 5:51 PM Capstead Mortgage (CMO): Q3 EPS of $0.35 misses by $0.04. Book value/share of $13.88 up 4.9% from Q2 (current price $12.66). Shares +1.3% AH. (PR) Comment! [Earnings, Financials]
- Wednesday, October 24, 2012, 11:12 AM "Gorilla in the room," indeed. From TCW are the ridiculous supply/demand dynamics of the MBS market thanks to the Fed's planned $480B/year in purchases. Maybe it really is time for the mortgage REITs to deleverage and take a vacation. 22 Comments [U.S. Economy, Financials]
- Wednesday, October 24, 2012, 10:40 AM Noted with hope in the Hatteras earnings call is this morning's 13% plunge in mortgage refinance activity (though the Columbus Day holiday may be behind this). Along with narrowing margins, prepayments are a major concern for mortgage REITs, and the tumbling sector will take the good news where it can get it. 3 Comments [Financials]
- Wednesday, October 24, 2012, 12:10 AM Notable earnings after Wednesday’s close: AB, ACOM, AEM, AKAM, AMP, CCI, CDNS, CLF, CMO, CROX, CTXS, EGHT, ENTR, EQR, FFIV, FIO, IDCC, INFN, KBR, LOGI, LSI, OI, ORLY, RRC, RYL, SGMO, SIMO, SPN, SRCL, SYMC, SYNC, TAL, TER, TEX, TLAB, TQNT, TRN, TSCO, TWI, WLL, WYNN, XNPT, ZNGA Comment! [Earnings]
- Tuesday, October 23, 2012, 5:35 PM Notable earnings after Wednesday’s close: AB, ACOM, AEM, AKAM, AMP, CCI, CDNS, CLF, CMO, CROX, CTXS, EGHT, ENTR, EQR, FFIV, FIO, IDCC, INFN, KBR, LOGI, LSI, OI, ORLY, RRC, RYL, SGMO, SIMO, SPN, SRCL, SYMC, SYNC, TAL, TER, TEX, TLAB, TQNT, TRN, TSCO, TWI, WLL, WYNN, XNPT, ZNGA Comment! [Earnings]
- Thursday, October 18, 2012, 8:25 AM Upgrades in the mortgage REIT sector are starting to fly as fast as the downgrades were 6 weeks ago. Today it's Capstead Mortgage (CMO) moved to Buy from Neutral at Compass Point. The stock trades at $12.48 vs. Compass' conservative ending Q3 book value estimate of $13.35. Expect Capstead, says Compass, to follow Annaly's lead with a share repurchase plan. 1 Comment [Financials]
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Paul Zimbardo
6 High Yield REITs: Which Is Best For 2012? http://seekingalpha.com/a/6rvp $CIM, $CMO, $MFA, $NHI, $NLY, $STWD - View all 2 replies
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Patrick Harden
CMO and HTS both reduce dividends; margin compression continues to cut income for agency mREITs. Only solution is more leverage. - View all 0 replies
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